JUST IN: House releases new sweeping tax plan and here’s the details… [UPDATED WITH MORE]

[mystery-ak]

First details emerge of GOP's sweeping tax bill
By Naomi Jagoda and Scott Wong - 11/02/17 10:17 AM EDT

House Republicans will propose limiting the deductions for mortgage interest and state and local taxes in the tax bill they are releasing on Thursday, according to a summary of the legislation obtained by The Hill.

The bill, called the “Tax Cuts and Jobs Act,” largely follows the parameters that GOP leaders and the White House outlined in September. It would reduce the number of individual tax brackets, slash rates for businesses and eliminate a number of tax breaks.

In order to offset the costs of the legislation, Republicans are putting forward some proposals that are sure to be controversial.

more
http://thehill.com/policy/finance/358399-first-details-emerge-of-gops-sweeping-tax-bill

[corbe]

JUST IN: House releases new sweeping tax plan and here’s the details… [UPDATED WITH MORE]

The Right Scoop    Nov. 2, 2017 10:00 am by The Right Scoop

The House has just released their new tax bill, a plan that the NY Times calls the most sweeping tax rewrite in decades.

Here’s the policy highlights put out by the House Ways and Means committee (click to enlarge):

<..snip..>

http://therightscoop.com/just-in-house-releases-new-sweeping-tax-plan-and-heres-the-details/

[RoosGirl]

I like that new "non-child dependent" deduction; I've got 3 dogs.

[mystery-ak]

http://thehill.com/policy/finance/358414-rubio-gop-tax-bill-doesnt-do-enough-to-help-working-families
Rubio: GOP tax bill doesn't do enough to help working families

[IsailedawayfromFR]

In order to offset the costs of the legislation, Republicans are putting forward some proposals that are sure to be controversial.

There it goes again, the Democrat talking points telling us that a tax savings is a cost.

I'd call cutting taxes is not controversial unless one is a liberal.

[Hoodat]

Rubio: GOP tax bill doesn't do enough to help working families

Taxpayer:  Tax bill doesn't do enough to make people accountable for their government.  They need to friggin' raise taxes on workers who are not paying any taxes.  Get rid of the 0% bracket - not expand it.

[bolobaby]

[libertybele]

I like that new "non-child dependent" deduction; I've got 3 dogs.

I need to rescue a couple more puppies.

[Suppressed]

I like that new "non-child dependent" deduction; I've got 3 dogs.

I have a dependency on coffee.  I want that deductable.

[Suppressed]

This plan is garbage.  It doesn't punish the rich enough! </@KingsX>

 ^-^

[cato potatoe]

The only reforms mentioned in the article are ending the AMT (good), and a phaseout of the death tax, which in all likelihood will be undone by a future congress.  I see a lot of scrambling to pander to favored demographics, and very little cleanup.  Phaseouts to itemized deductions (rather than eliminating them altogether) will complicate the tax filing process.  There will be a NEW code section for the "deadbeat parent" credit.

Assuming this blows a hole in the federal budget, I look forward to the spending cuts our responsible group of adult GOPers are sure to introduce.

[austingirl]

@Right_in_Virginia

I've been waiting for the brackets! Thanks!

[austingirl]

If those brackets are correct, a single person earning 45K gets a 12K deduction and then pays 25% tax for 33K? That is horrendous. The tax plan he proposed when running had 25% bracket starting at $150K.

I sure hope this is wrong.

[Emjay]

http://thehill.com/policy/finance/358414-rubio-gop-tax-bill-doesnt-do-enough-to-help-working-families
Rubio: GOP tax bill doesn't do enough to help working families

Rubio, does it do something?  Of course it's not enough, but if it's something, that's something.

[bilo]

If those brackets are correct, a single person earning 45K gets a 12K deduction and then pays 25% tax for 33K? That is horrendous. The tax plan he proposed when running had 25% bracket starting at $150K.

I sure hope this is wrong.

It is a progressive system, so the single person would pay 12% on his income up to 45,000 and then would pay 25% on his income above 45,000.

For example: if I earn 75000 and file as an individual I believe it will break down as follows:

75,000 - 12,000 (standard deduction) = 63,000
45,000 @ 12%
18,000 @ 25%

[austingirl]

It is a progressive system, so the single person would pay 12% on his income up to 45,000 and then would pay 25% on his income above 45,000.

