Senate Tax Plan Differs From House Version

[KingsX]

.


All the details of the GOP's Senate version of the tax bill have not been revealed yet... but so far it appears to be a big improvement over the House bill for individual taxes.  But the Senate version delays the business tax cut.
 

" Income Tax brackets

WHAT’S IN THE SENATE BILL: The Senate would include seven individual brackets of 10 percent, 12 percent, 22.5 percent, 25 percent, 32.5 percent, 35 percent and 38.5 percent. The top bracket -- applying to incomes over $500,000, according to Senator John Hoeven of North Dakota -- would be a reduction from the current highest rate of 39.6 percent. Thresholds for each bracket weren’t immediately available.

HOW THAT DIFFERS FROM THE HOUSE: The House would shrink the number of brackets to four with these thresholds for married taxpayers filing jointly: 12 percent: $24,000 to $90,000; 25 percent: $90,000 to $260,000; 35 percent: $260,000 to $1 million; 39.6 percent: $1 million and up. The thresholds would be adjusted for inflation based on chained CPI, a formula that would subject more income to higher tax rates than under the regular consumer price index."


Standard Deduction

SENATE BILL: Roughly doubles the standard deduction to $12,000 for individuals and $24,000 for couples.

HOUSE BILL: Same.


Medical Expense Deduction

SENATE BILL: Preserve existing medical expense deduction and enhance the standard deduction for the blind and elderly.

HOUSE BILL: Repeal the medical expense deduction.

[...]

Corporate Tax Cut

SENATE BILL: A corporate tax-rate cut to 20 percent would be delayed by one year to January 2019, according to GOP Senator Bill Cassidy of Louisiana.

HOUSE BILL: The corporate income tax rate would be a flat 20 percent starting in 2018."


more at link:

https://www.bloomberg.com/news/articles/2017-11-09/everything-you-need-to-know-about-the-senate-gop-tax-proposal



Senate Tax Plan Diverges From House Version, Highlighting Political Pressures

" The Senate bill differs significantly from the House version approved by the Ways and Means committee on Thursday: It would preserve some popular tax breaks, including ones for mortgage interest and medical expenses, and would maintain a bottom tax rate of 10 percent for lower earners. But it would also jettison the state and local tax deduction entirely and delay the enforcement of a 20 percent corporate tax rate until 2019, which could rankle the White House and mute the economic growth projections that Republicans are counting on to blunt the cost of the tax cuts."

https://www.nytimes.com/2017/11/09/us/politics/facing-math-trouble-house-panel-races-to-adjust-tax-bill.html


House and Senate Have Big Differences to Bridge on Tax Plans

https://www.nytimes.com/2017/11/09/us/politics/tax-plan-house-senate-differences.html

[RetBobbyMI]

Neither plan is any real significant revision, just tinkering around the edges.

[KingsX]

From my perspective, the Senate plan is a big improvement because it addresses most of the issues I personally had with the House plan.  It restores the 10% tax rate for the poorest taxpayers and restores the elderly and blind extra standard deduction.  At last our leaders are looking out for the best interest of those who really need it... but who have no lobby to speak out for them... except me... maybe all my many phone calls to Washington DC did some good after all.

[KingsX]

And the volunteer lady who answered the phone for Trump was especially nice.

[Applewood]

The only improvement would be to scrap the whole dang system and institute a fair or flat tax.

[Bigun]

The only improvement would be to scrap the whole dang system and institute a fair or flat tax.

The PROBLEM is the Marxist income tax itself and no amount of tinkering with it will ever fix it!

http://fairtax.org

[RetBobbyMI]

The origin of the income tax on individuals is generally cited as the passage of the 16th Amendment, passed by Congress on July 2, 1909, and ratified February 3, 1913; however, its history actually goes back even further. During the Civil War Congress passed the Revenue Act of 1861 which included a tax on personal incomes to help pay war expenses. The tax was repealed ten years later. However, in 1894 Congress enacted a flat rate Federal income tax, which was ruled unconstitutional the following year by the U.S. Supreme Court because it was a direct tax not apportioned according to the population of each state. The 16th amendment, ratified in 1913, removed this objection by allowing the Federal government to tax the income of individuals without regard to the population of each State.
https://www.loc.gov/rr/business/hottopic/irs_history.html

The states should take back this authority by repealing the 16th Amendment. Only in the Federal government or congress is cutting taxes considered a COST, not a savings for the people.

[Bigun]

The origin of the income tax on individuals is generally cited as the passage of the 16th Amendment, passed by Congress on July 2, 1909, and ratified February 3, 1913; however, its history actually goes back even further. During the Civil War Congress passed the Revenue Act of 1861 which included a tax on personal incomes to help pay war expenses. The tax was repealed ten years later. However, in 1894 Congress enacted a flat rate Federal income tax, which was ruled unconstitutional the following year by the U.S. Supreme Court because it was a direct tax not apportioned according to the population of each state. The 16th amendment, ratified in 1913, removed this objection by allowing the Federal government to tax the income of individuals without regard to the population of each State.
https://www.loc.gov/rr/business/hottopic/irs_history.html

We got the 16th and 17th amendments as well as the Federal Reserve Act all in the same year of 1913!  I don't think that happened by accident!

[RetBobbyMI]

We got the 16th and 17th amendments as well as the Federal Reserve Act all in the same year of 1913!  I don't think that happened by accident!

Woodrow Wilson. Mr Progressive and Taft before him

[Bigun]

Woodrow Wilson. Mr Progressive and Taft before him

Undermining our form of government by every means available! Right out of Marx's playbook!

[RetBobbyMI]

Undermining our form of government by every means available! Right out of Marx's playbook!

The congress of 1909 that passed the 16th Amendment had a Republican majority in both houses. Go figure.

[Bigun]

The congress of 1909 that passed the 16th Amendment had a Republican majority in both houses. Go figure.

Things have markedly changed with  the political label thing since 1909!  And BTW: Mr. Lincoln's army was full of commies who had escaped Europe a half step ahead of the hangman!

[KingsX]

Woodrow Wilson. Mr Progressive and Taft before him

Nation destroying/building is not new US policy.

The US government has done it at home and abroad.

Roosevelt, Taft and Wilson promoted revolution to destroy Russia's 900 year old Christian monarchy.

How much tax money and lives have been lost to "fight Communism" in the past 100 years ?

[RetBobbyMI]

Nation destroying/building is not new US policy.

The US government has done it at home and abroad.

Roosevelt, Taft and Wilson promoted revolution to destroy Russia's 900 year old Christian monarchy.

How much tax money and lives have been lost to "fight Communism" in the past 100 years ?

That’s why the income tax needs to be taken back by the states.  There is no stopping the federal government as long as they have the power to tax Willy nilly.