FOR BUSINESS-- Corporate rate to 21%, down from 35% under current law. Takes effect in 2018.--- Eliminates Corporate Alternative Minimum Tax - Had been "rolled back" but not repealed in previous versions, according to Sen. John Cornyn.--- Pass-through deduction rate set at 20% for first $315,000 of joint income
FOR THE WEALTHY-- Top individual rate to 37%, down from 39.6% under current law.-- Individual Alternative Minimum Tax exemption increased to $500k for individuals, $1 million for couples filing jointly.
FOR THE MIDDLE CLASS-- Standard deduction increased from $12,700 to $24,000 (had been previously reported as $24,400) for joint returns and from $6,350 to $12,000 for individuals. According to the Tax Policy Center, more than two-thirds of Americans take the standard deduction when filing taxes.-- Tax brackets: 7 brackets + a 0% rate 10%, 12%, 22%, 24%, 32%, 35%, 37%