1、 https:/crsreports.congress.gov Updated December 5, 2017Comparing Key Tax Reform Elements: Tax Cuts and Jobs ActLegislation has been proposed in the House and the Senate that would substantially modify the federal tax system. On November 16, 2017, the House passed the Tax Cuts and Jobs Act (H.R. 1).
2、 The Senate passed its own version of the Tax Cuts and Jobs Act on December 2, 2017. This In Focus compares selected key elements of the House and Senate proposals. This comparison is not intended to be complete or comprehensive; such a comparison is beyond the scope of this product. Table 1. Compar
3、ison of Major Provisions in the Tax Cuts and Jobs Act to Current Law Tax Provision Current Law (2017) House (H.R. 1) Senate (H.R. 1, as amended) Individual Provisions Individual tax rates 7 brackets: 10% | 15% | 25% | 28% | 33% | 35% | 39.6%. 4 brackets: 12% | 25% | 35% | 39.6%. 12% bracket phased o
4、ut at higher income levels. 7 brackets: 10% | 12% | 22% | 24% | 32% | 35% | 38.5%. (Expires 1/1/2026.) Personal exemptions and standard deduction Personal exemption: $4,050 for taxpayer, spouse, and dependents. Standard deduction: $6,350 (single) and $12,700 (married). Personal exemptions repealed.
