jeudi 21 décembre 2017

I Wonder If Liberals Have *Read* the New Tax Law: The New Deductions and Rates

You would never know it to read the incredible lies coming from the left about the tax reform bill that Trump just signed, but here are the deductions and rates under the Trump tax law that goes into effect 1 January (this info comes from the Congressional conference report on the final version of the bill--you can also find this info on numerous tax information sites):

* The standard deduction will increase from $6,500 for individuals to $12,000, and from $13,000 to $24,000 for joint returns (married).

* The tax credit for each child under 17 will double from $1,000 to $2,000.

* As for the tax brackets, the rates for the brackets will change as follows:

-- First bracket: Will remain at 10%
-- Second bracket: Will drop from 15% to 12%
-- Third bracket: Will drop from 25% to 22%
-- Fourth bracket: Will drop from 28% to 24%
-- Fifth bracket: Will drop from 33% to 32%
-- Sixth bracket: Will remain at 35%
-- Seventh bracket: Will drop from 39.6% to 37%

Yes, contrary to liberal disinformation about the new law, the biggest rate cuts are going to the middle class. The highest bracket only gets a rate reduction of 2.6 percentage points, whereas the fourth bracket gets a rate cut of 4 percentage points and the second and third brackets get a rate cut of 3 percentage points.

More info:

* The alternative minimum tax will be eliminated for people in the first six tax brackets.

* The amount that you can deduct for state and local taxes will be capped at $10,000 (which means that people in low-tax states will no longer be subsidizing state tax deductions for wealthy people in high-tax states).

* Under current law, interest on mortgages up to $1.1 million can be deducted. That cutoff will be reduced to $750,000 for new mortgages.

To read more about the tax changes, see:

http://ift.tt/2BtSgln
http://ift.tt/2BtgrR0


via International Skeptics Forum http://ift.tt/2DoDdXG

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