Legislation to Overhaul America’s Tax Code for First Time in 31 Years Will Deliver More Jobs, Fairer Taxes, Bigger Paychecks
The U.S. House Ways and Means Committee introduced the Tax Cuts and Jobs Act on November 2, 2017. This is an important step forward to Trump’s administration around significant tax reform in the history of the United States since 1986.
Some of the favorable changes are:
- reducing the tax brackets to 4 from 7
- lowering tax rates for low- and middle-income Americans
- Doubling the standard deductions
- Increased child tax credit to $1,600 from $1,000
- Repeal the alternative minimum tax
- lowering the corporate tax rate to 20%
- 100% current year depreciation for new equipment
The President has expressed his intention to move this forward by the end of the 2017 as a Christmas present to his Americans.
The proposed legislation is a 429-page document (https://waysandmeansforms.house.gov/uploadedfiles/bill_text.pdf).
The following link provides a section-by-section summary of the new propose legislation: