From what I've read, it's going to be 10% 25% and 35%. The first $24k will be tax-free. Currently people pay 10% up to $10k then 15% up to $37k.
I don't know what the income level for each tax bracket will be yet. Does anyone have that info?
Would be good to have the details before we all rush to judgement.
Yes. Poverty level folks get a break in taxes, which is actually a good thing. My fear is that the republicans will gut welfare to pay for it eventually.
The vast majority of us will be in the 25% bracket. If you don't own a home, that's pretty much it. I don't really have a problem with that. If going LLC for my wife wasn't ludicrously expensive, I could get her to 15%.
For the rich, they wipe their asses with the LLC expenses. Any of them with a decent accountant will go from 35 to 15% and write that off in mortgage interest.