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Both chambers of Congress have now passed the Republican tax overhaul bill on strictly party-line votes. It's the first such overhaul in more than 30 years. President Trump signed it into law on Friday. The tax overhaul -- which will affect all corners of the U.
The final bill still leans heavily toward tax cuts for corporations and business owners. But it also expands or restores some tax benefits for individuals relative to the earlier bills passed by the House and Senate. The individual provisions would expire by the end ofbut most of the corporate provisions would be permanent.
All told, the final bill includes trillions in tax cuts, most of which but not all are offset by revenue-raising measures. That number would be much higher if, as Republicans assume, a future Congress does not allow the individual tax cuts to expire after The bill would not affect taxes, for which Americans will start filing their returns in a month or so.
With that, here's a quick rundown of 16 key provisions in the final bill. Lowers many individual rates: The bill preserves seven tax brackets, but changes the rates that apply to: Here's how much income would apply to the new rates: Nearly doubles the standard deduction: The percentage of filers who choose to itemize would drop sharply, since the only reason to do so is if your deductions exceed your standard deduction.
Doing so lowers your taxable income and thus your tax burden. The GOP tax plan eliminates that option. For families with three or more kids, that could mute if not negate any tax relief they might get as a result of other provisions in the bill.
Read the Republican tax plan 4. Caps state and local tax deduction: Today the deduction is unlimited for your state and local property taxes plus income or sales taxes. The SALT break has been on the book for more than a century.
The original House and Senate GOP bills sought to repeal it entirely to help pay for the tax cuts, but that met with stiff resistance from lawmakers in high-tax states. Preserving the break -- albeit with a cap -- is likely to provide more help to higher income households in high-tax states.
Expands child tax credit: Creates temporary credit for non-child dependents: Lowers cap on mortgage interest deduction: Homeowners who already have a mortgage would be unaffected by the change.
The bill would no longer allow a deduction for the interest on home equity loans. Curbs who's hit by AMT: Earlier bills called for the elimination of the Alternative Minimum Tax. Preserves smaller but popular tax breaks: Earlier versions of the bill had proposed repealing the deductions for medical expenses, student loan interest and classroom supplies bought with a teacher's own money.
They also would have repealed the tax-free status of tuition waivers for graduate students. The final bill, however, preserves all of these as they are under the current code. And it actually expands the medical expense deduction for and Exempts almost everybody from the estate tax: Unlike the House GOP bill, the final bill does not call for a repeal of the estate tax.
Even at today's levels, only 0. Slows inflation adjustments in tax code: The bill would use "chained CPI" to measure inflation, which is a slower measure than is used today. The net effect is your deductions, credits and exemptions will be worth less -- since the inflation adjusted dollars defining eligibility and maximum value would grow more slowly.
It also would subject more of your income to higher rates in future years than would be the case under the current code.A business plan is a written description of your business's future, a document that tells what you plan to do and how you plan to do it.
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