1、 https:/crsreports.congress.gov Updated November 17, 2017Tax Reform: H.R. 1, Tax Cuts and Jobs ActThe proposed tax reform, Tax Cuts and Jobs Act, H.R. 1, was referred to the House Ways and Means Committee on November 2, 2017, and, following a mark-up, was ordered reported on November 9, 2017. H.R. 1
2、 passed the House on November 16, 2017. The bill contains some elements of the 2016 House tax reform blueprint, the “Better Way.” Individual Tax Revisions The bill would replace the current seven rate brackets (10%, 15%, 25%, 28%, 33%, 35%, and 39.6%) with four brackets, with tax rates of 12%, 25%,
3、35%, and 39.6%. The rate brackets indicate that income currently taxed at the first two rates would be taxed at 12%. Most taxable income in the 25% and 28% brackets would be taxed at 25%. The current top rate of 39.6% applies to taxable income above $470,700 but would not apply until $1 million of t
4、axable income in the bill. The benefit of the 12% bracket, compared to the 39.6% rate, will be phased out for incomes over $1.2 million. The bill would alter some of the elements related to family size and structure by eliminating personal exemptions, allowing a larger standard deduction ($24,000 fo
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