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The Proposed Tax Reform of 2017: How Will it Impact Ventura County?
#TimeToSell #ChrisBJohnsonRealtor #SellersPayZEROCommission #ListYourHomeandPayNoCommission
Your home is probably the biggest asset you own. This is why you should hire a professional to guide you through all your real estate transactions. My goal is to help 24 to 28 families each year either buy or sell a home.
Key Elements of the New Tax Reform PlanSo as of November 3, here are the key components of the House Ways and Means Committee’s tax reform proposal, before any further revisionist intervention from the full House or Senate:
The maximum corporate tax rate would be cut from 35 to 20 percent. Many business expenses would no longer be deductible, except expenses on R&D, low income housing, and some other miscellaneous expenses. Depreciable asset expenses can be deducted entirely.
There are 3 proposed tax brackets for individuals: 12, 25 and 35 percent instead of the seven that now exist.
The AMT (alternative minimum tax) would be eliminated. The standard deduction for middle class families would be doubled.
The estate tax would be gradually reduced and entirely repealed in 6 years.
The inherited wealth exemption would double from $5.5 million to $11 million.
Tax credits for children will increase from $1,000 to $1,600.
Itemized deductions would be eliminated, except for charitable expenses and the mortgage interest ... more

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