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News Link • TAXES: Federal

Tax Code Overhaul Details: Homebuilders, Tesla, and Those With Lots of Kids Come Out Worse

• themaven.net by Mike Mish Shedlock

Two losers are the homebuilders and Tesla. Part of the mortgage write-off goes away and the bill will repeal electric car credits. Families with lots of kids may lose as well.

CNN asks What's in the House Tax Bill?

Income Brackets

Currently there are seven federal income tax brackets taxed at 10%, 15%, 25%, 28%, 33%, 35% and 39.6%. The House bill consolidates that to four.

12% (on the first $45,000 of taxable income for individuals; $90,000 for married couples filing jointly)

25% (starts at $45,000 for individuals; $90,000 for married couples)

35% (starts at $200,000 for individuals; $260,000 for married couples)

39.6% (starts at $500,000 for individuals; $1 million for married couples)

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