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Tax Code Proposal 2014
Posted on 3/2/14 at 2:20 pm
Posted on 3/2/14 at 2:20 pm
Far from perfect but I welcome any simplification of our 70,000+ page tax code. At least is starts the discussion.
a few major points:
LINK
a few major points:
quote:
Lower rates: Currently there are seven individual income tax rates ranging from 10% to 39.6%. Camp would reduce them to three: 10%, 25% and 35%. The highest bracket would essentially apply to the income that today is subject to the 39.6% bracket -- income over $400,000 for singles and $450,000 for married couples filing jointly.
But many tax breaks, such as the one workers get for employer contributions to their health coverage, would only be allowed against income up to the 25% bracket. So their total value would be reduced or even eliminated for very high-income filers.
Increased child tax credit: The per-child tax credit would be increased to $1,500 from $1,000 and would be allowed for kids up to the age of 18, versus 17 today. But again the credit would phase out for very high income filers.
Reduced mortgage interest deduction: The mortgage interest deduction currently is allowed on mortgages up to $1 million. Under Camp's proposal the cap would be lowered to $500,000.
The plan would also place new restrictions on the tax-free gains homeowners enjoy when they sell their home.
No more state and local income tax deduction: Taxpayers are allowed today to deduct their state and local income taxes on their federal return. That would no longer be allowed under the proposal.
Change in how long-term gains are taxed: Camp would tax 60% of capital gains at ordinary income tax rates and exclude the other 40% from tax. For many people, their bill would work out to be exactly the same as it is now.
LINK
Posted on 3/2/14 at 2:32 pm to TrueTiger
What is the income range for the 25 percent under this new system compared to the old? Would taxes for those who pay in the percentages between 10 and 25 currently have to now all pay 25 percent? Or go down to 10 percent
Posted on 3/2/14 at 2:35 pm to deltaland
Anyone noticed all the deductions that are straight missing this year - Teacher Deduction, Tuition Deduction.
Posted on 3/2/14 at 3:23 pm to TWD7105
I they would eliminate all deductions if they lowered taxes across the board.
It wouldn't increase the tax burden on anyone if done right, and would eliminate the "picking winners and losers" that come from tax deductions.
I really hate deductions that provide an incentive, such as marriage or child tax deductions. Getting a tax break should not be a factor in someone making a decision to get married or have a kid.
It wouldn't increase the tax burden on anyone if done right, and would eliminate the "picking winners and losers" that come from tax deductions.
I really hate deductions that provide an incentive, such as marriage or child tax deductions. Getting a tax break should not be a factor in someone making a decision to get married or have a kid.
Posted on 3/2/14 at 3:55 pm to deltaland
Marriage tax deduction? Link?
No one has kids for tax deductions. You're thinking of welfare.
No one has kids for tax deductions. You're thinking of welfare.
Posted on 3/2/14 at 4:24 pm to deltaland
quote:There are none for marriage, unless you know something I don't. After many years, the MFJ standard deduction was raised to equal double the Single standard deduction.
deductions that provide an incentive, such as marriage
Obamacare has a built-in marriage penalty. I forget which of the taxes or penalties or fees it was, but it's in there. Two people live together, each can make $200K before getting the tax. Marry and you can make only $250K combined before it kicks in.
Posted on 3/2/14 at 4:49 pm to TigerTattle
I'm not married so I don't know. I always heard there were tax benefits for married couples compared to single ones.
Posted on 3/2/14 at 5:38 pm to deltaland
Yeah, I keep hearing that, too. Haven't found one yet.
Posted on 3/2/14 at 11:24 pm to TrueTiger
Total pages (per CCH) 2014: 74,608
1995 - 40,500
1913 - 400
1995 - 40,500
1913 - 400
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