‘Pro-Growth, Pro-Family’: Inside House GOP tax bill
RT.com
2 Nov, 2017
Corporate tax cuts, expanded child credits, and limits to popular write-offs are all features of the new tax reform proposal published by House Republicans. The plan also envisions a one-time “repatriation” tax for money held offshore.
The ‘Tax Cuts and Jobs Act’ policy brief, released by the GOP leadership of the House of Representatives on Thursday, keeps the top rate of tax at 39.6 percent for the highest earners, and almost doubles the standard deduction for middle class families.
“This plan is for the middle class families in this country who deserve a break,” said House Speaker Paul Ryan (R-Wisconsin) speaking on Capitol Hill on Thursday, surrounded by families. “It is for the families out there who are living paycheck to paycheck who just keep getting squeezed.”
The plan would save the average family of four $1,182.00 a year on their taxes, Ryan said. It is the first revamp of the US tax code since 1986.
The proposal “lowers individual tax rates for low- and middle-income Americans to zero, 12%, 25% and 35%, so people can keep more of the money they earn through their lives, and continue to maintain 39.6% for high-income Americans,” said the published brief.
Under the plan those individual earners with an income over $500,000 – compared with the current figure of $418,000 – will be taxed at 39.6 percent.
Under the new brackets of 12 percent, 25 percent, and 35 percent, people earning up to $200,000 will fall under the tax break of 25 percent. For the average family of four earning $60,000, their tax will be from $1608 to just $472.
“It is the beginning of the end of this horrible tax code,” Chairman of the House Ways and Means Committee Kevin Brady (R-Texas) said Thursday.
Standard deductions would grow from $6,350 to $12,000 for individual filers, while deductions for married couples would increase from $12,000 to $24,000.
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