In the U.S. House, the Tax Cuts and Jobs Act ( H.R. 1) (the Act) was approved by a vote of 227-205 yesterday. The legislation lowers the top corporate rate of 35 percent to a flat 20 percent. On the individual side, the bill would collapse the existing seven income tax brackets to four with rates of 12 percent, 25 percent, 35 percent, and 39.6 percent, and would roughly double the standard deduction. The Act would also limit home mortgage interest deductions, cap state, and local property tax deductions and eliminate deductions for other state and local taxes, and double the… Read more
