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Tax Reform Goals Released

Posted Nov 17, 2017

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The U.S Senate released its tax reform goals. Highlights include: Setting a 38.5% bracket for high-income earners, and raising the standard deduction to $24,000 for married filers, $18,000 for single parents and $12,000 for unmarried individuals. It would repeal in full the deduction for state and local taxes, and retain many provisions, including the child and dependent care credit; the deductions for charitable contributions and medical expenses; and the home mortgage interest deduction for existing mortgages and newly purchased homes up to $1 million.   

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