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  • Party leaders in the House and Senate have reconciled their two tax bills.

  • This information is changing hourly, daily,

  • so we want to get to you this as... as quickly as we could.

  • Some of this information by the time you watch this could be outdated,

  • because lawmakers are actually writing a lot as we speak.

  • But here's what we know as of today, that the House and Senate have reconciled their bills.

  • They're gonna try to vote on this collectively by Christmas,

  • and if they do, if they pass it and President Trump signs it, we will have a new tax law for 2018.

  • So to give you some of the finer points in this, let's start with individual taxes.

  • Individual taxes: the highest rates 39.6% that will actually go down to 37% in this new negotiated bill.

  • A second thing is state and local income taxes.

  • A lot of people have been talking about this.

  • So there's going to be a $10,000 dollar cap on a combination of property taxes and state and local taxes.

  • Before you may recall, that there was... you can only deduct up to ten thousand dollars of property taxes.

  • Now they'll let you do any combination to get to ten thousand dollars.

  • Mortgage interest, currently you can deduct interest on a million dollar loan that would go down to $750,000 dollars.

  • We don't know what the effective date on that would be, whether that would be before January 1st or at January 1st.

  • The Obamacare mandate to have health insurance would be repealed.

  • In other words, you don't need to have health insurance.

  • Currently you get penalized if you don't.

  • And there's a few items that would actually stay in the law like medical deductions.

  • So if you're a senior in assisted living or long-term care,

  • those expenses would be tax deductible still, so that's good news.

  • And then finally, if you're a student, student loan interest would still be deductible.

  • And if you're a graduate student receiving a graduate school tuition waiver, that would still remain tax-free.

  • Alternative minimum tax would remain, but they're going to try to write in exemptions for

  • if you're a single person, if your incomes under five hundred thousand dollars,

  • you wouldn't have alt AMT and a million dollars for a married taxpayer.

  • And then finally on corporate taxpayers, the corporate rate would be 21%.

  • You may remember the current rates thirty five percent,

  • both bills brought it down to twenty, they raised it to twenty one percent.

  • And finally passed through or small businesses,

  • their tax would be the regular rate but they would have 20% of their income tax free.

  • If you'd like more information you can always go to

Party leaders in the House and Senate have reconciled their two tax bills.


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B1 中級

税制改正。共和党の最終的な税制改正案 (Tax Reform: The Final Republican Tax Bill)

  • 34 2
    李依庭 に公開 2021 年 01 月 14 日