Republican Tax Plan: 8 things to know

Fellowship of the Minds

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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