By Ali Meyer
The House and Senate passed the final version of the Tax Cuts and Jobs Act on Wednesday—224-201 in the House; 51-48 in the Senate—sending the legislation to President Trump’s desk for his signature.
The bill, which passed the House on Tuesday, underwent a revote today since provisions in the bill as passed yesterday violated procedural rules.
The final legislation includes slight changes to the House and Senate versions. The tax reform proposal keeps the number of individual tax brackets at seven but reduces the rates to 10, 12, 22, 24, 32, 35, and 37 percent, increases the Child Tax Credit from $1,000 to $2,000 for singles and married couples, and roughly doubles the standard deduction.
On the corporate side, the bill reduces the corporate tax rate from 35 to 21 percent and also eliminates the Affordable Care Act’s individual mandate, which requires individuals to purchase health insurance or pay a penalty to the IRS.
Speaker of the House Paul Ryan (R., Wis.) said a family of four earning an income of roughly $73,000 can expect to receive a tax cut of about $2,059 under the new plan.
“The Tax Cuts and Jobs Act will put Americans back …read more
Source:: Washington Free Beacon