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U.S. House bill released today

The U.S. House bill has been released. The proposed Tax Cuts and Jobs Act would retain a 39.6% tax bracket for married couples with income of more than $1 million annually. The corporate tax rate would be cut from 35% to 20% and there would be a 25% “pass-through” business rate. The estate tax would be phased out over 6 years. The mortgage interest deduction would be limited for newly purchased homes and the property tax deduction would be retained but limited. The child tax credit would rise from $1,000 to $1,600. For complete details, go to http://bit.ly/2h6xIqf

Bradley H. Kearns, CPA, bkearns@sek.com

Nathaniel L. Fissel, CPA, MST, nfissel@sek.com

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