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When it comes to taxes, nothing in life is constant. It’s always changing and evolving as the federal, state, and local governments are always looking for additional tax revenue.

Within the past few weeks, the U.S. House and U.S. Senate chambers both have introduced bills to reform the tax laws with major changes on how taxes are incorporated.

Under the House Bill, there are four tax brackets at 12%, 25%, 35%, and 39.6% for single and married filing jointly. The House Bill contains a 46% bracket on the next $200,000 greater $1 million. The Senate Bill has seven tax brackets (10%, 12%, 22%, 24%, 32%, 35%, and 38.5%) for single and married filing jointly.

The Senate Bill would eliminate the Affordable Health Care individual mandate starting in 2019.

The Senate and House Bill would repeal the state and local tax itemized while keeping the property tax deduction capped at $10,000.

The House Bill would repeal the medical itemized deduction while the senate bill would temporary lower the threshold to 7.5% of AGI down from 10%.

The Senate Bill would keep the current itemized deduction while the House Bill would limit the deduction to mortgages less than $500k and the principal residence

Both bills would limit the carried interest deduction to gain on assets held at least three years.

For the standard deduction, the deduction would increase to $24,000 (married) and $12,000 (single). The senate’s proposal would sunset in 2026.

The Child Tax Credit for dependents 17 and under would increase to $1,600 (House Bill) and $2,000 (Senate Bill), The House Bill contains a $300 credit for each parent as part of a family consolidated family tax credit that would expire in 2023. The senate proposal would sunset in 2026.

The Senate and House Bill both double the estate tax exclusion. The house bill would fully repeal the estate tax in 2025 while the senate bill would sunset 2026.

For business owners using the pass-through entities (S-Corp, Partnerships, LLCs), the pass through rate is 25% (house plan). The house plan creates a 9% rate on the first $75k (married) and $37.5k (single) of net income The senate plan allows for a 23% deduction for passthrough owners. After the 23% deduction, individuals would be taxed at their individual tax rates. Restrictions would be in place limiting the deduction for pass-through owners with taxable income above certain levels. The proposal under the senate plan would sunset in 2026.

For corporations, the tax rate under the house and senate plans is 20%. The senate plan delays implementation until 2019.

Both the senate and house bill allow companies to fully and immediately deduct the cost of their spending on new equipment for a period of five years,

The adoption credit remains at $13,750 per child under the house and senate bills.

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