Last week, as many of you know, Senate Republicans voted for a major tax overhaul, working overtime to cut corporate taxes while raising taxes on thousands of middle class families. The corporate tax rate would be cut from 35% to 20% and the personal deduction would be eliminated. And even though they are doubling the standard deduction, the elimination of the personal deduction means that many families would end up paying extra.
That wasn't the only thing in the Senate bill. The bill removed the individual mandate and raised the threshold for the estate tax. The last one is good news for all those poor families who stand to inherit between $6.5 million and $11 million. Now people who will inherit only $10 million dollars won't have to pay those predatory taxes.Read More