After voting a second time on the tax reform bill due to last minute revisions, The House gave its final stamp of aproval on Wednesday. The bill passed in the House with a 224 to 201 vote. Early Wednesday morning, the Senate approved the tax reform with a 51 to 48 vote. President Donald Trump has singned the Tax Cuts and Jobs Act, before Christmas.
The new bill will lower the corporate tax rate from 35 to 21 percent the bill keeps the seven tax brackets and the rates for five of the new rates start at 10 percent and rise to 12, 22, 24, 32, 35 and 37 percent. The highest rate is 37 percent this applies to individuals whose income exceeds $500,000. For joint filters, the threshold of $600,000.This right is being lowered from 39.6 percent. Starting in 2019, the new legislative illuminates the affordable care act individual mandate. The alternative minimum tax rate is essentially a secondary tax on the wealthy; put in place to offset the benefits of person with a high and cub could receive. The new bill illuminated the AMT for corporations, but keeps it for individuals. It raises the exemption to $500,000 for single tax payers and $1 million for couples. Also under the new bill, taxpayers can claim $2000 credit for each qualifying child under the age of 17.
The tax credit applied to single filers and married couples, and is fully refundable up to $1,400. The new bill keeps the estate tax at 40 percent but doubles the exemption levels, which are currently at $5.49 million for individuals and $10.98 million for married couples. Under the finalized bill, families can deduct up to a total of $10,000 in local property, state ,and local income taxes. For new home buyers, The mortgage interest rate deduction will be available for mortgages up to $750,000. That's down from $1 million. Joint ventures, limited liability companies and corporations. They are not taxed as corporations. Instead, the profits from these business are counted in the owners' personal tax returns. The finalized bill gives businesses a 20 percent deduction for the first $315,000 of joint income. Lastly, The new tax bill keeps the correct deductions for student loan interest. Additionally, the tuition right waivers that are received by graduate students will remain tax free. If you have expensive medical bills, this portion of the bill could be beneficial are you. The legislation allowed taxpayers seductive medical expenses that exceed 7.5 percent their adjusted gross income.
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