Unveiled: Paul Ryan Touts Massive GOP Tax Bill

Earlier this week, House Speaker Paul Ryan (R-Janesville) visited two factories in Wisconsin’s First Congressional District to talk about how the federal Tax Cuts and Jobs Act would improve their lives.

On Thursday afternoon, Ryan was front-and-center as the full text of the GOP-created tax reform legislation was unveiled to the public.

"This plan is for the middle-class families who deserve a break," Ryan said. "With this plan the typical family of four will save $1,182 a year on their taxes."

Full Text of the Tax Cuts And Jobs Act

New Tax Brackets

Under the provision, the current seven tax brackets would be consolidated and simplified into four brackets: 12 percent, 25 percent, 35 percent, and 39.6 percent, in addition to an effective fifth bracket at zero percent in the form of the enhanced standard deduction.

For married taxpayers filing jointly, the 25-percent bracket threshold would be $90,000, the 35-percent bracket threshold would be $260,000, and the 39.6-percent bracket threshold would be $1 million.

For unmarried individuals and married individuals filing separately, the bracket
thresholds would be half the thresholds for married taxpayers filing jointly, except that the 35-percent bracket threshold for unmarried individuals would be $200,000.

For single parents filing as a head of a household, the bracket thresholds would be the midpoint between the thresholds for unmarried individuals and married taxpayers filing jointly, except that the 39.6-percent bracket threshold for heads of household would be $500,000.

According to text of the bill, individuals can still be able to deduct their local and state property taxes — but only up to $10,000.

New Business Provisions

The massive 429-page document also addresses businesses, calling for a reduction on the maximum rate on business income for individuals to no more than 25 percent – the lowest tax rate on small business income since World War II.

The bill also calls for allowing businesses to immediately write off the full cost of new equipment.

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