1、 https:/crsreports.congress.gov Updated December 4, 2017Tax Reform: The Senate Tax ProposalThe Tax Cut and Jobs Act (H.R. 1) was passed by the Senate on December 2, 2017. The bill contains some elements of the House tax reform blueprint, the “Better Way,” released in 2016. Individual Tax Revisions I
2、n general, the individual tax revisions would expire after 2025, except for the change in inflation indexing and the reduction in penalties for not having health insurance. The bill would replace the current seven rate brackets (10%, 15%, 25%, 28%, 33%, 35%, and 39.6%) with tax rates of 10%, 12%, 22
3、%, 24%, 32%, 35%, and 38.5%. The rate brackets indicate that the 10% rate will apply to about the same amount of taxable income as in current law and that the income currently taxed at 15% would be taxed at 12%. The current top rate of 39.6% applies to taxable income above $470,700, but the 38.5% ra
4、te in the bill would not apply until $1 million of taxable income for joint returns of married couples ($500,000 for other returns). The bill would alter some of the elements related to family size and structure by eliminating personal exemptions and allowing a larger standard deduction, $24,000 for
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