proposed individual tax law changes


NEW TAX BILL PROPOSED BRACKETS


HOUSE VERSION:

SENATE VERSION

STANDARD DEDUCTION

HOUSE VERSION INCREASES TO $12,200 (SINGLE) $24,400 (MARRIED)

SENATE VERSION INCREASES TO $12,000 (SINGLE) $24,000 (MARRIED)


ITEMIZED DEDUCTIONS

HOUSE & SENATE VERSION ALLOWS MORTGAGE INTEREST CAPPED AT $500,000. SECOND HOME MORTGAGE AND HOME EQUITY INTEREST IS ELIMINATED.

PROPERTY TAX DEDUCTION IS RETAINED AND LIMITED

STATE AND LOCAL TAX DEDUCTION IS ELIMINATED


CHILD TAX CREDIT

CHILDREN UNDER AGE 17

HOUSE VERSION INCREASES TO $1,600

SENATE VERSION INCREASES TO $2,000 ($1,000 REFUNDABLE)

Rodney W Wicklund and Associates 2011