Biotech Values

[poorgradstudent]

Quote:
a choice between a new, flat tax rate of 20% or their current income tax rate


Well that's an easy way to cut tax revenue...

Peter

So you can keep your reduced tax rate, or you can reduce your tax rate even lower.

So is he saying that if you were taxed lower than 20% in FY2011 (for example), you can grandfather in that old rate as your new fixed rate? Or do I make both calculations every year and choose the lowest rate? And if I have the option to choose to use the old way like before, how does that simplify the code? Isn't this just a tax cut exclusively for upper middle class and above?

Does the tax deduction for charitable contributions now disappear for people making more than 500K?