Republican leaders announced their plan today that cuts taxes and shrinks the number of tax brackets:

The tax plan released by House Republicans would shrink the number of tax brackets from seven to four.

The seven currently in effect for joint filers are:

  • 10 percent for taxable household income up to $18,650
  • 15 percent for income between $18,651 and $75,900
  • 25 percent for income between $75,901 and $153,100
  • 28 percent for income between $153,101 and $233,350
  • 33 percent for income between $233,351 and $416,700
  • 35 percent for income between $416,701 and $470,700
  • 39.6 percent for income above $470,700

Under the GOP House proposal, the brackets would be:

  • 12 percent for taxable household income up to $90,000.
  • 25 percent for income between $90,001 and $260,000.
  • 35 percent for between $260,001 and $1 million.
  • 39.6 percent for above $1 million.

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    President Trump on Thursday called the tax reform plan unveiled by House Republicans “a big beautiful Christmas present” for the American people.“I consider that to be one of the greatest Christmas presents. We are working to give the American people a giant tax cut for Christmas. We are giving them a big beautiful Christmas present in the form of a tremendous tax cut,” trump said from the Oval Office during an appearance with Broadcom Ltd. CEO Hock Tan, who with Trump announced that his $100 billion semiconductor company based in Singapore would legally relocate its home address to the US.

    “It will be the biggest cut in the history of our country. It will also be tax reform and it will create jobs. We will make the tax code simpler and fairer. We will restore our competitive edge by reducing business taxes for the first time in more than 30 years,” the president said.


1.) Lowers corporate tax and it still the highest in the modern world
2.) Middle class taxes go down
3.) 401 savings can now go up to $18,000
4.) All houses under a half million dollars still enjoy the tax credit benefit
5.) The 20% top earners still pay 90% of the taxes..

Read more: NYP



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