Congress is now considering raising the top income and capital gains tax brackets for high-income clients, and lowering the gift and estate tax exemptions.

Under 10% of taxpayers itemize their deductions. Instead, they’ll take the 2021 standard deduction of $12,550 for single filers, $12,550 for married taxpayers filing separately, $18,800 for heads of households and $25,100 for married taxpayers filing jointly.

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