The Individual Mandate: We Hate It, but We Need It
Big change is afoot in Washington, and it has nothing to do with the weather. Republicans in both houses of Congress have passed their respective version of tax reform and now are working on a few pretty sizable speed bumps that separate the two proposals from being a cohesive bill.
For example, the Tax Cuts and Jobs Act, passed by the House, proposes reducing the number of individual tax brackets from seven to four. Meanwhile, the Senate's bill, which passed on a narrow 51-to-49 vote, would keep the seven brackets intact, albeit with adjusted income ranges and a modifications to some of the effective tax rates for those income ranges.
Image source: Getty Images.
Source: Fool.com
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