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Senate Tax Bill, for individuals, as opposed to Business, it's all temporary

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  • Mountain Man
    replied
    Same old game, different day. The American tax system is a total screw job from the get-go.

    Leave a comment:


  • Senate Tax Bill, for individuals, as opposed to Business, it's all temporary

    Yup. The Senates tax reform bill has the individual taxes changes all sunsetting in 2025. So:

    http://thehill.com/policy/finance/36...mandate-repeal

    But the new individual rates, the larger standard deduction and child tax credit, the 17.4 percent deduction of income from pass-through businesses and the repeal of the individual alternative minimum tax would all be among the provisions that expire.
    The business ones stay.

    The Senate bill also reduces the corporate tax rate from 35 percent to 20 percent. This would be permanent and would not sunset.
    On Monday, Hatch hinted that temporary individual tax cuts were on the table, emphasizing that he wanted to ensure that business tax changes are permanent.

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