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On June 24, House Republicans unveiled their tax plan as part of Chairman Paul Ryan's (WI-R) direction to develop a policy agenda focused on six key policy areas. The objectives of the tax plan include fueling job creation, simplifying the tax code and revamping the Internal Revenue Service (IRS).
The tax proposal would amend both individual and corporate tax rates and simplify the tax filing process. The seven brackets for individual filers would be collapsed to three, with the top bracket at 33%; corporations would see a top tax bracket of 20%.
Additionally, the plan consolidates a variety of deductions for individual filers. The basic standard deduction, additional standard deduction, and personal exemption for taxpayer and spouse would be collapsed into one deduction: the "larger standard deduction." Two provisions, the mortgage tax deduction and the charitable giving deduction, would remain, while the plan would eliminate the estate and death taxes, as well as the tax on business investments.
The proposal would also restructure and refocus the Internal Revenue Code in an effort to make it customer-centric. Several provisions have the potential to impact the workplace, including:
SHRM, as well as the SHRM-led Coalition to Protect Retirement, will continue to advocate throughout the tax-reform process, reiterating the importance of preserving employer-provided benefits. For up-to-date information regarding taxes and benefits, please visit SHRM's Tax and Benefits resource page.
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