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House GOP releases sweeping tax overhaul plan
Posted on 11/2/17 at 9:34 am
Posted on 11/2/17 at 9:34 am
quote:
House GOP releases sweeping tax overhaul plan
The tax overhaul is Republicans’ top priority ahead of next year’s elections, and lawmakers are desperate for a victory after the Obamacare repeal failed.
By BRIAN FALER
11/02/2017 10:26 AM EDT
House Republican leaders unveiled a tax plan Thursday that would make sweeping changes in corporate and individual taxes, including deep tax cuts, limits to the mortgage interest deduction and bigger family tax credits.
It also includes provisions that are likely to stoke controversy and fierce lobbying, including limiting the deduction of mortgage interest for newly purchased homes up to $500,000, according to a summary.
On two other flash points, the plan would “retain” 401(k) savings plans and “allow people to write off the cost of state and local property taxes up to $10,000.”
The plan would slash the corporate tax rate to 20 percent and create three new individual tax brackets of 12%, 25%, and 35%. It would maintain a 39.6 percent rate on top earners and boosts the child tax credit to $1,600.
It would also double the exemption for the estate tax and repeal it after six years.
The unveiling of the legislation kicks off what is likely to be a grueling slog to get legislation to President Donald Trump by the end of the year.
The proposal calls for the biggest rewrite of the code in a generation. Its cuts in tax rates on businesses and most individuals will come in exchange for killing scores of narrowly drawn tax breaks.
LINK
Posted on 11/2/17 at 9:39 am to NC_Tigah
eliminating exemptions but increasing child tax credits looks like a net gain for the tax payer at first glance.
Posted on 11/2/17 at 9:40 am to NC_Tigah
quote:
the plan would “retain” 401(k) savings plans
Good. That would have been an idiotic move.
Posted on 11/2/17 at 9:40 am to notsince98
quote:
eliminating exemptions but increasing child tax credits looks like a net gain for the tax payer at first glance.
Not if you are single and make good money.
More pandering to breeders.
Posted on 11/2/17 at 9:41 am to notsince98
In just reading what was quoted in the OP, it looks pretty solid but we all know this won't be what is passed
Posted on 11/2/17 at 9:41 am to NC_Tigah
quote:
including limiting the deduction of mortgage interest for newly purchased homes up to $500,000
that needs to happen
Posted on 11/2/17 at 9:41 am to 50_Tiger
quote:
Not if you are single and make good money.
More pandering to breeders.
The standard deduction increase still provides a net gain for single folks.
Posted on 11/2/17 at 9:42 am to NC_Tigah
quote:
The unveiling of the legislation kicks off what is likely to be a grueling slog to get legislation to President Donald Trump by the end of the year.
2018?
Posted on 11/2/17 at 9:42 am to 50_Tiger
We won't have a country in one generation if people don't have kids
Posted on 11/2/17 at 9:42 am to NC_Tigah
After 30 years of no tweaking of our tax laws, I'm good with it.
Posted on 11/2/17 at 9:43 am to notsince98
do we even know the brackets yet?
I keep seeing percentages, but no money lines.
I keep seeing percentages, but no money lines.
Posted on 11/2/17 at 9:43 am to duckdude
quote:
We won't have a country in one generation if people don't have kid
The wrong kind of people are having kids. This just continues to encourage it.
Posted on 11/2/17 at 9:45 am to 50_Tiger
quote:Increased standard tax deductions would help. But if you're making good money, the corporate end of the tax reform will have you doing better.
Not if you are single and make good money.
Posted on 11/2/17 at 9:46 am to 50_Tiger
quote:
The wrong kind of people are having kids. This just continues to encourage it.
I don't think you thought this through before you posted. This encourages tax paying folks to have kids.
I think what you are referring to would be handouts to people to have kids that are not productive parts of society. That has nothing to do with tax plans.
Posted on 11/2/17 at 9:48 am to 50_Tiger
quote:
do we even know the brackets yet? I keep seeing percentages, but no money lines.
Nope. The article I read said they're still trying to tweak this to get the votes. Releasing the plan without this is kinda weak.
Posted on 11/2/17 at 9:49 am to NC_Tigah
Why cant we set just set low rates and eliminate deductions...you know actually make doing your taxes simple?
Posted on 11/2/17 at 9:49 am to LSUOilman
Thanks Oilman, so it looks like from that no change.
Better than an increase I guess
Better than an increase I guess
Posted on 11/2/17 at 9:51 am to LSUOilman
What is the source/date on that? I only ask because the article I just read was like 14 min old that said they did not release the salary lines.
Posted on 11/2/17 at 9:51 am to bamafan1001
quote:
Why cant we set just set low rates and eliminate deductions...you know actually make doing your taxes simple?
I think you have to get to that point over multiple steps. This is definitely a step in that direction.
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