Republican Tax Plan Details

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Republican Tax Plan Details. Share All sharing options for: The new Republican tax plan, explained. Republicans released their long-awaited tax plan and as expected there is a lot to digest.

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How Your Business Taxes Will Change Under the New Republican Tax Plan ... (Justin Mendez)
The Wall Street Journal has dug into the details of how the new tax policy affects every aspect of American life. It also switches us to indirectly taxing workers, via the corporate income tax, to taxing consumption. The Republican tax plan doesn't change these rules directly, but by setting new income tax rates, it means many investors will pay less in taxes on short-term capital gains and dividends because their ordinary income tax rate will fall.

However, the Republican tax plan would eliminate the moving-expense deduction from the equation.

It also switches us to indirectly taxing workers, via the corporate income tax, to taxing consumption.

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The Republican tax plan doesn't change these rules directly, but by setting new income tax rates, it means many investors will pay less in taxes on short-term capital gains and dividends because their ordinary income tax rate will fall. The House Ways and Means Committee plans to consider the bill next week with the aim of turning it into law by Christmas. At long last, we have some key details about what a tax reform package might look like.