What the Recently Released GOP Tax Plan Means for You

IWB ^ | Robert Carbery

[davikkm]

This morning, the GOP released the highlights of its proposed tax plan which will keep the 20% corporate tax cut as permanent and for a family of four making $59,000 they will get a $1,182 tax cut. The bill will keep a top rate of 39.6% for the highest income earners while doubling the standard deduction for middle class families. The child tax credit will expand from $1,000 to $1,600 and no changes are proposed to 401(k)’s or I.R.A.’s.

The plan also aims to slash the number of individual income tax brackets while also repealing the deduction for state and local income and sales taxes. A deduction for property taxes is allowed but it is capped at $10,000. In order to offset the lost tax revenue, Republican lawmakers are attempting to restrict the deductions individuals take for state and local tax payments. Deficit hawks will definitely claim that this does nothing to alleviate our mountain of debt we are racking up on a daily basis.

[petercooper]

But people making $30,000 don’t get a tax break!! Oh wait, they don’t pay any tax.

[11th_VA]

The biggest winners are business owners that convert income to ‘Pass Thru income’ ...

[eyeamok]

Deficit hawks will definitely claim that this does nothing to alleviate our mountain of debt we are racking up on a daily basis.

Red Herring.

The “Budget” has NOTHING to do with Tax Law, Never has and Never will. They are two totally separate issues. Stop acting like there is a relationship between Taxation and Spending, there isn’t.

[grania]

Nobody trusts elite global and corporate interests, except for elite global and corporate interests and the pols they bought and paid for. Unless the money they bring back tax free has to be spent on employees and growth of the business in the US, it’ll be used for their salaries, benefits, dividends, and other schemes.

[umgud]

Here in CA, I’m looking to get about a $5K-$7K haircut.

[budj]

“...repealing the deduction for state and local income and sales taxes...”

A direct and subtle attack on the big tax dummocrap-led states - NY, CA, IL.

[txrefugee]

To keep the whining GOPe members from high state income tax states(NY, NJ, CA…) from voting against the entire bill because they are selfish, the solution is a “freedom of choice” option suggested by a Freeper:

Give an option of keeping all the state income tax write-offs and get none of the new tax cuts, or give up the state income tax write-off and get the new cuts. Seems logical, so it won’t be tried.

[gattaca]

I read you can no longer deduct medical expenses.

[CaliGangsta]

It’s more accurate to call this a tax INCREASE, or socialist income redistribution scheme, not “tax cut” or “tax plan”.

[Cannoneer]

Still a huge sham. Hidden are the tax reduction offsets (how they pay for the tax cuts) with a slew of reduced or eliminated tax deductions. Effectively they supposedly reduce the direct tax burden by slightly less than 1 trillion while capturing 1.5 trillion in removed or reduced deductions and tax credits. Not sure how a tax plan that effectively captures 500 billion more in tax revenues is a tax cut.

"never mind the man behind the curtain." WOZ

[G Larry]

Now saying it will NOT be retroactive!?!?!?

AAAAACKKKK!