Here’s what’s in the GOP tax plan

Some good. Some bad. We’ll see what it looks like in the end.

(From Axios)

Individual taxes:
  • Increases standard deduction from $6,350 to $12,000 for individuals and $12,700 to $24,000 for married couples.

  • Individual tax rate brackets:

    • 25 percent rate starting at $90,000 for married couples, $45,000 for individuals (everyone below that pays a 12 percent rate).
    • 35 percent rate starting at $260,000 for married couples, $200,000 for individuals.
    • 39.6 percent rate starting at $1 million for married couples, $500,000 for individuals.
  • Expands the Child Tax Credit from $1,000 to $1,600 and provides a credit of $300 for each parent and non-child dependent.

  • Makes no changes to deductions for charitable contributions.

  • Elimination of student loan and medical expense deductions and the adoption tax credit.

  • Doesn’t change contribution rules for 401(k)s.

  • Repeals the state and local tax deduction, but people can write off the cost of state and local property taxes up to $10,000.

  • Repeals the Alternative Minimum Tax.

  • Doubles the estate tax exemption immediately and repeals the tax in six years.

Click here for the article and more details.