So we have all seen the backlash from the HUUUUUGE tax cut bill drafted by the current House and Senate Republicans. Here's some highlights from this tax bill.
1) a lowering of individual tax rates from 10%, 15%, 25%, 28%, 33%, 35% and 39.6% to 10%, 12%, 22%, 24%, 32%, 35% and 37%. These rates are dependent on your individual income.
2) Expands the child tax credit, America needs more babies right?
3) Obamacare is out, in an effort to help pay for this tax bill
4) Lowers corporate tax rate from 35% to 21%
For more understanding of individual topics and to help understand the parts outlined check out this article by CNN money: http://money.cnn.com/2017/12/15/news/economy/gop-tax-plan-details/index.html
1) a lowering of individual tax rates from 10%, 15%, 25%, 28%, 33%, 35% and 39.6% to 10%, 12%, 22%, 24%, 32%, 35% and 37%. These rates are dependent on your individual income.
2) Expands the child tax credit, America needs more babies right?
3) Obamacare is out, in an effort to help pay for this tax bill
4) Lowers corporate tax rate from 35% to 21%
For more understanding of individual topics and to help understand the parts outlined check out this article by CNN money: http://money.cnn.com/2017/12/15/news/economy/gop-tax-plan-details/index.html
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