One Chart Shows Differences Between House & Senate Tax Reform Bills

[SirLinksALot]

SOURCE: CNS NEWS

URL: https://www.cnsnews.com/commentary/adam-michel/one-chart-shows-differences-between-house-senate-tax-reform-bills

by By Adam Michel


The House has now passed its version of the Tax Cuts and Jobs Act. The Senate is still working on the final details of its reform package. The Senate plan improves on the House bill in many places and misses important opportunities elsewhere. Here are the differences you need to know about:

[Right_in_Virginia]

How the Senate and House tax brackets compare
CNBC, Nov 17, 2017, Darla Mercado

Senate Republicans are keeping seven income tax brackets in their tax overhaul, but they are changing the rates that would apply to your income.

Under current law, the seven tax brackets are 10 percent, 15 percent, 25 percent, 28 percent, 33 percent, 35 percent and 39.6 percent.

In the bill passed late Thursday by the Senate Finance Committee, the new rates would be 10 percent, 12 percent, 22 percent, 24 percent, 32 percent, 35 percent and 38.5 percent.

The full Senate is expected to vote on the bill after Thanksgiving.

See below to get a sense of what your bracket will be next year under the proposal.


More:  https://www.cnbc.com/2017/11/17/how-the-senate-and-house-tax-brackets-compare.html

[Fishrrman]

Thanks for posting this (I had the chart and was just about to, but you beat me to it!).

Of the two bills, I prefer the Senate version.
It offers more brackets with lower rates in each of them.
Also, and VERY IMPORTANT -- includes repeal of the obamacare "individual mandate".

Get rid of that last one any way you can!
It may not be outright "repeal", but ending the mandate tears the guts out of obamacare!

[RetBobbyMI]

How does this crap SIMPLIFY anything?  In addition, the chart does tell the true story. Hidden is the actual income levels the rates tax. Depending on your income, you may actually fall into a higher tax bracket in this bill and pay MORE taxes. Beware the cloak and daggers hidden behind the sales gimmicks.