We have a lot to be thankful for this year because of the House’s passage of the Tax Cuts and Jobs Act. This entire week, we’ll be breaking down the numerous parts of the bill that benefit all types of Americans.
To begin, we’re thankful that the Tax Cuts and Jobs Act doubles the standard deduction:
The standard deduction will be doubled from $6,350 to $12,000 for individuals, meaning the first $12,000 of your income is tax-free. For married couples, that number doubles from $12,700 currently to $24,000 under our bill.
And what does that spell out for the average American? More money in your pockets.
Who wouldn’t be thankful for that?