The House GOP released the blueprint of their tax change proposal. First it is just a proposal and eventually, if it gets passed it will not look like it does now. The Senate will make changes and then the will have to work out the differences between the Senate and House. We could end up with nothing or a very watered down version of the current recommendations. Then again maybe it will be something that will benefit us all especially if it can boost the economy.
The major changes are a cut to the corporate tax rate from 35% to 20% an effort to make it in line with the rest of the world. Japan’s would be a little higher and Germany’s a little lower.
Everyone is focusing on changes for the individuals. Overall the middle class will get a tax break but some popular deductions may change. No deductions for state taxes, property tax deduction capped, and mortgage interest deduction limited and personal exemptions removed.
Now the fun begins in Congress.
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