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Final Tax Bill has been released – There will be seven Brackets
Single side is exactly the same as what the Senate originally Put Out.
The married and filing jointly side, shown below. At 37% dropped from $1Million to $600K
The Corporate Rate will be set at 21% starting next year. There will be a repeal of the Corporate AMT Tax (https://www.forbes.com/sites/kellyphillipserb/2017/03/15/what-exactly-is-the-alternative-minimum-tax-amt/).
For the One-Time Repatriation Rate will be set at 15% for Cash and 8% for the liquid assets
This all started to come together this afternoon for Republicans as Marco Rubio, who had doubts about the child tax credit, said he is a Yes. Bob Corker who had doubts about the deficit said that he would be voting yes as well.
Next week, John McCain (R) and Thad Cochran (R) who both have health issues, are expected to be in the Senate next week to vote.
The expectations are that by Tuesday or Wednesday for all of this to hit the books.
The Corporate Tax Cuts are supposed to take place January 1, 2018 at 21%.
SOURCE: FOX BUSINESS