Tac Cut Plan: What You Need To Know NOW!

The GOP Congress has just released the details of the Trump tax plan. here's what you need to know about it:

Lowers individual tax rates for low- and middle-income Americans to Zero, 12%, 25%, and 35%; keeps tax rate for those making over $1 million at 39.6%

Increases the standard deduction from $6,350 to $12,000 for individuals and $12,700 to $24,000 for married couples.

Establishing a new Family Credit, which includes expanding the Child Tax Credit from $1,000 to $1,600
Preserving the Child and Dependent Care Tax Credit

Preserves the Earned Income Tax Credit

Preserves the home mortgage interest deduction for existing mortgages and maintains the home mortgage interest deduction for newly purchased homes up to $500,000, half the current $1,000,000

Continues to allow people to write off the cost of state and local property taxes up to $10,000

Retains popular retirement savings options such as 401(k)s and Individual Retirement Accounts

Repeals the Alternative Minimum Tax

Lowers the corporate tax rate to 20% – down from 35%

Reduces the tax rate on business income to no more than 25%

Establishes strong safeguards to distinguish between individual wage income and “pass-through” business income

Allows businesses to immediately write off the full cost of new equipment

Retains the low-income housing tax credit