Here's what Trump's tax plan means if you're making $25,000, $75,000, or $175,000 a year
by Lauren Lyons Cole
The GOP's tax plan is being billed by the White House and Republicans as a boon for the middle class.
The House passed its 429-page tax bill, called the Tax Cuts and Jobs Act, in November. Under the plan, tax brackets would be reduced from seven to four, and the standard deduction would be increased.
Senate Republicans voted to pass their version of tax legislation early Saturday. Significant differences exist between the two plans.
Republican leaders expect the next step will be a conference committee, where Senate and House Republicans will agree on a final version. President Donald Trump has said he wants tax reform on his desk by Christmas.
As it stands, take-home pay could increase — albeit slightly — for most Americans under the tax plan.
We were curious how it might change, so we ran some numbers using the current proposals.
....
Read more: www.businessinsider.com
The GOP's tax plan is being billed by the White House and Republicans as a boon for the middle class.
The House passed its 429-page tax bill, called the Tax Cuts and Jobs Act, in November. Under the plan, tax brackets would be reduced from seven to four, and the standard deduction would be increased.
Senate Republicans voted to pass their version of tax legislation early Saturday. Significant differences exist between the two plans.
Republican leaders expect the next step will be a conference committee, where Senate and House Republicans will agree on a final version. President Donald Trump has said he wants tax reform on his desk by Christmas.
As it stands, take-home pay could increase — albeit slightly — for most Americans under the tax plan.
We were curious how it might change, so we ran some numbers using the current proposals.
....
Read more: www.businessinsider.com
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