The bill would cut $5.9 trillion in taxes over 10 years, including a reduction in the corporate tax rate, a larger standard deduction and cuts to individual income taxes. To individual taxes, the bill would make $4.1 trillion in cuts and include $3.1 trillion in new tax increases. The bill uses a less generous measure of inflation that would tax more individual income and devalue certain tax credits over the long run. Other tax cuts include changes to small business expensing and accounting methods and the repeal of the alternative minimum tax for businesses. Other tax increases would come from changes to rules for insurance companies and the elimination of tax benefits for certain highly compensated employees.

Source: New York Times November 15, 2017 09:56 UTC