For example: if I earn 75000 and file as an individual I believe it will break down as follows:

75,000 - 12,000 (standard deduction) = 63,000
45,000 @ 12%
18,000 @ 25%

Thanks for that! I still think 25% is way too much for anyone to pay.

[Cyber Liberty]

There it goes again, the Democrat talking points telling us that a tax savings is a cost.

I'd call cutting taxes is not controversial unless one is a liberal.

I asked our relatively new "Tax cuts for the rich" purveyor about that (What does she understand the term "Tax Expenditures" to mean?).  Ignored me (still does) and after I repeated it a couple times I got reamed by the Mods for it, so I gave up.

[bilo]

Thanks for that! I still think 25% is way too much for anyone to pay.

 


From what I've seen so far they've eliminated other deductions so the savings on doubling the standard deduction might not be as great as advertised.

The biggest thing from my perspective is they are eliminating the Alternative Minimum Tax (AMT). I've gotten hit with this several times. This is a tax that kicks in when you have so many deductions in a given year that it recalculates what you should pay. I'm not an accountant, but I know getting rid of that will save me money.

[Right_in_Virginia]

Thanks for that! I still think 25% is way too much for anyone to pay.

I'm listening to Rush and he's quoting 12% to $90,000..... he hasn't mentioned the source, so I'll try to find it.

[cato potatoe]

Rubio, does it do something?  Of course it's not enough, but if it's something, that's something.

Rubio sounds like Swedish politician.  $1,000 child tax credit is a thousand dollars too much.  If people want to have children, they should pay for them, rather than enslaving those who have fewer dependents (or none).

[Hoodat]

I asked our relatively new "Tax cuts for the rich" purveyor about that (What does she understand the term "Tax Expenditures" to mean?).  Ignored me (still does) and after I repeated it a couple times I got reamed by the Mods for it, so I gave up.

@Cyber Liberty

Still waiting for that same person to identify this mysterious 'wealth' tax. 

Never got an answer to the simple question of who pays more in income taxes:

• A person with $5 million in the bank living in a $5 million mansion who earns $100,000
• A person living in their car who is $500,000 in debt and who earns $100,000

[bilo]

I'm listening to Rush and he's quoting 12% to $90,000..... he hasn't mentioned the source, so I'll try to find it.

It would be for a married couple filing jointly.

The brackets for married couples are:

12% 0-89,999
25% 90,000 - 259,999
35% 260,000 - 999,999
39.6% 1,000,000

Lets see how the Senate screws this up. There are things I don't like, but overall it seems like an improvement.

[Right_in_Virginia]

Here's what I've found to support what Rush is reporting  @austingirl

Those making up to $24,000 will pay no income tax. For married taxpayers filing jointly, those earning up to $90,000 will be in the 12 percent bracket; those earning up to $260,000 will in the 25 percent bracket and those earning up to $1 million would fall in the 35 percent bracket. Those making above $1 million will be in the 39.6 percent bracket, which is currently the top rate for millionaires. For unmarried individuals and those filing separately, the bracket thresholds would be half of these amounts, other than the 35 percent bracket, which would be $200,000 for unmarried individuals.

https://www.nytimes.com/2017/11/02/us/politics/tax-plan-republicans.html

It looks like the 12% does apply to earning up to $45,000 for single filers, after the deductions.

[Right_in_Virginia]

It would be for a married couple filing jointly.

The brackets for married couples are:

12% 0-89,999
25% 90,000 - 259,999
35% 260,000 - 999,999
39.6% 1,000,000

Lets see how the Senate screws this up. There are things I don't like, but overall it seems like an improvement.

For single filers the maximums for would be half.  (ie:  12% $0--$45,000)

This is according to the NYT     https://www.nytimes.com/2017/11/02/us/politics/tax-plan-republicans.html

[KingsX]

As I have posted here repeatedly,  my taxes will INCREASE.
And I represent a low taxable income demographic group
whose taxes will INCREASE.

After being proactive contacting GOP senators and congressmen
about this issue...  I have been told to "eat cake" !!




.