The Tax Reform Bill is Here

Posted: Nov 02, 2017 1:45 PM
The Tax Reform Bill is Here

House Republicans released their tax reform bill Thursday morning, turning President Trump's original tax structure plan into legislative reality.

Here are some of the details, full details can be found in the plan below:

-401k plans remain untouched

-$1200 deduction in taxes per average family

-Increases the child tax credit

-Reduces the cap on mortgage interest deduction to $500,000, down from $1,000,000

-First $12,000 earned is tax free per individual

-First $24,000 earned by a couple is tax free

-Property tax reduction up to $10,000

-Corporate tax rate will be slashed to 20 percent

Tax Cuts and Jobs Act Section by Section by Katie Pavlich on Scribd