Parker's Explanation of the Senate Tax Bill TCJA

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Parker's Explanation of the Senate Tax Bill TCJA
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Observation: The Senate Bill's approach to granting a tax break for passthrough business income stands in stark contrast to the approach in the House Bill. The House's proposal focuses on a maximum tax rate for the business income of an individual (originally a 25 percent rate but this was changed to a fluctuating rate, capped at 25 percent) and generally favors passive income over non-passive income. Consequently, the House provision provides most of its tax benefits to taxpayers in the highest tax brackets (35 percent and 39.6 percent in the House Bill) and to passive owners.

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