Republican Plan Delivers Permanent Corporate Tax Cut
For married taxpayers filing jointly, earnings up to $90,000 would be taxed in the 12 percent bracket; earnings up to $260,000 would fall in the 25 percent bracket;
and earnings up to $1 million would be taxed at the 35 percent rate.
Several Republicans from the high-tax states of New York
and New Jersey said the bill would need to change to gain their support, while powerful trade groups representing the real estate industry and small businesses blasted the bill as ineffective and harmful to Americans.
The bill would also eliminate the alternative minimum tax, which is expected to hit 4.5 million families in 2017,
and would roughly double the standard deduction for middle-class families.
The left-leaning Center on Budget Policy and Priorities said the bill would roll back eligibility for about three
million children in working families, including about 80 percent of whom were born in the United States.
For unmarried individuals and those filing separately, the bracket thresholds would be half of these
amounts, other than the 35 percent bracket, which would be $200,000 for unmarried individuals.
Several Republican lawmakers said they would oppose the bill in its current form,
including Representatives Leonard Lance and Frank A. LoBiondo of New Jersey.
The House bill would limit the deduction to just property taxes, rather than state
and local income taxes and general sales taxes, and cap the benefit at $10,000.