Running Head: FISCAL POLICY1Fiscal Policy on new Tax PlanStudents NameInstructors NameCourseDate2FISCAL POLICYFor the last 30 years, we have had a single tax law which had not been repealed. However, onDecember 22, 2017, President Donald Trump signed into law the Senate final version of the Tax Cuts andJobs Acts of 2017. Before the final passage of the bill, however, there were major differences between theHouse Bill and the Senate Bill. Major compromises were however done in form of a fiscal policy beforethe bills were signed into law. The following table shows some of the major components the House andSenate Bills that led to the reconciliation of the Tax Law.ProvisionHouse BillSenate BillIndividual TaxThe bubble rate and income tax rate wasThe top marginal tax range was to be kept atRatesto be maintained at an all-time high of up38.5% under seven taxation brackets. 38.5% forto 39.6% under four taxation brackets of;income above $500,000, 35% for income above39.6% for anyone with an income above$200,000, 32% for income above $160,000,$500,000, 35% for income above24% for income above, 70,000, 22% for income$200,000, 25% for income aboveabove $38,700, 12% for income above $9,525$45,000, and 12% for income belowand 10% for income below $9.525.$45,000.Family andThe tax for childs credit to increase toThe tax for childs credit to increase to $2,000Child Tax$1,600 and filter starting from $230,000a ...
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