Yes, the US
House of Lords Senate has released details of their NON-tax reform bill. That is, just a simple massage.
Instead of the 3 (or 4) tax brackets from the House Tax Massage bill, the Senate will advocate tax brackets of 7%, 12%, 22.5%, 25%, 32.5%, 35%, and 38.5%. The 38.5% rate starts at $500k for individuals.
The Senate Finance Committee’s tax overhaul plan will keep an interest deduction for existing mortgages up to $1 million, twice that amount mention by the initial Trump/GOP of $500,000.
The Senate tax massage will eliminate SALT (State and Local Tax) deductions from Federal tax computation.
The Senate tax massage will keep the $7,500 tax credit for electric vehicle purchases so craved by Telsa and General Motors.
House Ways and Means Chairman Kevin Brady suggests a cap on the property tax break at $10,000.
Finally, the Senate tax massage would delay cutting the corporate tax rate from 35 percent to 20 percent until 2019.
That is all I know as of now. NO TAX REFORM, just a gentle massage.
Hey Congress! How about a FLAT tax?
The Senate Massage!