Two days ago on Thursday, November 2, House Republicans unveiled their tax reform plan. Overall, it’s an improvement from the current tax system, which is massively complex for individual tax-filers.
Ben Shapiro of The Daily Wire has simplified the proposed tax plan for us into 8 points:
1. Corporate Tax Cuts Are Slashed Dramatically. The proposal lowers the corporate tax rate from 35% to 20%. That puts America in line with the U.K. rather than above virtually every other industrialized country. Meanwhile, pass-through corporations will see their tax rates reduced from 39.6% to 25%.
2. Individual Tax Rates Change, But Not An Enormous Amount. Instead of the current seven-bracket system, the number of brackets is reduced to four. High income earners will earn a slight reprieve for income between $418,400 and $500,000 (the top tax bracket now kicks in at $418,400); earnings of between $200,000 and $500,000 will be taxed…
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