Last week, the Senate Finance Committee also approved its modified version of the GOP tax reform bill. Under the Senate version, the legislation will temporarily cut taxes for individuals until 2025. It will permanently lower the corporate tax rate to 20%. The bill will also repeal the SALT deductions and the individual mandate under Obamacare. The leaders of the Senate plans to bring the bill to the floor for debate and vote after Thanksgiving.
Based on the latest analysis of the Joint Committee on Taxation (JCT), families earning $30,000 annually will see tax increases in 2021. Families with an annual income of $75,000 will experience tax hikes in 2017. However, corporations will continue to enjoy guaranteed tax cuts. Additionally, the JCT said eliminating Obamacare’s individual mandate will leave 13 million Americans without health insurance.
California and three other high-tax States will suffer the most
High-tax States including California, New York, New Jersey, and Maryland will suffer the most under the GOP tax reform bill.
