Details Of ‘Simplified’ Senate Tax Bill Start To Leak: 7 Tax Brackets, Scraps All SALT Deductions

Thursday, November 9, 2017
By Paul Martin

by Tyler Durden
Nov 9, 2017

As the House tax bill hits the wires, leaked details of the Senate’s tax bill are coming out…

There will be 7 tax brackets – considerably more complex than the 3 brackets in the House bill

Senate tax legislation will keep seven tax brackets but alter the rates, GOP Sen. John Hoeven tells reporters.

Hoeven says the brackets will be set at 7%, 12%, 22.5%, 25%, 32.5%, 35%, and 38.5% (lower than the current top tax rate of 39.6%)

Hoeven also says the top tax rate starts at $500k for individuals.

The Senate tax bill would fully repeal state and local tax breaks that have become a hot-button issue in the House, Senator John Hoeven said.

The so-called SALT deductions tend to benefit people in high-tax states. House Republican tax writers ran into opposition from fellow GOP members in states including New Jersey, New York and California when they first proposed to do away with the deductions — a move that would raise as much as $1.3 trillion over 10 years to help pay for the deep rate cuts the GOP wants to allow.

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