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After last night's initial pass, reading through the Tax Cuts and Jobs Act legislative text in deeper detail today. Full write-up coming to Nerd's Eye View blog on Monday morning.
In the meantime, will be sharing some (threaded) highlights here...
In the meantime, will be sharing some (threaded) highlights here...
Original Tax Reform proposal from President Trump would have narrowed from 7 tax brackets down to 3. The House GOP proposal would have kept 4 brackets (plus a 5th phase-out bracket of 45.6% for upper income folks).
Final TCJA keeps the 7 tax bracket structure, but trims rates.
Final TCJA keeps the 7 tax bracket structure, but trims rates.
Top tax bracket for individuals comes down to 37% under TCJA (from 39.6%), but the removal of the Pease limitation (which was effectively a 1.2% income surtax on the top bracket) means the top rate cut is really from ~40.8% down to 37%.
