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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 9:41 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 9:42 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 NC_Tigah
After 30 years of no tweaking of our tax laws, I'm good with it.
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 9:53 am to NC_Tigah
This appears better than the framework released in September. I'm glad they maintained the 401K status quo, and the increase in the child tax credit should be enough to off set the loss of the personal exemptions for families.
Posted on 11/2/17 at 9:54 am to NC_Tigah
I'm at the point where I don't want to hear about anything under the current income and deduction scheme. It doesn't matter how much they tinker with it, it is a fundamentally flawed and innately inefficient system.
Posted on 11/2/17 at 9:57 am to NC_Tigah
quote:this needs to be axed
allow people to write off the cost of state and local property taxes up to $10,000.”
Posted on 11/2/17 at 10:07 am to NC_Tigah
quote:
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.
While I am probably not going to like some of this, this definitely sounds like a lot of the "fairness" that Dems/progs have been screaming for.
Posted on 11/2/17 at 10:21 am to NC_Tigah
Adoption credit rescinded.
Yuck.
Yuck.
Posted on 11/2/17 at 10:35 am to NC_Tigah
I approve of this.
Key notes for middle class: the standard deduction is growing substantially and those making up to $90,000 will be taxed at 12%. This is major cut for people in this range.
Key notes for middle class: the standard deduction is growing substantially and those making up to $90,000 will be taxed at 12%. This is major cut for people in this range.
Posted on 11/2/17 at 11:35 am to NC_Tigah
quote:
the plan would “retain” 401(k) savings plans
There goes the lib/prog scare tactic talking point. I guess it will be back to "Muh Rich People."
Posted on 11/2/17 at 12:21 pm to NC_Tigah
This is scary. How can we pay for these DEEP TAX CUTS?
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