A*******e
发帖数: 2419 | 1 有牛人能引用法律文本吗？500多页实在看不过来。 | h**6
发帖数: 4160 | 2 FOR INDIVIDUALS
Changes individual income tax brackets: There are seven brackets in today's
individual tax code: 10%, 15%, 25%, 28%, 33%, 35%, and 39.6%.
The Senate bill also calls for seven brackets but changes the rates on
taxable income to:
- 10% (income up to $9,525 for individuals; up to $19,050 for married
couples filing jointly)
- 12% (over $9,525 to $38,700; over $19,050 to $77,400 for couples)
- 22% (over $38,700 to $70,000; over $77,400 to $140,000 for couples)
- 24% (over $70,000 to $160,000; over $140,000 to $320,000 for couples)
- 32% (over $160,000 to $200,000; over $320,000 to $400,000 for couples)
- 35% (over $200,000 to $500,000; over $400,000 to $1 million for couples
- 38.5% (over $500,000; over $1 million for couples)
The House bill, by contrast, only calls for four brackets: 12%, 25%, 35% and
39.6%.
Nearly doubles the standard deduction: The House and Senate bills nearly
double the standard deduction. For single filers the Senate bill increases
it to $12,000 from $6,350 currently; and it raises it for married couples
filing jointly to $24,000 from $12,700.
That would drastically reduce the number of people who opt to itemize their
deductions, since the only reason to do so is if your individual deductions
combined exceed the standard deduction amount.
Eliminates personal exemptions: Today you're allowed to claim a $4,050
personal exemption for yourself, your spouse and each of your dependents.
Both the Senate and House bills eliminate that option.
For families with three or more kids, that could mute if not negate any tax
relief they might enjoy as a result of other provisions in the bill.
Kills state and local income tax deduction, limits property tax break: Today
itemizers may deduct their property taxes as well as their state and local
income or sales taxes.
The original Senate bill called for a full repeal of the SALT deduction. But
it was amended to preserve an itemized deduction for property taxes but
only up to $10,000, which is identical to the House measure.
Expands the child tax credit: The Senate GOP bill increases the child tax
credit to $2,000 per child, up from $1,000 today, and above the $1,600
proposed in the House bill.
Senate GOP tax writers would make the credit available for any children
under 18, up from today's under-17 age limit. But it reverts to under 17
again in 2025, a year before the increase is set to expire under the bill.
But the $1,000 increase won't be available to the lowest income families if
they don't end up owing federal income taxes. That's because unlike the
first $1,000, the additional $1,000 wouldn't be refundable. When a credit is
refundable, it means you still can get money from the government because of
the credit, even when your federal income tax bill is zero.
The Senate bill also greatly expands who is eligible for the credit by
raising the roof on the income thresholds where the credit starts to phase
out: To $500,000 for married tax filers, up from $110,000 today.
Meanwhile, filers with dependents who are not qualified children may be able
to claim a new $500 nonrefundable credit per dependent. Under the House
bill, there would be a new $300 per person credit for parents and dependents
over 17.
Keeps mortgage interest deduction as is: The Senate bill would still let you
claim a deduction for the interest you pay on mortgage debt up to $1
million.
The House wants to cap the loan limit at $500,000 for new mortgages.
Since the House and Senate bills sharply increase the standard deduction,
the percent of filers who claim the mortgage deduction would drop sharply.
The Senate bill does make two changes on home-related financing. It
disallows interest deductions for home equity loans. And it lengthens the
time you must live in a home to get the full tax-free exclusion on your
gains when you sell it.
Preserves the Alternative Minimum Tax: The original Senate bill, like the
House-passed bill, would repeal the AMT. But to help offset the cost of
other late amendments, the final revision of the Senate bill now keeps the
AMT in place but raises the amount of income exempt from it.
The AMT, originally intended to ensure the richest tax filers pay at least
some tax by disallowing many tax breaks, most typically hits filers making
between $200,000 and $1 million today.
Those who make more usually find they owe more tax under the regular income
tax code, so must pay that tab instead.
Preserves the estate tax, but exempts almost everybody: Unlike the House GOP
bill, Senate Republicans have not proposed repealing the estate tax.
But they are proposing to double the exemption levels -- which are currently
set at $5.49 million for individuals, and $10.98 million for married
couples. Even at today's levels, only 0.2% of all estates ever end up being
subject to the estate tax.
Increases teacher deduction: Teachers who buy their own supplies for the
classroom may deduct up to $250 today. The Senate bill doubles that amount
to $500.
The House bill, by contrast, eliminates the deduction.
Expands the medical expense deduction: Today itemizers may deduct their
medical and dental expenses that exceed 10% of their adjusted gross income.
While the House bill gets rid of that deduction, the Senate bill not only
keeps it but temporarily lowers that 10% threshold to 7.5% for tax years
2017 and 2018.
Repeals the individual mandate to buy health insurance: The repeal is
intended as a way to offset the cost of the tax bill. It is estimated to
save money because it would reduce how much the federal government spends on
insurance subsidies, since the assumption is fewer people who qualify for
subsidies would purchase insurance if they're not subject to a penalty.
But policy experts also note it could raise premiums because more healthy
people might decide to skip buying insurance. | b******t
发帖数: 965 | 3 Alternative Minimum Tax – Senate Republicans initially repealed the AMT,
but have brought it back now in order to pay for some other additions. The
AMT is intended to be a minimum tax on the wealthy. In this version, the GOP
raises the income levels where it hits so it will affect fewer people. For
individuals, the minimum threshold goes from $50,600 to $70,600. For those
filing jointly, the threshold rises from $78,750 to $109,400. (Pg. 95)
【在 A*******e 的大作中提到】
: 有牛人能引用法律文本吗？500多页实在看不过来。
| P****R
发帖数: 22479 | 4 请看第95页。
GOP
For
【在 b******t 的大作中提到】
: Alternative Minimum Tax – Senate Republicans initially repealed the AMT,
: but have brought it back now in order to pay for some other additions. The
: AMT is intended to be a minimum tax on the wealthy. In this version, the GOP
: raises the income levels where it hits so it will affect fewer people. For
: individuals, the minimum threshold goes from $50,600 to $70,600. For those
: filing jointly, the threshold rises from $78,750 to $109,400. (Pg. 95)
| P****R
发帖数: 22479 | 5 请看第95页。
GOP
For
【在 b******t 的大作中提到】
: Alternative Minimum Tax – Senate Republicans initially repealed the AMT,
: but have brought it back now in order to pay for some other additions. The
: AMT is intended to be a minimum tax on the wealthy. In this version, the GOP
: raises the income levels where it hits so it will affect fewer people. For
: individuals, the minimum threshold goes from $50,600 to $70,600. For those
: filing jointly, the threshold rises from $78,750 to $109,400. (Pg. 95)
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