WASHINGTON — The House passed a nearly $1.5 trillion tax bill on Thursday that would slash tax rates on corporations and private businesses, overhaul the individual tax code and eliminate taxes on wealthy heirs.
Under the House legislation, the top corporate tax rate would be reduced from 35 percent to 20 percent and to 25 percent for certain pass-through businesses. The individual tax code would be reduced from seven brackets to four with a top rate of 39.6 percent. It would reduce and then end the estate tax.
The Joint Committee on Taxation (JCT) also estimated Thursday that the Senate bill would raise the average tax rate for those making $10,000 to $30,000 in 2021 and on all income groups making under $75,000 in 2027.
The latest Senate tax plan would eliminate the ACA's penalty for going without insurance. If an individual wanted to take advantage of Obamacare's tax credits, they'd still be able to under the Senate bill if they qualified and there was a participating insurer in their area.
The Congressional Budget Office estimates 13 million fewer people would go with coverage by 2027, mostly because healthier individuals would decide they didn't need insurance. Premiums would also go up by 10 percent per year in response.
Because many of these uninsured would be eligible for federal subsidies to buy a private plan or for Medicaid, the government would spend $338 billion less on their health care, savings that Republicans plan to use to help finance their tax bill.
Trump has insisted, for months, that the Republican tax plan he supports won’t benefit him, however he and his heirs potentially could save more than $1 billion overall under the GOP tax proposal, with most of that amount coming from a repeal of the estate tax
Trump would save more than $20 million himself, according to the analysis of how the legislation affects his 2005 tax return, and his heirs could potentially save $1.1 billion based on his reported wealth.
Unlike other past presidents and presidential nominees, Trump has refused to release his income taxes, saying that the federal government is auditing his returns. (NBC)
It would be funny... if it wasn't true. 😟
Just one day more...