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ARTICLE · 02 NOVEMBER 2017

House Tax Reform Bill Released

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Today, House Ways and Means Committee Chairman Brady introduced the much anticipated House Tax Reform Bill – The Tax Cuts and Jobs Act.

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Lowndes Drosdick, Doster, Kantor, P.A.
Lowndes Drosdick, Doster, Kantor, P.A.
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Today, House Ways and Means Committee Chairman Brady introduced the much anticipated House Tax Reform Bill – The Tax Cuts and Jobs Act.  The bill is 429 pages, so it will take a little time to digest all the key provisions.  In the meantime, here are a few of the key points:

For individuals:

  • The individual tax rates are 0%, 12%, 25% and 35%, a reduction from the current maximum rate of 39.6%.
  • The standard deductions is approximately doubled for individuals and married couples.
  • Introduces a new family credit, which expands the existing child tax credit.
  • Continues the charitable contribution deduction.
  • Retains the home mortgage interest deduction, but for homes up to $500,000.

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