The conference committee that was negotiating the differences between the tax reform bills passed by the House and Senate has reached agreement on the consolidated bill and released the details to the public.
“I’m very excited about this moment. It’s been 31 years in the making and took a lot of hard work by a lot of people to make this day happen. I’m proud of the Tax Cuts and Jobs Act,” said Rep. Kevin Brady (R-Texas), the chairman of the House Ways and Means Committee.
The bill will have to be passed by each house of Congress again before it can be sent to the president for signing. That vote is tentatively set for Tuesday, December 19, 2017. [Read the full final GOP tax bill HERE.]
If you don’t want to read through the gobblygook, here’s what’s in the final version of the Republican tax bill.
The bill lays out seven tax brackets – a failure to simplify the tax code down to the three brackets that President Donald Trump had requested.
For single filers:
Tax Rate | Taxable Income Bracket |
---|---|
10% | 0 - $9,525 |
12% | $9,525 - $38,700 |
22% | $38,700 - $82,500 |
24% | $82,500 - $157,500 |
32% | $157,500 - $200,000 |
35% | $200,000 - $500,000 |
37% | $500,000 and up |
Tax rates for married couples filing jointly:
Tax Rate | Taxable Income Bracket |
---|---|
10% | 0 - $19,050 |
12% | $19,050 - $77,400 |
22% | $77,400 - $165,000 |
24% | $165,000 - $315,000 |
32% | $315,000 - $400,000 |
35% | $400,000 - $600,000 |
37% | $600,000 and up |
We are processing information coming from the conference committee as quickly as possible. This article will be updated as new information is gained. Please check back regularly.
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