Tax Cuts and Jobs Act provisions include:
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Lowers individual tax rates for low – and middle-income Americans to zero, 12%, 25%, and 35%
Maintains 39.6% tax rate for high-income Americans
Increases the standard deduction – from $6,350 to $12,000 for individuals and $12,700 to $24,000 for married couples.
Expands the Child Tax Credit from $1,000 to $1,600
Provides a credit of $300 for each parent and non-child dependent
Preserves the Child and Dependent Care Tax Credit
Preserves the Adoption Tax Credit
Maintains the Earned Income Tax Credit
Continues the deduction for charitable contributions
Preserves the home mortgage interest deduction for existing mortgages
Maintains the home mortgage interest deduction for newly purchased homes up to $500,000
Continues to allow people to write off the cost of state and local property taxes up to $10,000
Retains retirement savings options such as 401(k)s and Individual Retirement Accounts
Repeals the Alternative Minimum Tax
Doubles Death Tax exemption and repeals the Death Tax after seven years
Lowers the corporate tax rate to 20% – down from 35%
Provides a new, low tax rate of 9% for the first $75,000 of business income earned by owners of pass-through businesses
Allows businesses to immediately write off the full cost of new equipment
Retains the low-income housing tax credit
Preserves the Research & Development Tax Credit