Posted on: December 19, 2017 03:07 PM

Share : Facebook Twitter Email Whatsapp

Notes from tax law passed in the House of Representatives

House passes first rewrite of nation's tax laws in three decades, providing steep tax cuts. The 500-page, $1.5 trillion bill lowers the corporate tax rate from 35 percent to 21 percent, and the top individual tax rate from 39.6 percent to 37 percent. What's in for the working class? CNN has setup a calculator using income, file jointly or single, children at this link to determine your tax change, http://www.cnn.com/?/calculate-americans-taxes-s?/index.html NYC Mayor di Blasio quoted, "The Republican tax bill will leave working families with less and open the door to cuts to Social Security, Medicare and Medicaid. But the fight isn't done yet. Let your voice be heard today." NYS Attorney General quoted, " Billionaires and rich real estate developers will be celebrating this tax bill. But charities that serve millions of Americans will suffer." NYS Governor quotes, "Republicans in the House have committed fraud against the American people." POTUS is all excited to sign the bill to become law once Senate passes which is the next step. Update - The Democrats reported three loopholes in the bill and the House will revote on Wednesday.