Friday, December 1, 2017

What tax reform will mean for you

Via Cousin John

Earlier this month, the House of Representatives passed arguably the biggest tax cut and reform of the tax code in history. The Tax Cuts and Jobs Act (H.R. 1) is a bold, pro-growth tax bill aimed at improving the standard of living for all Americans, strengthening our economy, and bringing jobs back.

This legislation respects hardworking taxpayers and the challenges they face by making the tax code clearer, simpler, and fairer.  Our bill expands the current tax brackets to enable Americans to keep more of their paycheck in addition to lowering some of the rates.  Specifically, H.R. 1 lowers the 10% bracket to effectively zero, the current 15% bracket to 12%, and then retains the 25%, 35% and 39.6% brackets (Again, you will want to note the new income ranges on the right side below.)

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