Finally we have something to look at in the movement toward tax reform. At the end of this post there are two links (1) a 90 page “summary” of the tax reform bill and (2) the tax reform bill known as the Tax Cut and Jobs Act.
On a quick perusal of the 425 page bill, the thrust of the bill is as follows:
- Increase standard deduction
- Fewer income tax brackets
- Many deductions eliminated (the charitable and mortgage interest deductions are essentially intact)
- Reduced corporate tax rate to 20%
- Reduced non-corporate business tax rate to 25%
- Elimination of the Alternative Minimum Tax
- Estate and Gift Tax exemption increased to $10,000,000 per person
- Phase out of Estate and Generation Skipping Taxes to repeal after 2023
- Retention of step-up income tax basis upon death
Continue reading Tax Reform: Congressional Republicans Release Proposed Tax Bill
