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You expand the base by getting rid of the loopholes. the loopholes that the wealthy taxpayers have used to pay tax on less of their income. so we have designed a plan where you re going to pay a lower rate, but more of your income. that is a basic core premise of our plan. we re committed to it and we re sticking with it. criticism is there are people in the middle income for whom this tax cut is supposed to be beneficial because they itemize. just to remind everyone in here, 25% of american families today itemize. that s it. 75% of american families do not itemize. so when you re talking about itemizing, you re talking 25b9% of the population. we all have many things we re doing in the tax plan to help out american families. we re lowering tax rates go, from seven to three rates. we re expanding the zero rate, up to $24,000 for that family. first $24,000 of income they will pay zero on. we re lowering the 15% down to ....
Disappointment. you have responded by penning an op ed, a tax code for the middle class you call it. let s invest in the american dream. you wrote nearly three-quarters of americans opt to take the standard deduction. it s simple, fair, requires less documentation than itemizing. all congress needs to do is double the standard deduction in order to inject $600 billion back into the economy over ten years. you cited a 2014 report. it s very simple. take an ordinary couple making $70,000 a year. mom and dad both work. they take the standard deduction. they file jointly. they pay about $3500 in federal income tax. they pay a lot more in taxes but $3500 in federal income taxes. double their standard deduction and that s going to give them an extra $1800 of their own. they can spend it on whatever ....
Table. you have three years to file an amended return. if you find things and say, wait, i could have saved on this last year, think about filing an amended return, but do it within three years. let s talk about this year s return, because there are ways to save money. depends on where you are in your life. let s startnewlyweds. a lot has changed in your life. one thing is you re going to have to do your taxes two ways to figure out the best option. there are two options. married filing jointly or married filing separately. this is particularly important for newlyweds who are same-sex couples because this is the first time they can file their taxes this way under the irs rule. a lot of single people also take the standard deduction, which may not be what you want to do if you re a married couple. think about itemizing. let s talk about panchts. some of those rules have changed about the kinds of breaks you get if you have kids. right off the back, you get $3,900 personal exempt ....
To 10%. we need to do something. and i m not going to settle for main mum wage economy. so this is why it is so important we move forward on tax reform. do you remember the simpson bowls proposal? i do. is yours less radical than that? because that was, you know, pretty radical in the sense that it did change things terrifically. well, we used sort of their structure we said not what comes out of code but lower rates and see what goes back in. what we are trying to do is have a public debate about these tradeoffs. look, you are right there. are tradeoffs to lower rates and change some of the provisions people have. but, look, 9 of individuals under our plan will not be itemizing. so a lot of these individual measures aren t going to matter. we actually lower their income rates. as i said, the average family is going to see higher income. so, this is really an important thing to do. and to address. do you think it likely speaker boehner is going to ....
To 10%. we need to do something. and i m not going to settle for main mum wage economy. so this is why it is so important we move forward on tax reform. do you remember the simpson bowls proposal? i do. is yours less radical than that? because that was, you know, pretty radical in the sense that it did change things terrifically. well, we used sort of their structure we said not what comes out of code but lower rates and see what goes back in. what we are trying to do is have a public debate about these tradeoffs. look, you are right there. are tradeoffs to lower rates and change some of the provisions people have. but, look, 95% of individuals under our plan will not be itemizing. so a lot of these individual measures aren t going to matter. we actually lower their income rates. as i said, the average family is going to see higher income. so, this is really an important thing to do. and to address. do you think it likely speaker boehner is going to ....