Posted on 04/26/2017 12:46:54 PM PDT by Enlightened1
No deduction for medical expenses is a problem.
Ex...pull $100k out of an I.r.a. now to pay for a nursing home but you can no longer deduct the medical expense. You just got hit with a big tax burden
They'd better support the central planks of this tax plan, or be outed as Democrats.
Work out the finer details in negotiations. It's in their job description.
I hear it's going to exempt all public sector employees from taxes completely, and have a tax bracket of 90% for anyone (private sector) making over $70K. Earned Income credits will provide "refunds" of upwards of $200K to anyone making less than $20K. Additional credits will go to minorities and non-citizens.
It's not voodoo, it's you do, as in you do the work, you make the money, government leeches get less of your money but more money in general from everyone.
Yes. The Wa Po says Fed tax deductions for state taxes paid are to be eliminated ...
>>>> And Trump’s advisers are looking to ax some tax breaks that are very popular in certain states, including the deduction Americans take for the state and local taxes they pay separately each year. Eliminating this deduction could save more than $1 trillion over 10 years but inflame lawmakers and governors in states that have high income tax rates. <<<<
Capital gains to go down from 23.8% to 20%
As per NYT
Big whoop. ....
“Any GOP Congress critter who even looks sideways at this plan, needs to lose their seat in the next election.”
...and be forcibly stripped of their GOP affiliation.
PERMANENTLY.
Those would be mostly libs, I presume. The RINO govs. of MA, MD, IL, etc. may not get re-elected. So be it.
If state pols don't like it, let them cut state taxes so state govts. can learn to live within their means.
Seems like a good proposal.
At least Ivanka was able to appease her all-important feminazi buddies with a child care giveaway. Thanks Daddy-dearest!
The best Tax Reform would be the elimination of the IRS and all of its liberal thug commie employees. Give them 90 days pay as termination pay and good bye, not even allow them to transfer to another federal job. Kiss the IRS goodbye. THAT WOULD BE THE BEST TAX REFORM WE COULD EVER HAVE!!! Then just put in a flat tax or tax on what you purchase, etc.
The kicker will be medical deductions. Anyone dealing with chronic illness knows that is the one that can really effect middle class.
That’s a helluva summary page.
If passed, the economy would go wild.
So the Dems have to oppose it.
Retroactive to cover 2017 tax year?
Some of it is okay, some of it STINKS, and there are things that weren't considered, that would be good.
Reality is that the DEMs aren't going to like it and neither will some GOPers. And by the time this goes from the House to the Senate, and back to the House, it'll be changed a LOT.
YES and that is a pill many in BOTH House won’t swallow!
My brother was hoping for a lower top bracket. He’s a lawyer.
Me it doesn’t affect :)
Yet they is a deductible for mortgage payments. I don't have a mortgage, so I get no benefit at all and would lose a deductible. And as someone else mentioned, there's nothing about Capital Gains taxes.
I would be happy to have seen the giving of money, to people who did NOT pay taxes removed and a few other such things!
Still have to get whatever comes out through the do nothing GOP majority.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.