Read the Republican tax bill for yourself: Full text of the Tax Cuts and Jobs Act

[mystery-ak]

Read the Republican tax bill for yourself: Full text of the Tax Cuts and Jobs Act
by Washington Examiner Staff | Dec 15, 2017, 6:02 PM


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Here are the highlights of the tax legislation agreed upon by the House and Senate that lawmakers will vote on next week. You can also read the full bill here:

http://www.washingtonexaminer.com/gop-tax-bill-highlights-read-the-summary-of-the-legislation-agreed-to-by-the-house-and-senate/article/2643677

[Applewood]

Thanks, Myst. 

Of course, the Dems are whining the bill favors the rich.  Did any of them read it?  Or are they just sticking to their standard BS and hoping none of their supporters will actually read the bill?

[NavyCanDo]

Thanks, Myst. 

Of course, the Dems are whining the bill favors the rich.  Did any of them read it?  Or are they just sticking to their standard BS and hoping none of their supporters will actually read the bill?

I need to look no further than the standard deduction and child tax credit both doubling to see how this is going to put more money in my pocket so I can help stimulate the economy.   And with my son now 16 this would have been the last year I could claim the child tax credit. With this it gets extended a year.

I know we have a few BR members that are buying the media BS and are against the plan but I see none of them provide a reason why.

[Bigun]

While there are some very good things in this bill, selling it as "reform" is just plain wrong! 

The Marxist income tax and the IRS remain fully intact as a tool for our government masters to employ against us at their whim. That is NOT reform!

[NavyCanDo]

While there are some very good things in this bill, selling it as "reform" is just plain wrong! 

The Marxist income tax and the IRS remain fully intact as a tool for our government masters to employ against us at their whim. That is NOT reform!

Reform is all we can ever hope for. Abolishing the Tax Code and the IRS, turning the clock back is just not going to happen.

[Bigun]

Reform is all we can ever hope for. Abolishing the Tax Code and the IRS, turning the clock back is just not going to happen.

In that case we will forever remain SLAVES!

[RetBobbyMI]

"Provides relief for Americans with expensive medical bills by expanding the medical expense deduction for 2018 and 2019 for medical expenses exceeding 7.5 percent of adjusted gross income, and rising to 10 percent beginning in 2020."

That's two years relief of the Obamacare provision, then it goes back.  What the hell?

[Right_in_Virginia]

Key features of the Republicans’ final tax bill
NBC, Dec 16, 2017, Benjy Sarlin

Here are some of the most notable features.

Individual taxes

The bill keeps the current seven brackets for income tax, but lowers the rates and changes the income thresholds. The top rate would be 37 percent versus 39.6 percent under current law, which is lower than the bills that previously passed the House and Senate. The individual tax cuts expire after 2025.

The standard deduction is almost doubled to $12,000 for individuals, $18,000 for head of household, and $24,000 for couples, meaning fewer people are likely to itemize their taxes. The bill eliminates the $4,050 personal exemption that taxpayers can currently claim for themselves and dependents.

Tax rates for single filers:
•10%: up to $9,525
•12%: $9,525 to $38,700
•22%: $38,700 to $82,500
•24%: $82,500 to $157,500
•32%: $157,5000 to $200,000
•35%: $200,000 to $500,000
•37%: $500,000 & up

Tax rates for joint filers:
•10%: up to $19,050
•12%: $19,050 to $77,400
•22%: $77,400 to $165,000
•24%: $165,000 to $315,000
•32%: $315,000 to $400,000
•35%: $400,000 to $600,000
•37%: $600,000 and above


More: https://www.nbcnews.com/politics/politics-news/key-features-republicans-final-tax-bill-n830346

[Right_in_Virginia]

Deductions

The bill gets rid of a variety of deductions while placing limits on others. The bill caps the mortgage interest deduction at $750,000 of principal. The state and local tax deduction is capped at $10,000 but allows taxpayers to count a mix of sale, income, and property taxes.

Some deductions eliminated in previous versions of House and Senate bills are preserved. The bill keeps an existing deduction for high medical expenses and lowers its income threshold for two years. The bill maintains a tax deduction on student loan interest payments and an adoption tax credit.

