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Tax Reforms To Raise Revenue Efficiently And Equitably
Combined with state and local taxes, the statutory rate under the new law is 26.5%. That puts the U.S. just below the weighted average for EU countries (26.9%). This provision did not cap itemized deductions but gradually reduced their value when adjusted gross income exceeds a certain threshold—$266,700 for single filers in 2018. In 2019, …