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


http://money.cnn.com/2017/12/02/pf/taxes/senate-tax-bill-passed/index.html


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

title

Content Goes Here