Graduate students keep an important benefit that allows them to avoid paying tax on tuition waivers. The House bill would have eliminated it.

https://www.nbcnews.com/politics/politics-news/key-features-republicans-final-tax-bill-n830346

[Right_in_Virginia]

Health care

The bill eliminates the individual mandate, a key part of the Affordable Care Act that penalizes Americans who don't maintain health coverage.

https://www.nbcnews.com/politics/politics-news/key-features-republicans-final-tax-bill-n830346

[Right_in_Virginia]

Child tax credit

The new child tax credit will be $2,000, same as in the Senate bill, but a maximum of $1,400 will be refundable against payroll taxes versus $1,100 earlier. But not everyone is entitled to the full $1,400, which scales up with income.

https://www.nbcnews.com/politics/politics-news/key-features-republicans-final-tax-bill-n830346

[Bigun]

Key features of the Republicans’ final tax bill
NBC, Dec 16, 2017, Benjy Sarlin

Here are some of the most notable features.

Individual taxes

The bill keeps the current seven brackets for income tax, but lowers the rates and changes the income thresholds. The top rate would be 37 percent versus 39.6 percent under current law, which is lower than the bills that previously passed the House and Senate. The individual tax cuts expire after 2025.

The standard deduction is almost doubled to $12,000 for individuals, $18,000 for head of household, and $24,000 for couples, meaning fewer people are likely to itemize their taxes. The bill eliminates the $4,050 personal exemption that taxpayers can currently claim for themselves and dependents.

Tax rates for single filers:
•10%: up to $9,525
•12%: $9,525 to $38,700
•22%: $38,700 to $82,500
•24%: $82,500 to $157,500
•32%: $157,5000 to $200,000
•35%: $200,000 to $500,000
•37%: $500,000 & up

Tax rates for joint filers:
•10%: up to $19,050
•12%: $19,050 to $77,400
•22%: $77,400 to $165,000
•24%: $165,000 to $315,000
•32%: $315,000 to $400,000
•35%: $400,000 to $600,000
•37%: $600,000 and above


More: https://www.nbcnews.com/politics/politics-news/key-features-republicans-final-tax-bill-n830346

Just more tinkering around the edges!  NO reform involved!

[Right_in_Virginia]

Just more tinkering around the edges!  NO reform involved!

Here are the reforms, IMO @Bigun

The repeal of the Obamacare mandate and this:

Corporate tax cuts

The new tax bill cuts the corporate tax rate from 35 percent to 21 percent while taxing foreign earnings at lower rates of 15.5 percent on liquid assets and 8 percent on illiquid assets. This is a change from the current system in which companies can defer taxation on profits they keep abroad.

The bill also eliminates the corporate alternative minimum tax, which currently limits the amount of deductions a corporation can take.

https://www.nbcnews.com/politics/politics-news/key-features-republicans-final-tax-bill-n830346

[Applewood]

While there are some very good things in this bill, selling it as "reform" is just plain wrong! 

The Marxist income tax and the IRS remain fully intact as a tool for our government masters to employ against us at their whim. That is NOT reform!

I hear ya.  But at least, the idiots didn't put together a piece of cr@p legislation, then try to snow the voters into believing they kept their promise, as I had predicted they would.  This is what they did with Obamacare "repeal."    This bill appears to actually have some good stuff in it.

[Bigun]

Here are the reforms, IMO @Bigun

The repeal of the Obamacare mandate and this:

Tinkering!  NO reform involved!

[bolobaby]

While there are some very good things in this bill, selling it as "reform" is just plain wrong! 

The Marxist income tax and the IRS remain fully intact as a tool for our government masters to employ against us at their whim. That is NOT reform!

Exactly. The tax code is still going to be a bajillion pages long and full of social control.  Screw this. This isn't a win. It's more Kabuki theater.

[Right_in_Virginia]

Tinkering!  NO reform involved!

Repealing the Obamacare mandate is tinkering?  Interesting ...

[Bigun]

Repealing the Obamacare mandate is tinkering?  Interesting ...

It's one of the good things I mentioned but overall yes! Just more tinkering around the edges.

