The bill -- which critics say is heavily weighted to ease the tax burden of businesses rather than the middle class -- drops the corporate tax rate down from 35% to 21%, repeals the corporate alternative minimum tax, nearly doubles the standard deduction for individuals and restructures the way pass-through businesses are taxed...
The bill keeps seven personal income tax brackets, and lowers that tax rates for most brackets, including dropping the top rate to 37% from 39.6%.
The child tax credit under the bill will be $2,000 and the credit is refundable up to $1,400. After months of negotiations in both chambers, a narrow vote in the US Senate and this last-minute tweak to the child tax credit aimed to win back the support of Florida Sen. Marco Rubio, Republicans were upbeat Friday afternoon as they briefed reporters on where the bill stood.
While Republican leaders released a two-page summary of the bill's contents, the summary did not include specific details on how the plan is funded.
The conference report will also allow individuals to deduct up to $10,000 in state and local taxes. Individuals can either elect to deduct up to $10,000 in state and local income and property taxes or state and local property and sales taxes. Originally, Republicans had tried to repeal the state and local deductions altogether, but pushback in the House and Senate forced leaders to retain the property tax deduction. Then, the conference report went even further and made concessions in order to win over Republicans in the House from high-tax states like New Jersey, New York and California. CNN