A comparison of a Republican-written tax bill approved Thursday by the House Ways and Means Committee and another being proposed by GOP members of the Senate Finance Committee:
Personal income tax rates: House condenses current seven brackets to four: 12, 25, 35 and 39.6 percent. Senate retains seven brackets but changes them to 10, 12, 22.5, 25, 32.5, 35 and 38.5 percent. Under current law, top bracket is 39.6 percent.
Standard deduction: Is currently $6,350 for individuals and $12,700 for married couples. House, Senate would both raise those levels to $12,000 for individuals and $24,000 for couples.
Tax credits: House raises per-child tax credit from $1,000 to $1,600, extends it to families earning up to $230,000. Creates a $300 tax credit for …Read More On Newsmax