Heavyweight!Hour witness history: the history of America's most ruthless tax reform bill will pass!

Local time at 2:00 on December 2, the final vote by the US Senate Republican tax reform bill, this means that the US tax system is about to usher in the three decades of the most drastic changes。According to the tax reform bill by the US corporate tax rate will drop substantially, including personal income tax, a number of tax system will be simplified, the majority of the existing project-based tax incentives will be canceled and a lower tax rate for US companies transfer of assets abroad to return home a one-time tax etc.。  US President Trump had repeatedly expressed the hope that the Senate can pass the bill as soon as possible。Earlier this week, Trump also a special trip to Missouri, to promote the tax reform bill rally。After the tax cut bill passed by the Senate, the House and Senate need to consult on the next version of the tax bill passed each to come up with a unified version, the president signed into law for Trump。    Local time on the 30th since the Senate began consideration of the draft plenary debate, the final decision by whether or not the focus has been able to reach an agreement within the Republican Party。As the majority party, the Republican Party currently occupies 52 seats in the 100 seats in the Senate, according to the relevant rules of procedure, simply majority to get the bill through。The draft review process, the number of Republican senators once suffered different degrees of swing。Tennessee Republican Senator Bob Corker, a Republican Arizona Sen. Jeff Flake and so the tax cuts will cause the budget deficit to rise expressed concern, and once proposed increase automatically trigger mechanism in the draft – tax cuts after the implementation, once the economic growth lower than expected tax increase provisions take effect automatically。Florida Republican Sen. Marco Rubio put forward to reduce the tax rate to reduce the magnitude of the enterprise, in order to reduce government revenue pressure。In addition, there are Republicans on the amendment "Obamacare" content is bundled into tax cuts, businesses and individuals all corporate partnership tax rates questioned。  The poll results showed that 2 morning, the Senate Republican leadership finally bridge the differences within the party heavily。To ensure that the bill is critical to Republican tax cuts。Republican leaders hoping to end this Congress so far major legislation "crop failure" embarrassing situation, boost morale for the next year's mid-term elections。Prior to overthrow the Republican Congress "Obamacare" efforts often fail because of disagreements within the party。  The Republican tax cut legislation the whole process emerged a clear partisan backdrop for color。Democrats criticized the focus on the tax cut bill will greatly increase the budget deficit, tax cuts automatically a good economy, said the lack of factual support, the bill significantly more favorable terms of the rich, repeal part of "Obamacare" is tied into the bill, etc.。In addition, Senate Democrats also generally questioned the legislative process of the bill that Republicans hasty legislation, the entire process is the lack of public participation, expert hearings and bipartisan debate。The past two days the Senate bill process, "52-48," the vote multiple times, the Republicans continue to rely on their own seats rejected a motion to modify the Democratic Party filed。The bill has nearly 500 pages of content, but the time only two days of debate in the full Senate。1 evening, the Republican Party in order to achieve coordination, until a few hours before the vote on the bill is still adjust the content, lawmakers can only see the grass once a case changed hands, Democrats are voting in a few hours ago to see it the final text needs to vote。  Since mid-1986 the Reagan administration launched a massive tax reform, successive American governments have never had a big move in taxation。This is mainly because the benefits of tax reform involves a very complicated, difficult to both parties eating well and this hard bone。Although the White House and congressional Republicans have said the current The tax cuts would be positive for the US economy, but the tax cuts will bring exactly what the long-term effects of the US economy at present is uncertain。According to an analysis of the non-partisan Congressional Joint Committee on Taxation published November 30, after the tax cuts implemented, will bring to the US economy in 10 years 0.An additional increase of 8 percentage points, but the resulting increase is much lower than the loss of income caused by the tax cut bill itself, the whole tax cuts will give the federal government an additional $ 1 trillion of debt in 10 years。  Further reading in just!  Start with the most ruthless of the tax reform bill in US history finally settled!  Trump said: This is this year's Christmas gift to all Americans!  To give every American household an average annual tax savings of $ 1182!  Tax reform Name: "tax cuts and Employment Act" (TaxCutsandJobsAct) Current Status: House of Representatives has passed version, the Senate version also passed。After the next two editions will consult with each other, we arrive at a final version of the vote, the final signature Trump。  Expected implementation time: December 2017 (in which the mortgage tax relief reforms have been implemented in the November 2, see later article) it sounds really is a good spree, gifts are hidden inside of you like it?Read together to know!  