Details Of ‘Simplified’ Senate Tax Bill Start To Leak: 7 Tax Brackets, Scraps All SALT Deductions

Jon Alternative Media, Blogosphere, Economy, Fiscal Policies, Government

As the House tax bill hits the wires, leaked details of the Senate’s tax bill are coming out…
There will be 7 tax brackets – considerably more complex than the 3 brackets in the House bill
Senate tax legislation will keep seven tax brackets but alter the rates, GOP Sen. John Hoeven tells reporters.
Hoeven says the brackets will be set at 7%, 12%, 22.5%, 25%, 32.5%, 35%, and 38.5% (lower than the current top tax rate of 39.6%)
Hoeven also says the top tax rate starts at $500k for individuals.
GOP Senate leaders on Thursday plan to unveil legislation that would delay cutting the corporate tax rate from 35 percent to 20 percent until 2019, four people briefed on the planning said. That’s a major departure from Trump’s insistence on immediate tax cuts that he says are necessary to spur the economy.
The one-year delay would lower the cost of the tax bill by more than $100 billion, and negotiators are trying to preserve as much revenue as they can for other changes.

This post was published at Zero Hedge on Nov 9, 2017.