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

[bilo]

Just more tinkering around the edges!  NO reform involved!

Unfortunately, you're right.

I was really hoping for something bold, but the # of brackets remain, AMT still exists, medical deductions get included at 7.5% of agi for 2 years and then go back to 10% of agi, estate tax is not repealed but the threshold is raised to 11 million.

The biggest positive I see is no individual mandate after 2018, but this tax plan being passed under reconciliation means it expires in 10 years. I would anticipate that a Rat controlled House or Senate would easily get it reinstated as well as raising the rates on the higher brackets.

I suppose this is the best we could hope for with a liberal leaning Senate.

[Victoria33]

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

@Snarknado

Thanks for your post - glad I was wrong about the deducation and rate - it was changed since the last time I checked the new tax plan.  I went to AARP for the latest on the tax plan, and was delighted to see this:

"The tax plan also maintains the extra standard deduction for those 65 and older, currently $1,250 for individuals, $1,550 for heads of households and $2,500 for couples who are both 65 and older.
Tax rates.  Individual tax brackets would be set at 10 percent, 12 percent, 22 percent, 24 percent, 32 percent, 35 percent and 37 percent, and would expire in 2025."

People complain about AARP but when I needed supplemental insurance for Medicare, UnitedHealthCare plan there was the cheapest for me and they don't raise the rate as I get older.  I also bought Nursing Home Care there from a major insurance company many years ago and one can't get that anymore since govn. got into that business through Medicare, but those who bought that insurance back then still have it.  I am covered if I have to go to a nursing home.  I also have a hospital plan there through another major insurance company and get paid an amount of money per day if I am in a hospital. If I am in ICU, the amount is double.  I had that insurance on my husband and he was in ICU many days - I got a $10,000 dollar payment from that insurance company due to that.

I don't care what their politics are - I needed those insurances and it was all cheaper there.  Their membership rate per yr. has never changed for all these years - still $16 for a year and if you have a spouse, it is free for them (I don't think that part has changed).

People dump on AARP, but it has saved me a great deal of money over the years.

[dfwgator]

@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!

The spending will never stop as long a people say "We must cut spending.....but.....not for MY pet project."

[bilo]

The spending will never stop as long a people say "We must cut spending.....but.....not for MY pet project."

You have part of it. The biggest part of the problem is entitlements. Social Security, Medicare, and Medicaid are the biggest part of the budget and no one will fix them because the majority of people don't want to accept that they are going to have their benefits cut. 

[RetBobbyMI]

Just more tinkering around the edges!  NO reform involved!

Because they insist they have "to Pay" for any cuts in their (the government's) income.  In other words, they have to match income to their expenses, not the other way around as taxpayers have to do.

[RetBobbyMI]

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.

All they did was revert back to preObamacare for 2 years then reinstitute the Obamacare change.  Total BS!

[Bigun]

Because they insist they have "to Pay" for any cuts in their (the government's) income.  In other words, they have to match income to their expenses, not the other way around as taxpayers have to do.

@RetBobbyMI

Yeah, years ago I walked in my boss's office and told him I had to have a raise because what he was currently paying me wouldn't cover what I proposed to spend next year.  The slug threw me out of his office!

[Fantom]

@RetBobbyMI

Yeah, years ago I walked in my boss's office and told him I had to have a raise because what he was currently paying me wouldn't cover what I proposed to spend next year.  The slug threw me out of his office!

    Awesome.

On to your position that no real reform. Yep, but that is not going to happen until the R's have at least 62 Senators.

Even then , may take a Con-Con.

[RetBobbyMI]

Even then , may take a Con-Con.

12 down and another couple dozen to go for COS