- The Senate passed a massive tax reform bill overnight on Saturday.
- The bill would bring huge changes to individual and business taxes.
- Analyses show it would cause the federal deficit to balloon and give a boost to US economic growth.
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The Senate passed the massive GOP tax bill in the middle of the night — here's what's in it
Here are the changes in the Senate Republican tax bill from Obamacare mandate repeal to a lower corporate tax rate to individual tax bracket changes.
The Senate passed the Tax Cuts and Jobs Act (TCJA) just after 2 a.m. ET on Saturday, moving the US one step closer to the biggest overhaul of the federal tax code in more than 30 years.
The Senate bill would make sweeping changes to individual and business taxes, while also affecting various industries like healthcare. In all, the cuts total a little less than $1.5 trillion in revenue over 10 years.
The final bill is roughly 479 pages long. With provisions applying to everything from citrus trees to craft breweries, here's a quick rundown of the largest changes to the code in the bill:
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- Individual tax brackets:
- the married brackets here »
- Obamacare's individual mandate:
- would be abolished
- The corporate tax rate would become 20%:
- Allow businesses to fully deduct business expenses:
- Increase the child tax credit:
- Increase the threshold for the alternative minimum tax
- Change the inflation adjustment for individual tax brackets:
- Give a deduction for pass-through businesses:
- The standard deduction:
- The medical expense deduction:
- The estate tax:
- The state and local tax deduction:
- Suspend a slew of itemized deductions and exemptions:
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