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Comment on Explainer: What you should know about the GOP tax plan by MZTYPLCK
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Comments for Religion & Liberty Online
Earlier today, Congressional Republicans introduced the Tax Cuts and Jobs Act, the House version of their long-promised tax reform legislation.
• Increases the Child Tax Credit from $1,000 to $1,600.
• Retains the Earned Income Tax Credit (EITC), but eliminates other tax credits such as the tax credit to offset expenses related to adoption.
• Retains deduction for state and local property taxes up to $10,000.
• Reduces the corporate tax rate from 35 percent to 20 percent.
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