GOP tax bill: good for business, bad for debt, meh for middle class

The Republican-controlled House and Senate are working on what could be the largest change in tax policy since the Reagan-era tax cuts of 1986.

The current bill will make significant reductions in corporate taxes, makes a change in the taxation of small business that have chosen to avoid the corporate tax, eliminates or reduces some familiar tax deductions and almost doubles the standard deduction.

The middle class: Who fits in the middle class varies by income, the cost of living and local tax policy. Living in New York will cost more than living in Texas, for example. Most analyses show the middle class receiving a modest tax cut.

But the modifications of the various deductions will make a difference. The proposed bill eliminated the deduction for state and local income taxes and caps the deduction of property taxes at $10,000.
 
http://thehill.com/opinion/finance/359374-gop-tax-bill-good-for-business-bad-for-debt-meh-for-middle-class