The reduced rates were part of a $2.5 billion annual tax cut that also includes a child tax credit and increased deductions for retirement income. If enacted, the legislation would cut the corporate tax rate from 6% to 3.9% and the individual income tax rate from 4.25% to 3.9% and create a $500 per child tax credit. The legislation now moves to the Republican-led House for consideration.
Our experienced tax professionals continually monitor the latest legislation at both the federal and state and local levels. We will provide more information when it becomes available. Our tax planning guide contains extensive information on the most important issues in tax planning to consider as you plan for the future.
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