The latest US tax reform rules Closer to home!Chinese people are most concerned about the direct impact on our wallets tax reform program, which in the end there must be changes in it?(The following is the program has passed the House of Representatives, the Senate and the existing small change) 1, tax brackets: a simple change!  Before tax reform: tax rate from seven individual: a total of 10%, 15%, 25%, 28%, 33%, 35% and up to 39.6%。  After the Tax Reform: Personal income tax simplified into four levels: 12%, 25%, 35%, 39 affluent.6% tax rate will remain the same。  2, the personal allowance (PersonalExemption): canceled!  Before the tax reform: Every taxpayer has the amount of $ 4050, the taxpayer's wife, family members have the same quota。  After the tax reform: the abolition of the taxpayer's personal allowance of $ 4050 in the amount of relief。  For example: three homes, the husband and wife work together, with one child。Cancel personal tax exemption (Personalexemption), $ 405 per person, a family of three or $ 12150; in the same way so you can。If the child is younger than 17 years old, then there will be 1,600 yuan tax breaks, but also enumerated, and then another。  For example: a family of four, husband and wife work together, with two children。Cancel personal tax exemption (Personalexemption), $ 405 per person, a family of four would be $ 16200; As a part of this in addition to the extra (US $ 16200) need more taxes, the tax burden will not only increase, but also upgrading to the next high tax level。  3, the standard deduction (StandardDeduction): double the!  Before Tax Reform: A standard deduction of $ 6,350 for single persons, couples income tax standard deduction of $ 12,700 from the tax reform: the standard deduction for a single person is $ 12,000 standard deduction of income tax the couple is $ 24,000 tax reform after, these groups will be no need to pay taxes: Single annual income $ 12,000 annual income below $ 24,000 tax reform before the family [/] the existing personal income tax liability is calculated: gross income adjustedgrossincome- after deduction of taxable income adjusted taxableincome = deduction- personal allowances personalexemption [after] tax reform personal income tax liability is calculated: taxableincome = taxable income adjusted gross income adjustedgrossincome- deduction deduction (2 times before becoming) (US tax knowledge of science: each person filing basic tax-free income, this amount exceeded began taxing。In the United States there are two types of income tax-free standard deduction ① ② diminishing deductions: for high-income people。This tax choose one, according to IRS statistics, two-thirds of people using the first approach。) 4, Single resident personal income tax rate: most of the drop!  Single changes in income: 0-9525 USD: 10% tax rate will rise 12% to $ 9525-38700: tax rate of 15 per cent to 12 per cent to $ 38700-45000: tax rate of 25 percent to 12 percent to $ 45000-93700: to maintain the tax rate 25 93700-195450 constant dollar%: 28% drop rate of 25% to $ 195450-200000: rate of 33% down to 25% of $ 200000-500000: rate of 33% to 35% of $ 500,000 or more: 39 rate.6% decline to 35% in May, the couple's joint tax personal income tax rate: most of the drop!  Husband and wife co-report changes in: 0-19050 USD: 10% tax rate rose 12% to $ 19050-77400: tax rate of 15 per cent to 12 per cent to $ 77400-90000: tax rate of 25 percent to 12 percent to $ 90000-156150: to maintain the tax rate 25 % constant dollar 156150-237950: 28% tax rate down to $ 237950-260000 of 25%: 33% tax rate fell 25% to $ 260000-100000: tax rate of 33% to 35% greater than a million dollars: the tax rate to maintain 39.6% unchanged after tax reform: all types of family tax situation (Source: TaxFoudation) annual income of 30,000, single tax, no children: $ 188 annual income tax 40 008, household tax, no children: tax $ 19 annual income of 52,000, single tax, 2 children: $ 895 annual income tax 85,000, the family tax returns, 2 children: $ 1072 income tax cuts to 165,000, the family tax returns, 2 children: tax cuts $ 1373 annual income of 325,000, the family tax returns, 2 children: $ 6410 annual tax income of 200 million and family tax returns, 2 children: $ thirty-five thousand one hundred eighteen tax annual income of 1 million, the family tax returns, 2 children: tax cuts $ fifty-nine thousand one hundred and thirty (personal and corporate tax merger 200,000) 6, the tax credit for children: up!  Before tax reform: the tax credit for children under 17 years old $ 1,000 tax reform: the tax credit for children under 17 years $ 1,600, is proposed to provide each family tax benefits of $ 300。(House version, the Senate version is per child tax relief $ 2000) 7, the amount of mortgage tax relief: drop!  Before the tax reform: As long as the original individual interest-bearing loans of 100 million dollars or less, you can enjoy tax relief。  After the tax reform: the upper limit of the amount of the tax credit is reduced to $ 500,000 and enjoy。  (Note: it refers to loans more than $ 500,000, not 500,000 prices, and only for new loans, not for existing loans, California November 2 introduced) 8, state taxes / local tax tax relief: canceled!  Before the tax reform: state tax / local tax after tax relief tax reform: the abolition of state taxes / local tax tax relief 9, reduced tax credit projects: the abolition of most of the!  Before the tax reform: tax credits are all kinds。  After the tax reform: the abolition of medical expenses, adoption expenses, student loan interest deductions and other tax。Leaving only the mortgage tax credit, tax credit and charitable gift tax。  10, the alternative minimum tax ATM: Cancel!  