How the GOP Tax Reform Plan Could Affect You
Many lower- and middle-income people could pay less, but a lot of details still need to be worked out
By Tobie Stanger
September 27, 2017
A Republican-sponsored tax reform plan (PDF) unveiled Wednesday could reduce federal income taxes for many Americans, though the details are sketchy on who would benefit most and who would pay more.
The "Unified Framework for Fixing Our Broken Tax Code," released by the Senate Finance Committee, reduces the number of tax rates to three, nearly doubles the standard deduction, and makes more people eligible for child- and adult-care tax credits.
It also eliminates most other deductions, including those for state and local income taxes, but keeps deductions for mortgage interest and charitable contributions. The plan also eliminates the alternative minimum tax, or AMT, and the estate tax.
more
https://www.consumerreports.org/taxes/how-gop-tax-reform-plan-could-affect-you/
