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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: CatOwner
Anyone have the latest tax estimator?

Never mind, I found the latest tax rates. Since all of the tax estimators didn't break out SS income separately, they aren't equipped to determine which portion of that income is taxable. Also, the estimators don't ask for medical expenses separately, which is kind of important in the comparison since the current system has a 10% of AGI threshold, while the new tax scheme has a 7.5% of AGI threshold.

Based on manually computing the difference, we'll owe $450 more under the new tax plan, or about 10% more than we would have owed. :middle_finger:

61 posted on 12/15/2017 4:52:55 PM PST by CatOwner
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To: CatOwner

You’ve got company. Those of us with significant SALT deductions, are going to see a sizable tax increase.


62 posted on 12/15/2017 5:13:36 PM PST by Truth29
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To: 11th_VA

I agree, more good than bad in this bill. I am for it.


63 posted on 12/15/2017 5:15:59 PM PST by Parley Baer
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To: jazusamo

The nitty-gritty:
https://taxfoundation.org/conference-report-tax-cuts-and-jobs-act/?utm_content=buffera9228&utm_medium=social&utm_source=twitter.com&utm_campaign=buffer

VERY detailed explanation.


64 posted on 12/15/2017 5:17:55 PM PST by mrsmith (Dumb sluts: Lifeblood of the Media, Backbone of the Democrat/RINO Party!)
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To: jazusamo

Democrat Sen. Marco Rubio

— Who elected this turd?

Who was obviously preset by Republican leaders to inject more welfare at the last minute.

Primary the Republicans anyways.


65 posted on 12/15/2017 5:18:36 PM PST by TheNext (Fake Elections have no BALLOT PICTURES!)
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To: Truth29
Those of us with significant SALT deductions, are going to see a sizable tax increase.

That isn't the main impact for us. We'll be right at the $10k limit, and for next year, our estimated state income taxes will be less than $600, so it's not a huge deduction. Thankfully, California doesn't tax social security (for how much longer remains the question).

Our problem is the loss of medical expenses as a deduction. Sure, they dropped the threshold from 10% to 7.5% of AGI, but the standard deduction of $24k for filing jointly will trump that in all but the most extreme cases of huge medical expenses.

66 posted on 12/15/2017 5:20:42 PM PST by CatOwner
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To: DLfromthedesert

McConnell could have used nuke ootion, but they’re afraid to do that


67 posted on 12/15/2017 5:29:04 PM PST by xzins (Retired US Army chaplain. Support our troops by praying for their victory.)
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To: mrsmith

Thanks for the link!


68 posted on 12/15/2017 5:29:35 PM PST by jazusamo (Have YOU Donated to Keep Free Republic Up and Running?)
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To: momincombatboots
That it is and the supposed tax "cut for the middle class is a gigantic ! It's a taX "cut" for some and for BIG CORPORATIONS...and WELFARE/REDISTRIBUTION OF MY AND YOUR MONEY!
69 posted on 12/15/2017 5:29:45 PM PST by nopardons
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To: nopardons
...is a gigantic HOAX
70 posted on 12/15/2017 5:30:52 PM PST by nopardons
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To: xzins

I do not recall the McConnell Nuke Option in the U.S. Constitution.

Which clause is it under?


71 posted on 12/15/2017 5:38:41 PM PST by TheNext (Fake Elections have no BALLOT PICTURES!)
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To: TheNext

It’s actually there under legislation passing by mahority vote.

It’s the filibuster you won’t find as oart of the process


72 posted on 12/15/2017 5:46:21 PM PST by xzins (Retired US Army chaplain. Support our troops by praying for their victory.)
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To: freedumb2003
Service based S-Corps are getting it pretty damn hard.

What are the provisions for S-Corp? Got a link?

73 posted on 12/15/2017 5:48:26 PM PST by NautiNurse (DonÂ’t make me pay Ferrari prices for Chevy Vega health insurance.)
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To: mrsmith

So much detail, and yet nothing about capital gains or the 3.8% Obamacare tax added to capital gains above a certain threshold ($125k single, $250k joint, $200k other). The latter nails couples who have been in their houses for many years and plan to downsize in retirement.


74 posted on 12/15/2017 5:48:29 PM PST by CatOwner
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To: jazusamo

I’m not thrilled about the $1400 tax refund but the rest looks okay to me.”””

TOTAL? Or for each child??? Big family—legal or illegal would possibly get $1400 for each child, if ABC Nightly news just stated it correctly.


75 posted on 12/15/2017 6:02:45 PM PST by ridesthemiles (uen)
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To: Diana in Wisconsin

“I’m retired and have liquidated all assets.”

So you ate all the chocolate chip cookies? I’m disappointed.


76 posted on 12/15/2017 6:21:20 PM PST by sergeantdave
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To: CatOwner

Surprised.
Well, maybe it’s in the explanation of the conference bill

http://docs.house.gov/billsthisweek/20171218/Joint%20Explanatory%20Statement.pdf


77 posted on 12/15/2017 6:45:31 PM PST by mrsmith (Dumb sluts: Lifeblood of the Media, Backbone of the Democrat/RINO Party!)
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To: Diana in Wisconsin

Same here. No dig in the fight but I always pull for Trump m


78 posted on 12/15/2017 6:52:58 PM PST by Terry Mross (Liver spots And blood thinners..)
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To: jazusamo

Updated calculator we will owe even less! 4.8 K less!

http://taxplancalculator.com/calc


79 posted on 12/15/2017 6:59:12 PM PST by dynoman (Objectivity is the essence of intelligence. - Marilyn vos Savant)
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To: CatOwner; Truth29

Check post 79.


80 posted on 12/15/2017 7:02:49 PM PST by dynoman (Objectivity is the essence of intelligence. - Marilyn vos Savant)
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