House Republicans Thursday released a list of highlights from their tax reform bill — titled the Tax Cuts and Jobs Act — set to be released in full later in the morning.
The Washington Examiner pulled together a list of the most important parts of the proposal for families and corporations.
Here are the highlights of the bill for individuals and families:
– The new individual income tax rates are 0 percent, 12 percent, 25 percent, and 35 percent.
– The standard deduction goes from $6,350 to $12,000 for individuals and $12,700 to $24,000 for married ocuples.
– Special-interest deductions that complicate taxes are eliminated so the form can be “as simple as a postcard.”
– The bill establishes a new Family Credit, which includes expanding the Child Tax Credit from $1,000 to $1,600, and gives a credit of $300 for each parent and non-child dependent.
– The bill preserves the Earned Income Tax Credit.
– The deduction for charitable donations is continued.
– The home mortgage deduction is maintained for current mortgages, but is capped for new homes at $500,000.
– It allows people to write off state and local property taxes up to $10,000
– The bill doesn’t touch 401(k)s or Individual Retirement Accounts.
– The Alternative Minimum Tax is repealed.
– The exemption for the Estate Tax is doubled and the tax will be repealed in full in six years.
Republicans also released a list of bullet points outlining changes to taxes on corporations and small businesses:
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GOP releases details of plan to cut corporate, individual taxes https://t.co/VbvzkX2J8K pic.twitter.com/ERARo32lo3
— Washington Examiner (@dcexaminer) November 2, 2017
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