Before the tax reform: In order to avoid excessive tax, allowable deductions little, prohibit personal allowances and state tax credits counterparts。  After the tax reform: the abolition of the alternative minimum tax alternative minimum tax (AlternativeMinimumTax, AMT), AMT is set through restrictions on these benefits for taxpayers with high incomes, this initiative will affect nearly 5 million American!  11, the estate tax: Cancel!  Before the tax reform: the property of more than $ 549 million for individuals and $ 11 million couples will be charged 40% of the inheritance tax。Under the new tax reform, property separately at $ 10.98 million and $ 22 million the following individuals and couples are not subject to inheritance tax。  After the Tax Reform: expects 2024 will be completely abolished, Trump is expected to eventually keep the family fortune of billions of dollars。  12, US corporate tax: a substantial decline!  Before the tax reform: the corporate tax rate is currently 35% after tax reform: corporate tax cuts permanent, large 13 to 20%, overseas corporate tax: a substantial increase!  Before the tax reform: the US company earnings in overseas into the United States, must pay a 35% tax。  After the Tax Reform: A US companies overseas profits, a minimum tax of 10%, and corporate profits back to the US cash tax rate set at 12%, and the rate of non-liquid investments is set to 5%。Organization to stop business employment, headquarters, research and development moving offshore。  With the largest tax reform program, is what you want it?  Pending tax reform has been finally settled, certainly some people are happy people worry, take a look at the future of the purse Chinese friends to it!  1, who benefits large?  Low-income tax-free annual income of 1.$ 20,000 or less of low-paid individuals, as well as annual income of 2.Less than $ 40,000 low-income families (husband and wife), do not have to pay personal income tax。For this income level groups and families is undoubtedly a major good news。  Annual income of 100,000 ordinary middle class the following example: San Francisco median household income of $ 88518 (2015, DepartmentofNumbers data) before Tax Reform: A tax bracket is the third and so on, need to pay a 25% tax。Removal of the couple husband and wife tax standard deduction tax standard deduction $ 12,700, minus the two men were $ 8100 personal exemption, the tax actually paid $ 10854。  After the Tax Reform: A tax bracket is the third and so on, need to pay 12% tax, removal of husband and wife tax standard deduction $ 24,000 required to pay $ 7742.16 tax。  So for this group in the new proposal is based on the old cut more than 2,000 knives。  For young children families families with children, the United States has always been given preferential tax policies, the tax reform, efforts will be greater。Future children under the age of 17 families, tax relief increased from $ 1000 to $ 1600, plus an additional $ 300 tax credit。It is not a small number。  Ultra-high-income families couples annual salary of $ 480,050- $ 1,000,000 in joint return itself can be a lot of tax relief that at home, look at the highest-level look only to the rich and powerful ultra-high-income families, a year pay less 4.6% tax (39.6% -35%), tax money saved can buy a luxury car!  For most Chinese companies a great influence on the policy implications of the US Google is not just big companies like Apple, also includes all small companies。Chinese to the United States and many of them are their own businesses, such as restaurants, law firms, dental offices, accountants, etc.。Previously, because of the high corporate taxes, most of the Chinese boss, would choose to not pay corporate taxes, but are borne by the head of the company (owner or partner) by way of personal taxes。And now after the tax reform, corporate tax is only 20%, many companies will choose to direct the company through a tax, because it is more cost-effective。  Meanwhile, Chinese entrepreneurs for small companies, they had no ability to move the company abroad, high corporate taxes to their operations caused a lot of pressure, and now corporate taxes plummeted, they finally have a chance to recuperate , to win more living space。  Some media predicted that if the tax reform program implementation, the tax cuts 6 trillion (trillion) to US companies, small business owners and individuals over the next decade yuan!  The biggest winner is far from rich and commitment Trump though any reform will focus on the middle class, the main burden for the middle class, but in fact the biggest benefit the rich。Most of the benefit is 20% of the total accounted for the wealthy US family income, annual income of more than $ 480,000 in home。The highest personal income tax level to maintain 39.6% unchanged, but may be permanently repeal the estate tax。  In addition, the alternative minimum tax (AMT) will be canceled, the people said to Trump running for president asked him to hand over tax returns。When the President's public tax table, and he was to pay 25% tax last year, while 23% of the 25% which is the alternative minimum tax, either because of the presence of the alternative minimum tax, Trump may pay less。So this should be the most annoying one bar Trump to cancel the alternative minimum tax is to be expected。Terms from multiple point of view, the rich families are the biggest beneficiaries。  2, who suffer?  The family had to buy a house mortgage interest tax credit to benefit from high prices regions of the largest groups is to buy a big house (your house), to pay the high mortgage interest of high-income families。