On November 2, 2017, the US Congress House Ways and Means Committee unveiled the tax reform plan called the Tax Cuts & Jobs Act. The bill aims to simplify the Internal Revenue Code and introduce tax savings for the average American family. Although it is unlikely that the legislation will make it through Congress unscathed, it does provide a more detailed blueprint of the tax reforms that the citizens would like to enact. Below are highlights of the proposed changes. Read more
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For the beginning of the Post, please see Part I.
There were a number of other budget changes which will have a huge impact on our economy:
One Parent Family Tax Credit
• The One Parent Family Tax Credit was replace by a new Single Person Child Carer Tax Credit.
• This takes effect from 1st January 2014.
• There is no change to the value of the credit or the additional standard rate band.
• The new credit will only be available to the principal carer of the child.
Medical Insurance Tax Relief
• The Bill restricted the Medical Insurance Tax Relief.
• The maximum amount of the Medical Insurance Premium which can qualify for relief at the standard tax rate will be €1,000 for an adult and €500 per child. Read more