Hi John, Tony, Paul, and Thread, regarding the tax cut that passed the Senate today:
Do you know when the income tax rate change mentioned below would take place? Also, the 401k change? This year, next year, later on? I haven't seen any reports indicating the timeline.
(It would be nice if a journalist would put together a timeline showing when each item is phased in).
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From CNN:
The compromise tax cut worked out by House and Senate:
cnn.com
• cuts the top income tax rate from 39.6 to 35 percent
• doubles the $500 child tax credit
• eliminates the federal tax on large estates
• provides marriage penalty tax relief
• gives $300 rebates for single taxpayers and $600 for joint filers
• raises contribution limits for IRAs from $2,000 to $5,000
• raises contribution limits for 401(k) plans from $10,500 to $15,000.
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Regards,
Amy J |
