How the Republican Tax Bill Could Affect You

How the Republican Tax Bill Could Affect You”

Republicans in Congress have blended separate tax bills passed by the House and Senate into compromise legislation that seeks to achieve a sweeping overhaul of the nation's tax code.

- Personal income tax rates: The bill retains the current number of brackets, seven, but changes them to 10, 12, 22, 24, 32, 35 and 37 percent. Republicans aim to hold floor votes in the House and Senate next week, with the vote in the House taking place first on Tuesday.

That is now worth $1,000 per child for families who make less than a certain amount. A near doubling of that deduction to $12,000 for individuals, $18,000 for heads of household, and $24,000 for joint filers-combined with some more generous tax brackets and rates-would mean less tax taken from most individuals' and families' paychecks, according to multiple analyses.

PERSONAL EXEMPTION: Temporarily eliminates the $US4,050 individual personal exemption.

The bill, the Tax Cuts and Jobs Act, was finalized this week by a conference committee made up mostly of members of the House and Senate committees that wrote the versions that those chambers passed. Marco Rubio of Florida fumed that his party rejected his efforts to steer more money to low-income families in the GOP tax plan by making a child tax credit more accessible. "Another 14 million will continue to get less than the bill's full CTC increase".

The bill would drop today's 39.6% top rate on individuals to 37%. He has been criticized by editorial boards and Democrats for supporting a bill that gives priority to corporate tax cuts and could drive up the cost of health insurance.

Corker called President Donald Trump to tell him about his decision.

Grant the Republican Party leaders one thing: their tactics in passing their hugely unpopular tax bill have been consistent-consistently evasive.

The home mortgage interest deduction is kept for current mortgages and will also be available to new home buyers paying up to $500,000.

Local and state taxes will still be able to be written off, with a limit of $10,000. For income above that threshold, the legislation phases in limits, producing an effective marginal tax rate of no more than 29.6 per cent. "Increasing the refundability of the Child Tax Credit from 55% to 70% is a solid step toward broader reforms which are both Pro-Growth and Pro-Worker". Analysts agreed that removing the tax credit would stifle EV acceptance nationwide, but not slow the production of them since other global markets are starting to heavily push for EV adoption. But, unlike the House bill, it would not be eliminated entirely. This is a change from the current system in which companies can defer taxation on profits they keep overseas.

The bill also eliminates the corporate alternative minimum tax, which now limits the amount of deductions a corporation can take.

Some people who have structured their businesses as sole proprietorships, partnerships, and other special entities-also known as pass-through businesses-would get a significant tax break on a portion of qualifying income. But a law firm would still be ineligible. On the business side, the revised treatment of pass-through income is so complicated that most tax experts don't yet fully understand it. The conference report notes that the restrictions on larger businesses are created to discourage wealthy Americans from rejiggering their finances to qualify.

- Inheritance tax: now, when someone dies the estate owes taxes on the value of assets transferred to heirs above $5.5 million for individuals, $11 million for couples. "The pessimistic view is it will cause a lot of people to convert their salary into business income by filing a piece of paper".

OBAMACARE MANDATE: Repeals a federal fine imposed on Americans under Obamacare for not obtaining health insurance coverage, a change expected to undermine the 2010 healthcare law.

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