[Concerned]

I know we have a few BR members that are buying the media BS and are against the plan but I see none of them provide a reason why.

I’m against the plan and I have repeatedly stated my reason:  I’m think this will likely add to the debt/deficit.  The Joint Committee on Taxation projects it adding $1T to the debt ($1.4T in lost revenue offset by $0.4T in growth).  I recognize that not everyone agrees with this assessment, but I do. 

Further, I just can’t see companies tossing out wage increases to employees (as some have asserted) because they have some extra money.  Same with capital improvements.  Business cases and return on investment are required for those type of investments.  I expect to see cash being used for dividend increases, for mergers and acquisitions, and perhaps some capital expenditures, but not enough to truly “jumpstart” an economy that President Trump (and Sarah Sanders) repeatedly say is already booming (and it is – 4.1% unemployment, record stock market, growth in consumer spending at a 3.3% annualized rate, and GDP growth at a 3.1% annualized rate). 

We’ll see what the impact really is in the upcoming years.  It’ll be interesting to watch.

[Snarknado]

No mention of the extra deductions for seniors - I still think if those are eliminated to pay for more handouts like child credits it'll be political suicide...

[Applewood]

No matter what congress does, there will always be someone who won't be happy.  Even if congress scrapped the IRS and instituted a fair or flat tax, someone will be whining.

I would have liked to have seen more. Maybe some spending cuts?  And yes, this  tax "tinkering" will add to the deficit, but I think if we could stop spending like drunken sailors, an increase in the deficit or debt could be offset.   Maybe this should be congress' next project -- controlling runaway spending.

But this bill does do some good things. Just getting rid of the Obamacare mandate is a plus.  I just hope congress doesn't say, "Lookee here!  We kept our promise.  We fixed the problem," then quit without doing more.

[Bigun]

No matter what congress does, there will always be someone who won't be happy.  Even if congress scrapped the IRS and instituted a fair or flat tax, someone will be whining.

I would have liked to have seen more. Maybe some spending cuts?  And yes, this  tax "tinketing" will add to the deficit, but I think if we could stop spending like drunken sailors, an increase in the deficit or debt could be offset.   Maybe this should be congress' next project -- controlling runaway spending.

But this bill does do some good things. Just getting rid of the Obamacare mandate is a plus.  I just hope congress doesn't say, "Lookee here!  We kept our promise.  We fixed the problem," then quit without doing more.

@Applewood

The spending will never stop for so long as more than 50% of the electorate perceive that they pay no taxes!  And 80% or more remain economically illiterate!

[Applewood]

@Applewood

The spending will never stop for so long as more than 50% of the electorate perceive that they pay no taxes!  And 80% or more remain economically illiterate!

It should be up to our elected representatives to grow a pair and make the necessary cuts and to hell with the whiners.  Alas, our representatives are more interested in the votes from those whiners than they are in giving relief to the rest of us who worked hard for al, that money congress likes to throw around.

[Victoria33]

No mention of the extra deductions for seniors - I still think if those are eliminated to pay for more handouts like child credits it'll be political suicide...

@Snarknado

The senior extra deduction was removed.  It's gone.  And, seniors at the low end of income, less than $40 or $50,000 (don't remember which), will pay 12% tax rather than the 10% tax they had.  Those seniors will pay more due to removal of deduction and tax rise to 12%.

[Snarknado]

@Snarknado

The senior extra deduction was removed.  It's gone.  And, seniors at the low end of income, less than $40 or $50,000 (don't remember which), will pay 12% tax rather than the 10% tax they had.  Those seniors will pay more due to removal of deduction and tax rise to 12%.

I think you may be looking at an older version of the bill - the latest one restores the 10% bracket...

Edit> That older version would have been better though for income in the $80K-100K range - the higher 12% ceiling could have saved $2000 vs. the $400 saved by the 10% bracket...

Edit2> I held my nose and went to the odious AARP site. They of course portray it as a disaster, but do reluctantly acknowledge that the $2500 extra joint senior deduction is back in. The other question is the fate of the 0% cap gains rate that was in effect up to the top of the old 15% bracket...