Lawmakers are now able to see a bit more detail in the House GOP tax plan. The plan proposes to increase the current standard deduction for individuals from $6,350 to $12,000. Married couples would see an increase from $12,700 to $24,000. The 39.6% tax rate remains for those earning over $1 million, but marginal tax rates decrease for those earning less. The estate tax exemption would double immediately and would disappear in six years. The Joint Committee on Taxation will examine the bill later today to determine the validity of claims that the cuts will still meet the $1.5 trillion deficit addition cap.
See Caitlin Owens, Here’s What’s in the GOP Tax Plan, Axios, November 2, 2017.
Special thanks to Joel C. Dobris (Professor of Law, UC Davis School of Law) for bringing this article to my attention.
