WorthyNewsBot Posted November 3, 2017 Group: Bots Followers: 3 Topic Count: 39,879 Topics Per Day: 6.44 Content Count: 44,469 Content Per Day: 7.19 Reputation: 987 Days Won: 2 Joined: 06/06/2007 Status: Offline Share Posted November 3, 2017 (Worthy News) - House Republicans’ long-awaited tax overhaul bill will keep the top individual rate at 39.6 percent for high-income earners and will immediately and permanently cut the corporate rate to 20 percent. The legislation seeks to revamp the tax code in a major way for the first time since 1986, incorporating long-sought goals of congressional Republicans to keep more money in the pockets of individuals and families and boost incentives for businesses by closing loopholes. The bill would collapse seven tax brackets for individuals to four brackets with rates of 12, 25, 35 and 39.6 percent. The bill would also increase the standard deduction so single filers earning up to $12,000 and joint filers earning up to $24,000 would pay no income tax. [ Source: Roll Call (Read More...) ] View the full article Link to comment Share on other sites More sharing options...
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