Afternoon Note
Tax Brackets |
12% |
25% |
35% |
39.6% |
Married |
$90,000 |
$260,000 |
<$1,000,000 |
>$1,000,000 |
Single |
$45,000 |
$200,000 |
<$500,000 |
>$500,000 |
Tax Cuts & Jobs Act |
Proposed |
Current |
Corporate Rate |
20% |
35% |
Pass-Through |
25% |
39.6% |
Pass-Through Deductions |
Immediate |
Over Time |
Repatriation (cash) |
12% |
35% |
Mortgage Deduction* |
$500,000 |
$1,000,000 |
Estate Tax |
$11,000,000 |
$5,490,000 |
SALT |
$10,000 |
No Cap |
Child Tax Credit |
$1,600 |
$1,000 |
Family Tax Credit |
$300 |
NA |
Standard Deduction (couple) |
$24,000 |
$12,700 |
Standard Deduction (single) |
$12,000 |
$6,530 |
Capital Gains/Dividends |
23.8% |
23.8% |
Eliminates/Repeals:
Maintains:
Already, major industries from small businesses (NFIB) and homebuilders (NAHB) are voicing opposition to the GOP tax bill described above. I still think it’s a shame the GOP didn’t push dynamic scoring and cut taxes across the board. I think it’s a big mistake. Moreover, repatriation taxes should be much lower to bring back overseas profits.
Comments |
how about not taxing any social security benefits richard swanson on 11/2/2017 2:05:24 PM |
It really hurts NY NJ and California resident s W Pj on 11/2/2017 2:20:08 PM |
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