U.S. House to vote on sweeping tax reform bill
"Under our plan, a middle-income family of four in
With
More on the topic:
Nine differences between the
"The Republican tax bill picks winners and losers -- the big winners are the very wealthy and some corporations, and the losers are the middle class and those who aspire to it, and the rest of America who will be forced to pay for the bill's massive debt," said
The
While the proposal is 440 pages long and includes numerous items, here are a few of the highlights of the House bill:
* Gets rid of the seven income tax brackets in use now in favor of four, 12%, 25%, 35% and 39.6%, with most earners seeing a tax cut.
* Nearly doubles the standard deduction while eliminating the personal exemption.
* Increases the child tax credit from
* Doubles the current exemption on the estate tax to
* Maintains the mortgage interest deduction on homes but limits it to interest on the first
* Allows for up to
* Eliminates tax credit of up to
* Reduces the top corporate income tax rate from 35% to 20%.
The proposal being looked at in the
The
In
The Tax Policy Center, a
It also noted that at least 7% of all taxpayers would pay higher taxes under the plan next year if it were enacted and at least 24% would pay more in 2027, with several of the tax breaks set to expire.
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