1、 https:/crsreports.congress.gov December 19, 2017Tax Cuts and Jobs Act (H.R. 1): Conference AgreementThe Tax Cut and Jobs Act (H.R. 1) was released by the conference committee on December 15, 2017. The bill contains some elements of the House tax reform blueprint, the “Better Way,” released in 2016.
2、 Individual Tax Revisions 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%, 24%, 32%, 35%, and 37%. The rate brackets indicate that the 10% rate will apply to about the same amount of taxable income as in current law and
3、 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 37% rate in the bill would not apply until $600,000 of taxable income for joint returns of married couples ($500,000 for other returns). The bill would alter
4、 some of the elements related to family size and structure by eliminating personal exemptions and allowing a larger standard deduction, $24,000 for joint returns and $12,000 for singles for 2018, adjusted for inflation for the following years. The current personal exemption is $4,050 per person for
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