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Final tax bill details starting to form: corp rate bumped up to 21%
Posted on 12/13/17 at 12:07 am
Posted on 12/13/17 at 12:07 am
quote:
n a frenzy of last-minute negotiations, Republicans drew closer to agreement on nudging the corporate tax rate to 21 percent, up from the 20 percent in the bills that passed the House and Senate but still lower than the current 35 percent corporate rate, according to a lawmaker and a person briefed on the discussions.
They are also considering lowering the top individual tax rate to 37 percent, from the current top rate of 39.6 percent, to assuage concerns from some wealthy taxpayers who fear that their tax bills could rise under the current legislation, which eliminates a host of individual tax breaks.
quote:
Another closely watched change centers on the ability to deduct the interest on mortgage debt. Lawmakers are discussing limiting the deduction to mortgage debt of up to $750,000 for newly purchased homes, a higher cap than the $500,000 limit in the House-passed bill but lower than the $1 million limit that currently exists and remains in the Senate-passed bill, according to Senator John Kennedy, Republican of Louisiana.
1) Corp rate to 21%
2) top individual rate reduced a bit further.
3) Mortgage deduction compromise between house and senate- $750,000, compared to 500,000 in house plan and 1,000,000 in senate plan.
4
Posted on 12/13/17 at 12:11 am to HailHailtoMichigan!
quote:
corp rate bumped up to 21%
So Rubio's child tax credit will be paid for after all?
Posted on 12/13/17 at 12:32 am to HailHailtoMichigan!
I like it - keep the corporate rate well below where it was but nudge a bit here and there to get where you need to be for a bill to pass.
I still wish they would have tacked up some on the capital gains rate (and included it in carried interest) and not come down on the highest bracket to offset, but in general, lower corporate taxes and eliminating subsidies and loopholes is a good move.
This will all be for naught if they don't tackle Medicare and Social Security within the next year, though. Otherwise, the fiscal situation will continue to look like shite even under the rosiest of economic circumstances.
I still wish they would have tacked up some on the capital gains rate (and included it in carried interest) and not come down on the highest bracket to offset, but in general, lower corporate taxes and eliminating subsidies and loopholes is a good move.
This will all be for naught if they don't tackle Medicare and Social Security within the next year, though. Otherwise, the fiscal situation will continue to look like shite even under the rosiest of economic circumstances.
This post was edited on 12/13/17 at 12:35 am
Posted on 12/13/17 at 12:42 am to HailHailtoMichigan!
If they don't pass it tout suite, the whole thing will be in trouble given the senate loss.
Posted on 12/13/17 at 1:19 am to HailHailtoMichigan!
20 trillion in debt and it doesn’t matter to either side until they are out of office.
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