(Washington, DC) — The GOP tax reform bill is out. The massive 500-page document was released online. It cuts the corporate income tax rate from 35 percent to 21 percent. The rate tables are shuffled. Married couples making less than 77-thousand dollars a year will pay about 12-percent of their income. The richest couples, those making more than 600-thousand dollars a year, will pay 37-percent of their income. The bill also increases the child tax credit and the maximum amount refundable. It also keeps the deductions for mortgage interest and charitable donations. In a concession to House Republicans from high-tax states, the measure will allow people to still deduct property, state and local and sales tax on their federal tax returns.
Speaking on Capitol Hill, Congressman Kevin Brady of Texas said this tax reform bill has been more than 30 years in the making, and he’s very proud of it. The measure appears to be on track for passage next week, after Republican Senators Marco Rubio of Florida and Bob Corker of Tennessee both announced their support today. Rubio had said he would vote against the bill unless the child tax credit was restored.
Alex Tsotsos/cm/wm TX) FL) TN)
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