Republican tax reform

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House to release tax cut plan on Wednesday.
http://www.reuters.com/article/usa-tax/ ... SL2N1N40BZ

-Will they condense the tax brackets to three?
-Will they change the US to a territorial tax system?
-Will they end taxes on individual foreign earned income?
-Will they pare down the 401k deduction, SALT deductions, mortgage deductions?
-Will this actually be a "middle class" tax cut?
-How will they prevent professionals from doing "LLC conversions",and getting the "pass through rates", like what happened in Kanas?
-Will we see phenomenal stock market gains based on these cuts?
-Most importantly, how much will I get?

10/31 UPDATE:

The House was expected to release their plan tomorrow, now they say they need another day.

Insider Speculation:
-four brackets: 12%, 25%, 35% and 39.6%
-standard deduction would be doubled to $12,000 for individuals or $24,000 for couples.
-child tax credit is expected to increase, and possibly double to $2,000
-eliminate the personal exemption
-they will leave in the high rate 39.6% for high income earners
-phase in corporate rate cuts
-*NOT* repeal the estate tax for 2-3 years
-potentially decrease 401k/increase ROTH
-eliminate state and local tax deduction (keep property tax deduction)
-lowered individual tax brackets may not be made permanent, while new corporate rates will
http://www.latimes.com/politics/la-na-p ... story.html

Paul Ryan is planning a "Middle Class tax cut" campaign to sell the plan.

Many lobbyists are fighting for their tax perks.

Trump labels "tax reform" ...

the "Cut Cut Cut" act

http://www.businessinsider.com/tax-refo ... ct-2017-11