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GOP unveils final version of tax reform bill
Fox News ^ | December 15, 2017 | Samuel Chamberlain

Posted on 12/15/2017 3:07:31 PM PST by jazusamo

Congressional Republicans unveiled the most sweeping overhaul of the nation’s tax code Friday evening with an eye toward final passage next week after two key GOP senators endorsed the legislation.

The final version of the so-called Tax Cuts and Jobs Act keeps seven tax brackets, but reduces rates for five of them. The new rates start at 10 percent and rise to 12, 22, 24, 32, 35 and 37 percent. The corporate tax rate is reduced from 35 percent to 21 percent and the bill provides sweeping tax deductions to other businesses, lowering their top effective tax rate to about 30 percent instead of 39.6 percent

The final package would double the basic per-child tax credit for families making up to $400,000 a year from $1,000 to $2,000. Sen. Marco Rubio, R-Fla., was expected to vote for the bill after winning a late concession that would make up to $1,400 of the credit available as a tax refund to lower- and middle-income families with relatively small tax bills.

(Excerpt) Read more at foxnews.com ...


TOPICS: Business/Economy; Front Page News; Government; News/Current Events
KEYWORDS: 115th; incometaxes; taxcutsandjobsact; taxes; taxreform; taxreformbill; tcja; trumptaxcuts
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To: 11th_VA

Corporate tax rate down from 35% to 21% - This is nuts!

This cut needs to be provisional. Add X amount of jobs to get the rate drop.

Big corporations will just sit on this extra cash while the Treasury goes more broke.

We get stuck holding the bag, again.


21 posted on 12/15/2017 3:28:31 PM PST by Java4Jay (The evils of government are directly proportional to the tolerance of the people.)
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To: xzins

I don’t know what all that refers to my FRiend, maybe someone will define it here.


22 posted on 12/15/2017 3:31:39 PM PST by jazusamo (Have YOU Donated to Keep Free Republic Up and Running?)
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To: Diana in Wisconsin
The GOPe and RINOs are expert at snatching Defeat from the jaws of Victory.

Ain't it the truth!

23 posted on 12/15/2017 3:31:52 PM PST by libertylover (Kurt Schlicter: "They wonder why they got Trump. They are why they got Trump")
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To: jazusamo

This tax bill is pretty bad for me.

Service based S-Corps are getting it pretty damn hard.

I was lied to — by everyone.

What the hell — someone has to carry the load.


24 posted on 12/15/2017 3:35:24 PM PST by freedumb2003 (Conservatives should do daily affirmations: reading/repeating the 9th and 10th Amendments)
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To: jazusamo

First, pass it, then, keep making it much better with future legislation, for many years to come!


25 posted on 12/15/2017 3:37:11 PM PST by johnthebaptistmoore (The world continues to be stuck in a "all leftist, all of the time" funk. BUNK THE FUNK!)
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To: Principled
“How can tax credits exceed tax paid.... ??”
***************************************
They really can’t — just as “refundable” tax credits aren’t refunds of taxes paid but are instead masked WELFARE PAYMENTS. This is BAD public policy, IMHO. Most of our Congresscritters don’t spend a lot of their time in the real world. If they had their heads out of the sand they would realize that there are many people who intentionally LIMIT their amount of reportable income. They do this for a combination of avoiding taxes and/or for becoming eligible for income related benefits (Obamacare subsidies, Medicaid, credits, food stamps, etc.).
26 posted on 12/15/2017 3:37:38 PM PST by House Atreides (BOYCOTT the NFL, its products and players 100% - PERMANENTLY)
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To: Principled

Simple, it’s called a handout.


27 posted on 12/15/2017 3:42:02 PM PST by Jonny7797
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To: Java4Jay

Fake news.


28 posted on 12/15/2017 3:43:05 PM PST by Jonny7797
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To: jazusamo

Anyone have the latest tax estimator? I would like to see how much we will end up owing next year. That various plans had us between $700-900 more federal taxes for a married retired couple (one over 65, one under 65).


29 posted on 12/15/2017 3:43:19 PM PST by CatOwner
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To: Java4Jay

Well,I love it,the more money they make,the more I make,it’s that 401k thing.


30 posted on 12/15/2017 3:43:44 PM PST by mdittmar
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To: Java4Jay

“Corporate tax rate down from 35% to 21% - This is nuts!
This cut needs to be provisional. Add X amount of jobs to get the rate drop.
Big corporations will just sit on this extra cash while the Treasury goes more broke.
We get stuck holding the bag, again.”

This couldn’t be more wrong. Should have been 15% as POTUS originally proposed.

The whole point of reducing corporate taxes is to make doing business in the US more attractive than overseas.

Why not double the rates and pay off the debt? Would work just fine except there would be almost no industry left to pay the tax. Sort of like we’ve been doing now.


31 posted on 12/15/2017 3:44:13 PM PST by phoneman08 (qwiyrqweopigradfdzcm,.dadfjl,dz)
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To: Jonny7797
Simple, it’s called a handout.

And the beneficiaries will still vote Rat anyway.

32 posted on 12/15/2017 3:45:22 PM PST by dfwgator
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To: Java4Jay

When the economy is growing tax revenues increase. Tax cuts are the best economic stimulus engine that there is. Stop worrying.


33 posted on 12/15/2017 3:47:38 PM PST by central_va (I won't be reconstructed and I do not give a damn.)
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To: Mr Rogers

It’s always fun to hear of that check as a tax “refund”...


34 posted on 12/15/2017 3:47:41 PM PST by Paladin2 (There is no credible evidence that 0sama is a NBC.)
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To: Paladin2
It’s always fun to hear of that check as a tax “refund”...

It's called giving the government an interest-free loan.
35 posted on 12/15/2017 3:49:25 PM PST by dfwgator
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To: Java4Jay
Big corporations will just sit on this extra cash...

I fail to see the logic of leaving their cash in the bank to earn 0.1% as opposed to investing it to get 8-10% in returns. If they won't invest in job creation, those who receive those investments probably will use them for job creation.

36 posted on 12/15/2017 3:49:49 PM PST by Tonytitan
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To: jazusamo

AMT for taxpayers was not repealed. So the IRS gives me a tax break on one hand but takes it all back with the other.


37 posted on 12/15/2017 3:50:08 PM PST by So Cal Rocket (Task 1: Accomplished, Task 2: Hold them Accountable!)
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To: So Cal Rocket

It’s all a shell game. PT Barnum was right.


38 posted on 12/15/2017 3:51:21 PM PST by dfwgator
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To: Java4Jay

Big corporations have billions sitting offshore simply because the rate is 35%. Many have promised to bring that money home if the rate is reduced to a more sane level.


39 posted on 12/15/2017 3:51:43 PM PST by Spktyr (Overwhelmingly superior firepower and the willingness to use it is the only proven peace solution.)
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To: jazusamo; flaglady47; JulieRNR21; mcmuffin; I still care; Liz; M Kehoe; 3D-JOY; saminfl; ...
Pure and simple.....Marco Rubio's sucessful welfare ploy was for the benefit of the vast Latino immigrant population in Florida.....on our dime.

This will come back to haunt him in his next election here in Florida.

Marco my words!

Leni

40 posted on 12/15/2017 3:52:24 PM PST by MinuteGal (MAGA !!!)
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