Pro-Growth, Pro-Economy, Pro-Jobs
"This bill provides relief for hardworking Alaskans and their families by doubling the standard deduction, increasing the child tax credit, and reducing the tax brackets at every income level. It stimulates economic growth and takes the actions we need to get the economy back on track," said
Title II of the Tax Cuts and Jobs Act, which was written by Murkowski as chairman of the
"Tonight is a critical milestone in our efforts to secure
Additional Bill Highlights:
* Double the Standard Deduction: For an individual, the standard deduction goes from
* Double the Child Tax Credit: The child tax credit is doubled from the current
*
* Small Business:
* Pass-Throughs: This bill enables small business owners to keep more of their hard earned dollars, as less of their income will be taxable. It allows owners of pass-throughs (S-corps, partnerships, limited liability companies and sole proprietorships) to deduct 23% of qualified pass-through income from their overall personal income tax liability.
* Section 179 Expensing: Allows businesses to deduct the full cost of a piece of equipment used in a business, rather than depreciating it over many years. The bill increases the section 179 expensing maximum deduction from
* Small Brewers: Cuts the excise tax on small brewers in half. With dozens of small brewers in
* Home Mortgage Interest Deduction: The bill keeps current law treatment for mortgages taken in acquiring a home but repeals the deduction for interest with respect to home equity loans.
* Death Tax: Doubles the exemption amount for the federal estate, gift, and generation-skipping transfer taxes from
* Individual Mandate Tax Penalty: Eliminates this burdensome tax penalty levied on people who couldn't afford insurance or chose not to. By repealing the individual mandate, nothing else about the structure of the Affordable Care Act would be changed, those who qualify for subsidies will still be able to retain them.
* Settlement Trust Improvement Act: Includes an amendment by
* Cruise Ships: Includes an amendment by
Read this original document at: https://www.murkowski.senate.gov/press/release/senate-passes-comprehensive-tax-reform-bill-
Tax Bill Lowers All Middle-Income Tax Brackets, Doubles Child Tax Credit & Boosts Economic Growth
“I think this is a major step forward for the American public, we are going to get this to the president’s desk for his signature before the end of the year.”
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