Posted on 09/27/2017 11:35:34 AM PDT by Jim Robinson
Congressional Republicans on Wednesday unveiled the framework for their long-awaited tax-reform plan, which simplifies the tax system and cuts rates for businesses -- while attempting to boost household incomes by nearly doubling the standard IRS deduction used by most Americans.
“Today, we move one step closer to fixing our broken tax code," House Speaker Paul Ryan, R-Wis., said. "This is our best opportunity in a generation to deliver real middle-class tax relief, create jobs here at home, and fuel unprecedented economic growth.”
The framework plan calls for increasing the standard deduction to $12,000 for individuals and $24,000 for families, which essentially doubles the amount of personal income that is tax-free.
Congressional Republicans describe the change as creating a larger “zero tax bracket.”
(Excerpt) Read more at foxnews.com ...
10% —> 12% is NOT a cut, you retards.
Fewer brackets with higher steps between introduces more dysfunctional decision making. Fewer brackets is a YUGE mistake.
Fantastic! More people taken off the tax roles who will be happy to vote for more free stuff at the next election. This will create a whole new crop of democrats.
EVERYBODY should pay income tax so they have a stake in the game and see what they are getting for their hard labor. This proposal is just ridiculous and pandering of the lowest sort.
The NFL corporate office is a non-profit. The teams aren’t.
I’m not really aware of any federal “tax breaks” for the NFL - though obviously nearly all teams are deep in bed with their municipalities.
So, I’m curious what exactly you want the feds to do to the NFL?
Doo-Da, Doo-Da!
Tax reform = Pull the string for Democrats!
AAAAAAHHHHHHGGGGGG! Tax Cuts for the RICH! Republicans hate poor people! They want to throw granny off a cliff! What about the Children?!!!!!
- ditch the fascist "alternative minimum tax."
- kill the death (inheritance) tax for good.
- get rid of the "negative" ("earned" income credit) tax. No makee, no getee.
- Unlimited contribution deduction to medical savings accounts.
- Tag on Obamacare repeal
“Fair” Tax = sales tax which is applied to saved money already (incometaxed) taxed.
Totally unfair.
“- get rid of the “negative” (”earned” income credit) tax. No makee, no getee.”
ABSOLUTELY. It’s just hidden welfare by another name. Everybody should pay a positive amount into the system so they can see exactly what they are getting for their taxes.
They will fold like a cheap suit......................
Who’s zoomin who, here. McBrainCancer will not permit it.
McCain doesn’t much care anymore. But I would say after Mr. Moore won last night and Corker announced his retirement, the GOPe got a message delivered yesterday.
Tax reform is different than healthcare. It is easier to “buy” votes. I suspect that this one will pass. I also predict that Trump is now going to go after some red state democrats to get on board.
And EVERYONE needs to be vested in a system which reflects real world consequences for their ballot choices.
I’m still for a law making only taxpayers eligible to vote. Maybe that would do away with the fed income tax in short order.
I only read about the ‘standard’ deduction doubling. Where did you read about the mortgage interest deduction doubling?
Double the std deduction and recalculate.
Today, we move one step closer to fixing our broken tax code,” House Speaker Paul Ryan, R-Wis., said. “This is our best opportunity in a generation to deliver real middle-class tax relief, create jobs here at home, and fuel unprecedented economic growth.”
The framework plan calls for increasing the standard deduction to $12,000 for individuals and $24,000 for families, which essentially doubles the amount of personal income that is tax-free.
Congressional Republicans describe the change as creating a larger “zero tax bracket.”
...
Truth: sounds good, Ryan, you traitor...folks, he only wrote it this way because he has assurance from McConnell that it won’t be passed at all...
Ryan needs a brass knuckle session or a Jimmy Rockford roll of nickels encounter.
It doubles the standard deduction, not the mortgage interest deduction.
Reports are that this will raise taxes on homeowners in the 50,000 to 120,000 dollar income range.
I break even on the personal deduction vs itemized deduction change but elimination of personal exemptions will raise my taxable income by $8,000.
Our kids (family of four) will lose about $16,000 overall depending on tax rate break points which have not yet been released.
Trumps plan hits hardest his own supporters.
It was pulled years ago.
My mistake. This isn’t about the mortgage interest deduction.
With the middleclass tax payer being pushed into the Alternative Minimum Tax, which I believe is around $59K, the changes to the tax code will be nothing but window dressing for the politicians in their next re-election campaign. Unless they have the fortitude to address the AMT very little will change for the individual despite the hoopla around tax reform.
Another blablah speech and no sign of spending cuts
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