This information is changing hourly, daily,

so we want to get to you this as... as quickly as we could.

Some of this information by the time you watch this could be outdated,

because lawmakers are actually writing a lot as we speak.

But here's what we know as of today, that the House and Senate have reconciled their bills.

They're gonna try to vote on this collectively by Christmas,

and if they do, if they pass it and President Trump signs it, we will have a new tax law for 2018.

So to give you some of the finer points in this, let's start with individual taxes.

Individual taxes: the highest rates 39.6% that will actually go down to 37% in this new negotiated bill.

A second thing is state and local income taxes.

A lot of people have been talking about this.

So there's going to be a $10,000 dollar cap on a combination of property taxes and state and local taxes.

Before you may recall, that there was... you can only deduct up to ten thousand dollars of property taxes.

Now they'll let you do any combination to get to ten thousand dollars.

Mortgage interest, currently you can deduct interest on a million dollar loan that would go down to $750,000 dollars.

We don't know what the effective date on that would be, whether that would be before January 1st or at January 1st.

The Obamacare mandate to have health insurance would be repealed.

In other words, you don't need to have health insurance.

Currently you get penalized if you don't.

And there's a few items that would actually stay in the law like medical deductions.

So if you're a senior in assisted living or long-term care,

those expenses would be tax deductible still, so that's good news.

And then finally, if you're a student, student loan interest would still be deductible.

And if you're a graduate student receiving a graduate school tuition waiver, that would still remain tax-free.

Alternative minimum tax would remain, but they're going to try to write in exemptions for

if you're a single person, if your incomes under five hundred thousand dollars,

you wouldn't have alt AMT and a million dollars for a married taxpayer.

And then finally on corporate taxpayers, the corporate rate would be 21%.

You may remember the current rates thirty five percent,

both bills brought it down to twenty, they raised it to twenty one percent.

And finally passed through or small businesses,

their tax would be the regular rate but they would have 20% of their income tax free.

If you'd like more information you can always go to purefinancial.com.