❗Let's close the gap: We still need your help to raise $40,000 by April 1. Donate now

Why increasing the standard deduction is a big change now, and maybe later

Adriene Hill Sep 27, 2017
HTML EMBED:
COPY

Why increasing the standard deduction is a big change now, and maybe later

Adriene Hill Sep 27, 2017
HTML EMBED:
COPY

A key component of the Republican tax plan is doubling the standard deduction for individuals. The standard deduction reduces the amount of income on which you pay taxes, so doubling it means folks who typically take the standard deduction could have lower taxable income. And it also could lead more people to take the standard deduction instead of itemizing. And that would be a change that would create a whole lot of significant economic ripples.

Click the audio player above to hear the full story.

There’s a lot happening in the world.  Through it all, Marketplace is here for you. 

You rely on Marketplace to break down the world’s events and tell you how it affects you in a fact-based, approachable way. We rely on your financial support to keep making that possible. 

Your donation today powers the independent journalism that you rely on. For just $5/month, you can help sustain Marketplace so we can keep reporting on the things that matter to you.