What’s Known as of December 14, 2017
Tax reform has been changing constantly and we have the latest up to date news. The Republicans have finalized their tax bill as of December 14, 2017. Here’s what they decided on:
Reconciliation
– Party leaders in the House and Senate reconcile their competing tax bills
– Final vote is aimed for before Christmas
– Law would take effect January 1, 2018
Individual Items
– Top individual tax rate reduced to 37%
– $10,000 cap on combo of property taxes and state taxes
– Mortgage interest: $750,000 Loan
– Obamacare mandate to require health insurance: Repealed
Certain Items Remain Safe
– Medical expense deduction
– Student loan interest
– Tax-free graduate school tuition waivers
– AMT remains with exemptions for $500k single / $1m married
Corporate Items
– Top corporate tax reduced to 21%
– Small Business (pass-through): 20% of income is tax-free (with exceptions)
