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You really think either party gives a shit about that?
Looks like mortgage deductions down to 500k. So CA crap shacks not deductible above 500k ??
Looks like state and proeprty deductions capped at 10k -interesting-IL will take a hit as will CA and NY/NJ etc.
You forgot to mention how much this will increase the deficit every year. Can't wait to see the CBO score on this turd.
What a great policy--borrow money and give it to the rich! That's what you guys voted for, right?
You really think either party gives a shit about that?
- Repeals the Alternative Minimum Tax
- Lowers the corporate tax rate to 20% – down from 35%
- Reduces the tax rate on business income to no more than 25%
- Establishes strong safeguards to distinguish between individual wage income and “pass-through” business income
- Allows businesses to immediately write off the full cost of new equipment
You forgot to mention how much this will increase the deficit every year. Can't wait to see the CBO score on this turd.
What a great policy--borrow money and give it to the rich! That's what you guys voted for, right?
You really think either party gives a shit about that?
Well at least the working class doesn't need to worry about owning anything anymore.
Correction: the working class that is NOT WORKING doesn't need to worry about owning anything anymore.
I also voted for simpler, less tax brackets.
Noe getting rid of the AMT and lots of deductions, that does simplify taxes.
How did you conclude that? What connection are you making between a tax policy that will cut millions off a billionaire's tax bill and welfare?
This is the worst law to come out of Washington in 100 years and the suffering is going to be huge.
The standard deduction being doubled helps the lower income workers. It's not just for the rich.
The standard deduction being doubled helps the lower income workers. It's not just for the rich.
If I'm a family with 2-3 kids and making $50-$90k, this will put more money in my pocket. So it seems somewhat good for them.
anon_25c83 saysWell at least the working class doesn't need to worry about owning anything anymore.
Correction: the working class that is NOT WORKING doesn't need to worry about owning anything anymore.
If I'm a family with 2-3 kids and making $50-$90k, this will put more money in my pocket.
Anyway the more important issue is this. The economy is still growing, wages are still rising, times are good. Why are we lowering taxes for everyone when there's already a massive debt?
designed to give the working class almost nothing while the rich get huge tax cuts.
The bottom bracket is 0%, what increase are they going to get, you know, that 47% of the population that voted for Obama?
The rich don't need the money
Did you include your tax increase of 2% in your calculations?
This is not bad.
The poor never had it so good. They pay no taxes, get lots of freebies, and still get to complain.
Wish I was that poor.
There’s not much to like in here for me or any middle class person. Good thing to know that the rich can now write off all their income and pay zero now without that pesky alternative minimum tax!
Oh and bequeath their ill gotten gains to their progeny so continue the noble line.
The standard deduction is doubled.
IL folks would be screwed a 300k home can carry a 10-12k a bill and then good luck with state taxes that can't be deducted-but std deductions are going up. I think they will keep the 10k limit.
I wonder how many times you personally complained about the national debt?
The benefits of this tax "reform" go almost entirely to the rich.
The way I understood it was that if you purchased a $501k shack in CA, you can't deduct the interest IF this tax proposal is signed.
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Here are the most notable changes:
- Lowers individual tax rates for low- and middle-income Americans to Zero, 12%, 25%, and 35%; keeps tax rate for those making over $1 million at 39.6%
- Increases the standard deduction from $6,350 to $12,000 for individuals and $12,700 to $24,000 for married couples.
- Establishing a new Family Credit, which includes expanding the Child Tax Credit from $1,000 to $1,600
- Preserving the Child and Dependent Care Tax Credit
- Preserves the Earned Income Tax Credit
- Preserves the home mortgage interest deduction for existing mortgages and maintains the home mortgage interest deduction for newly purchased homes up to $500,000, half the current $1,000,000
- Continues to allow people to write off the cost of state and local property taxes up to $10,000
- Retains popular retirement savings options such as 401(k)s and Individual Retirement Accounts
- Repeals the Alternative Minimum Tax
- Lowers the corporate tax rate to 20% – down from 35%
- Reduces the tax rate on business income to no more than 25%
- Establishes strong safeguards to distinguish between individual wage income and “pass-through” business income
- Allows businesses to immediately write off the full cost of new equipment
- Retains the low-income housing tax credit
A key issue will be the treatment of the state and local tax deduction, which lawmakers are proposing to cap at $10,000.
The bill also “makes no changes to the popular retirement savings options that Americans have today — including 401(k)’s and Individual Retirement Accounts, or I.R.A.s. Americans will be able to continuing making both traditional, pretax contributions and ‘Roth’ contributions in the way that works best for them.”
http://www.zerohedge.com/news/2017-11-02/gop-tax-plan-talking-point-highlights-released
#economics