Posted on 10/14/2018 3:35:26 AM PDT by McQ444
President Donald Trump will be pushing for more tax cuts — dubbed “Tax Reform 2.0” — in the Senate, his chief economic adviser said Thursday.
(Excerpt) Read more at westernjournal.com ...
How about pushing wall construction 5.0?
Some details:
Chairman Kevin Brady (R-TX) released a series of bills which have been dubbed “Tax Reform 2.0.” These bills modify and build upon the Tax Cuts and Jobs Act passed in December, whose individual provisions are currently set to expire at the end of 2025.
The first bill, the Protecting Family and Small Business Tax Cuts Act of 2018 (H.R. 6760), includes several key changes to the individual income tax:
Tax Rates: The bill would make the tax rate changes from the Tax Cuts and Jobs Act permanent.
Key Deductions: The bill would make the $10,000 cap to the state and local taxes paid deduction and the lower mortgage interest deduction permanent. It would also make permanent changes to miscellaneous individual income tax deductions.
Standard Deduction and Child Tax Credit: The expanded standard deduction and child tax credit would become permanent, as would eliminating the personal exemption.
Medical Expense Deduction: Additionally, it would extend the newly-expanded medical expense deduction. The Tax Cuts and Jobs Act expanded the medical expense deduction eligibility limit from 10 percent of adjusted gross income to 7.5 percent for tax years 2017 and 2018. This bill would extend that through the 2020 tax year, allowing more individuals to deduct their medical expenses.
Pass-Through Businesses: The Section 199A deduction would be made permanent.
The second bill is the Family Savings Act of 2018 (H.R. 6757). This bill would make two large changes. First, it includes a number of reforms to retirement accounts, similar to those from the Retirement Enhancement and Savings Act of 2018. Second, it would create small universal savings accounts. Individuals would be able to contribute up to $2,500 into the accounts on an annual basis, with any withdrawals being tax free.
The third bill, the American Innovation Act of 2018 (H.R. 6756), would allow businesses to deduct their start-up costs. Firms could deduct the lesser of their start-up expenses or $20,000. The $20,000 amount would be reduced for firms with more than $120,000 in expenses. Expenses that could not be deducted immediately would be amortized over 180 months.
How about Spending Cuts 1.0? We're running a trillion dollar deficit as it is.
Besides, it would need 60 votes in the Senate and they don't have them.
Wall - incomplete
Obamacare repeal- incomplete
Drain the Swamp - incomplete
Lock Her Up - incomplete
I like Trump but his mid-term report card isn’t looking so hot.
Excellent - make the tax cuts permanent.
What makes you ask? He’s been pushing for the wall....he multitasks like no other President before him...and has never backed off his intentions for the wall.
Oh, puleease.
This tax bill actually raised the taxes of millions of middle class Americans.
Corporations (including enemies of conservatives like Facebook and Google) made out like bandits, receiving a tax rate cut from 35 percent to 21 percent, while many individuals in the middle class got screwed.
Blame the Robert “Bedsheets” Byrd Amendment requiring “revenue neutrality.”
The Uniparty is not about to stop the gravy train.
Hello! I’m not saying you’re wrong, especially since it’s not really time to do actual tax returns yet; that’s when we will all really see this impact. However in all simulations I’ve run for our (my wife and I) tax situation for next year we don’t see much difference (certainly not much more than a couple hundred dollars for the whole year) and we certainly have more take home pay each paycheck. Let me give some of our real numbers as an example.
We make about $100,000 a year combined. I’m not sure how you define “middle class” but that figure is definitely “middle class” as far as I’m concerned. In the old tax system yes we could deduct our mortgage interest and property taxes and yes that will be going away next year, however we now net about $300 a month more in take home pay (without changing our personal deductions). So that’s good right?
I mean according to my calculations, we are indeed going to get less for a tax refund (maybe not even anything), but that refund would normally be about $2000, combined even with the state’s refund so really only the federal would normally be about $1,400. Now we may not get that much but we net more in take home pay every month, which works out to be $3,600 a year ($300 x 12).
So honestly, at least from what our actual experience is, and also depending how one defines “middle class income”, I don’t see how the tax cut has not benefited millions of people in the true “middle class”.
Maybe you/your family earn much more (more than $200,000 a year) and if so that’s great I’m happy for you. But I’m sorry, if you do earn that much than you are not “middle class” in my opinion. Also, if you’re single than you aren’t getting the tax benefit if being married when making more than $100,000/yr. so I don’t know if our (yours and ours) situations are comparable in that sense either.
In my opinion, again from all the simulations I’ve seen so far applying to my/our case, we will still be ahead even after losing the mortgage deduction (which by the way we were going to lose anyway because we paid our house off this year but I ran simulations even assuming we still had a mortgage just to check. You can too plugging in our previous mortgage payment of about $500 a month and $2,600 in annual property tax).
So I’d like to see what you think. You don’t have to give your real examples if you don’t want, just use our numbers (no personal deductions for either of us from paycheck) because maybe I’m wrong. But I don’t think so, again we’ve already seen a pay increase from the tax cut.
Whoops sorry I should have told you how much interest we paid not the mortgage payment to run a simulation. It was about $1,000 last year as I recall.
“his mid-term report card isn’t looking so hot”
The most successful 24 months of any presidency I’ve ever seen isn’t enough for you? Considering that he has had to endure the most unified, ruthless and slanderous assault ever seen on one politician I’m very impressed. Trump has accomplished 80% of this on his own while dragging the entire Rino/Republican party behind him.
I guess in your mind it should have been done with 3 loaves and 1 fish.
Thank you for breaking that down.
They need to call these things “exonomix liberty” or something. The dems always cloak their bills with names no one can really be against.
“Economic Liberation”
10% strict, pure flat tax.
BS
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