Posted on 12/02/2017 1:08:21 PM PST by Navy Patriot
In the early hours of Saturday morning, the Senate passed a sweeping tax overhaul bill in largely party-line vote.
Just one Republican, Tennessee Senator Bob Corker, voted against it on deficit concerns. The Congressional Budget Office estimated the bill would cost $1.47 trillion over a decade. Many Republicans continue to say the bill will pay for itself through greater economic growth, despite all analyses to the contrary.
The final Senate bill differs from the tax bill passed by the House in mid-November. Those differences now must be reconciled and a final piece of legislation voted on by both chambers.
(Excerpt) Read more at money.cnn.com ...
Oh, bull crap! If he had concerns about the deficit, maybe he'd start cutting spending. Same for all the other phonies who trot this argument out.
So instead of quoting the lead-in BS in your summary why didn’t you summarize the principal differences, i.e. what most of us care about, the definition of and tax rates on the bracket that constitutes the middle class?
Notwithstanding a range of disagreements with what is in it and what is not in it, the Senate version is an improvement over the House version, so hopefully the House will sign on to the Senate version.
Seven tax brackets allowing more income in lower brackets.
Nearly doubles the standard deduction.
Eliminates personal exemptions.
Expands the child tax credit.
Kills state and local income tax deduction, limits property tax break.
Keeps mortgage interest deduction as is.
Repeals the individual mandate to buy health insurance.
Preserves the estate tax, but exempts almost everybody.
Overall there is a simplification for many taxpayers that probably will reduce taxes as several components seem to balance each other out.
Itemizers may pay more than those using the standard deduction.
For me, it’s not a cut.
So I could get it up and you reading the article without trashing the ethical excerpt and link FR policy.
You can read my additionally ethical summary at post #5.
I would pay 300 less under the House plan and 900 more under the Senate because of the difference in rates.
I would do better under the House bill except for the Obamacare Mandate, I am self insured.
>>For me, it’s not a cut.<<
Me neither. I specifically remember Trump promising top corporate tax rates at 15%. Porcupine with a balloon (that didn’t last).
I believe you.
Don’t want to give CNN-Money the click revenue....what about the medical expense deduction? My middle-class parents have huge skilled nursing expenses right now (Dad in a nursing home)....2017 will be the 1st tax year they will be able to use the medical expense deduction, and then not in 2018?!?
Read that certain private school tuition is deductible.
Don’t want to give CNN-Money the click revenue....
You want to deprive them of almost half a penny?
Jow heartless.
It expands the medical expense deduction, while the House bill gets rid of that deduction, the Senate bill not only keeps it but temporarily lowers that 10% threshold to 7.5% for tax years 2017 and 2018.
This link will shows the house bill (https://assets.bwbx.io/documents/users/iqjWHBFdfxIU/rXqXuQfYbRas/v0)
and here you can see the senate bill (http://money.cnn.com/2017/12/02/pf/taxes/senate-tax-bill-passed/index.html).
Looking at the two bills, myself will pay less for filing single. My wife will get all her withholds back by filing single also. By using the senate plan we do save by don’t filing jointly. You might too.
Call me nostalgic but miss the good old days when a tax cut meant that I got to keep more of my money.
I get hit by the AMT every year because the AMT cuts out my itemized deductions. If the bill gets rid of the AMT and the deductions it does me no good at all. In fact I’ll probably pay more because the AMT kicks in after a threshold and getting rid of the deductions will probably lower the amount that I don’t have to pay tax on.
Not sure, the only education deduction seems to be for teachers supplies costs, $250.
In child tax credit there is this:
The Senate GOP bill increases the child tax credit to $2,000 per child, up from $1,000 today, and above the $1,600 proposed in the House bill. The second thousand is not refundable like the first.
Senate GOP tax writers would make the credit available for any children under 18, up from today's under-17 age limit. But it reverts to under 17 again in 2025, a year before the increase is set to expire under the bill.
“Tax cuts”, defined by Congress, mean “individuals pay more taxes so corporations can pay less taxes”.
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