Tax Plan Presented

President Trump and Republican leaders in Congress unveiled their big tax plan.

The President and Congressional Republicans pulled the wraps off their tax cut and reform plan, hoping to get it done by December 25th. There would be fewer brackets to follow and the top one would remain at nearly forty percent. The standard deduction goes up, as does the child tax credit.Corporations get a big cut with the tax rate falling from thirty-five percent to twenty. But, state and local income taxes would no longer be deductible and there would be new limits on mortgage interest deductions. Getting this plan through Congress is expected to be a struggle- nearly every Democrat is likely to oppose the plan as well as Republicans who aren’t crazy about one provision or another, or the impact on the debt.