Reported about 14 hours ago
The recently released House GOP tax bill outlines essential tax provisions following intense negotiations among Republican lawmakers. Major points include no millionaire tax while retaining a 37% top income tax rate, an increased SALT deduction cap to $30,000, and tax exemptions for tips and overtime through 2028. The bill proposes significant penalties for wealthy colleges, changes in tax treatment for private foundations, and a new tax on remittances for immigrants. Other incentives include increased child tax credits and the creation of new tax-exempt accounts for children, all set against a backdrop of potential changes as the bill moves through Congress.
Source: YAHOO