Chinese is an important part of this group, in the United States gathered in the main Chinese cities San Francisco Bay Area, Los Angeles and New York, most places are to buy a small house hundreds or millions of knife, tax reform program provides loans of more than 50 thousand knives can not enjoy the tax relief, which is a big hit for high-income home loans of Chinese families!  For example: annual income of $ 50,000 before tax reform: an annual payment of interest on home loans is $ 5,000, then your income tax after tax reform country received only $ 45,000: If the loan over 500,000 knife, it will not be used as mortgage interest income tax deductible part。  The nation's housing loan more than $ 500,000 Geographical distribution of greater than $ 500,000 mortgage are mainly concentrated in California, New York, Virginia, New Jersey, Texas, Illinois, Maryland, Washington and Florida。As can be seen from the figure, the Chinese population of Northern California Bay Area, Southern California, Los Angeles, New York and this ratio has more than 20 percent。The California accounted for 45 of the country.7%, the contribution of which the Chinese are not small。  Mortgage interest tax deductible impact on California map: the darker the color the greater the impact but relatively California, New York should be the most sad。Big states, "high prices, taxes are high," the New York State; "high housing tax, but the price is not high," Texas; "high prices, but the room tax is not high," the California。So the city suffer most。Overall US cities bug room faint cry!  Paying Bay Area singles & double tax code farming individuals and couples low or nearly flat at first glance, but there is better than a previous column but exceptionally harsh。In the personal income tax reform plan $ 200,000 $ 424.950 and couples income $ 260,000- $ four hundred twenty-four thousand nine hundred fifty two intervals income tax rate not only did not decrease but increased the。  Say heart stopper, the Bay Area's basic two-yard farming families escape from this circle, there Tucao Chinese friends, thought not so heart stopper when the tax year after the tax reform, the future seems to be a drop of blood。  Coupled with the mortgage interest tax deduction to make such a home mortgage greater the pressure, the loan down to 500,000 tax credit, repayment pressure significantly larger, in order to be able to play for the mortgage, they may choose to buy a smaller house。  Dr. PhD scholarship many students apply for the United States pursue a Ph.D. degree Xiaojiannaodai, in addition to attractive scholarships because a strong education outside the United States, there is an important reason for this is given in US schools, relying on the support of a lot of monthly wages Dr. seventy-eight a boil over a decade。And now this is the only financial support but also weakened tax reform, new tax reform policy made it clear that they no longer enjoy tax relief Ph.D.!  Former tax reform: American doctoral student to pay the tax is calculated on the basis of the income from work, reduction of tuition fees and not included in the calculation。  New Tax Reform: A waiver of tuition fees will also be taxable as part of income。  For example: an unmarried doctor, a year income 30,000 30,000 knives and knife tuition waiver。  Before Tax Reform: income is counted by 30,000 knives, pay only 12% tax deduction standard deduction of $ 12,000, also only pay tax of $ 2160。  After the Tax Reform: income is counted by 60,000 knives, we need to pay 25% tax, even if the standard deduction increased to $ 24,000 needed to pay $ 9000 in taxes。  After the new tax reform Trump, Dr. instantly to a year would pay more taxes nearly 7,000 knife, which is not high for the income of the "poor student" is undoubtedly a fatal blow, plus a lot of international schools student fee remission is much higher than 30,000 knives a year, most of that is tax to pay more Chinese students will be more than the number above。  I do not know such a disparity in income, how much research would dampen the enthusiasm of fans?  5 or more new family tax reform will cancel $ 4,050 in personal allowance for household size greater than 5, it is a lot of damage, especially in low-income families, income range to reduce personal income tax 3 % rate, less than the personal allowance of relief for these families and not tax cuts, but tax increases。  3, who superficial did not affect high-income middle class 2015 Pew Charitable Trusts (ThePewCharitableTrusts), a middle-class family is defined as income for the 67% -200% of the median state income families。Take median household income in San Francisco, for example, the annual income of 160,000 high-income middle-class families。  Before the tax reform: the removal of the standard deduction 12,000,28% tax rate, minus the personal exemption item 8100, after the final tax 33340 Tax reform: the removal of the standard deduction 24,000,25% tax rate, the final tax 3,4000 for this group tax credit for the difference, just a drop in the bucket, change the Chengshayang are irrelevant。  Out of the tax reform, the United States bombed!  This afternoon, this tax reform relating to each family of "getting money", came out of that moment, the entire United States is not calm!  how about you?How they felt at the moment, after the tax reform, you get their taxes are increased, or reduced the?  Trump sent a gift this Christmas, do you like it?(Source: Los Angeles Chinese micro-channel public number information) of American influence in the world affect China's influence (Original title: The United States Senate passed the Tax Reform Act of taxation will welcome three decades the biggest modification) (Editor: DF010)