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New Senate tax bill phases out most individual tax cuts in 2025

New Senate tax bill phases out most individual tax cuts in 2025

Senate Republicans revealed an amended tax reform bill late Tuesday night that would phase out most of the individual tax rate reductions in order to make the budget math work.

In the altered bill released by Senate Finance Committee chairman Orrin Hatch, individual tax rates would be lowered further, but then the rates would revert back in 2025.

That repeal would raise revenues and reduce spending, allowing those funds to be dedicated to lowering the planned 22.5 percent bracket to 22 percent; the 25 percent bracket to 24 percent, and the 32.5 percent to 32 percent.

Though many of the individual tax breaks would expire, the lower 20 percent corporate tax rate would be made permanent.

The Senate Finance Committee is scheduled to resume considering the bill Wednesday morning with the goal of advancing it to the full Senate on Thursday.

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