The Win Gets Closer: House passes sweeping GOP tax bill, Senate to follow

 

(From NBC)

The bill lowers individual tax rates, including the top bracket to 37 percent from 39.6, while doubling the standard deduction and replacing personal exemptions with a $2,000 partly refundable child tax credit. It eliminates various deductions while limiting others on state and local taxes and mortgage interest. It also exempts larger inheritances from the estate tax, doubling the thresholds to $11 million for individuals and $22 million for married couples.

The bill also has significant implications for health care, where it abolishes the Affordable Care Act’s penalty for Americans who don’t purchase insurance.

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