Senate Tax Reforms Unveiled

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Senate Tax Reforms Unveiled
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In both the Senate and House plans, the standard deduction for single personal income tax filers will rise from the current $6,350 to $12,000, and for married couples, it will climb from $12,700 to $24,000. The alternative minimum tax (AMT) on both individuals and corporations is eliminated in the House bill, but it is unclear if the Senate measure eliminates the corporate AMT. Both the Senate and House measures preserve the tax-deductibility of charitable donations.

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