Historic Tax Plan Passes

Dec 20, 2017

The House and the Senate approved the final version of the first overhaul of the U.S. tax code in more than 30 years. 

The landmark tax plan drops the corporate tax rate down from 35 percent to 21 percent, repeals the corporate alternative minimum tax, nearly doubles the standard deduction for individuals and restructures the way pass-through businesses are taxed.

The bill keeps seven personal income tax brackets and lowers the tax rates for most brackets, including dropping the top rate to 37 percent from 39.6 percent.

The ObamaCare individual mandate was also repealed. 

Liberty Counsel Action supported the new tax and job bill. 

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