Woohoo. Tax breaks here we come!
Read about these more today. For a soon-to-be small biz owner, they sound pretty great for me. For a bunch of lower middle income earners, they suck, tho.
It will be a pretty substantial tax break for pretty much everyone. Most lower middle income earners aren't able to deduct beyond the standard deduction, so increasing that to $30,000 from $12,500 will be great for them. The maximum tax a married couple earning $100,000 per year will pay is 8.4%. Under the current brackets that same couple would pay 18.1% if they take the standard deduction.