The House Tuesday approved the tax reform bill with 227-203 vote, with 12 Republicans defecting to join Democrats in opposition. The Senate started debate shortly afterward, witha vote expected overnight.
This tax reform cuts taxes for American companies, double the deduction millions of familes claim on their annial returns and make a host of other changes as part of the BIGGEST rewrite of the tax code since fhe Reagan administration.
I will explain the tax reform bill. The bill lowers the corporate tax rate from 35 to 21 percent. The bill keeps the seven tax brackets while reducing the ratea for five of them. The new rates start at 10 percent and rise to 12, 22, 24, 32, 35 and 37 percenr. The highest rate 37 percent applies to individuals whose income exceeds $500,000. For joint filters, the threshold is $600,000. This rate is being lowered from 39.6 percent. Starting in 2019, the new legislation eliminates the Affordable Care Act's individual mandate. The alternative minimum tax rate is essentially a secondary tax on the wealthy, put in place to offset the benefits a person with a high income could recive. The bill raises the exemption to $500,000 for single taxpayers for $1 million for couples.
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