Tax Reform

Almost 500 pages long

Keeps seven brackets like there are now, but changes the rates (10%, 12%, 22%, 24%, 32%, 35%, 38.5%)… and the lower rates will expire after a decade

Standard deduction nearly gets doubled to $12,400 for individuals and $24,800 for married couples filing jointly

Eliminates personal exemptions, but the child tax credit is increased

Property tax deduction up to $10,000 (but state and local eliminated)

Keeps mortgage interest deduction as-is

Would be able to use $10,000 a year from a 529 plan to use for tuition at private and religious K-12 schools or certain educational expenses for home-schooled students.

Permanently cuts corporate tax down to 20% starting in 2019

Now House and Senate must “reconcile” each of their bills

Brian Thomas

Brian Thomas

Based in Cincinnati, OH, the Brian Thomas Morning Show covers news and politics, both local and national, from a conservative point of view. Read more


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