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Changes To Alternative Minimum Tax For Corporations And: What You Should Know

The United States to Provide Aid to Puerto Rico in the wake of Hurricane Maria July 14, 2024 — The federal government is providing Puerto Rico up to 3.8 Billion in emergency hurricane relief for this year and next  U.S. Senate Passes Tax Reform Bill, Brings US Tax Bracket to 21% July 14, 2024 — The United States Senate passed a tax reform bill, which would lower the tax rates that U.S. Americans will have to pay in 2023, 2024 and 2019, respectively,  The U.S. House of Representatives Passes Inflation Adjustment Act of 2019 July 23, 2024 — The U.S. House of Representatives passed the Inflation Adjustment Act of 2024 (IRAs for Individuals), which would increase tax rates for individuals in 2019 Tax Reform Bill to Reduce Tax Brackets to Three Levels — Associated Press August 1, 2024 — A tax reform bill, a package of tax measures that would lower the top corporate income tax rate to 17 percent from 37 percent, and the top individual income tax rate to 39.6 percent from 39.4 percent, has a final vote in the House of Representatives on Thursday, July 28, 2019. That bill, the Tax Cuts and Jobs Act of 2019, cleared the House in May. On July 22, the Senate approved the Senate tax bill — the Tax Cuts and Jobs Act — in a 48-to-51 vote. The Tax Cuts and Jobs Act of 2018, also known as the Tax Act of 2018, was the most controversial element of Donald Trump's first term in office. It would cut the statutory corporate tax rate to 20 percent, from 35 percent. It would also eliminate the inheritance tax, exempt individuals from the alternative minimum tax and increase the standard deduction and personal exemption to 24,000 for single filers, and 12,000 for married couples filing jointly. Furthermore, it would also permanently exempt the first 360,000 (500,000 for joint filers) of personal income from taxation. The bill would also lower the tax rate on capital gains to 20 percent from 35 percent; raise the tax exclusion for retirement savings and end the alternative minimum tax. The bill would also provide a permanent 300,000 tax credit for children under 17. And it would repeal the individual mandate requirement that most Americans get health insurance or pay a penalty.

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