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 ...
I wish they would just do 15% flat tax for everyone, no deductions. The whole point of tax reform should be ensuring everyone pays, and that there are no special interests via deductions.
The NFL isn’t tax exempt any more
WTH !!!!! ?????????
this is the WORST idea EVER !!!!!!!!!!!!!!
I voted for LOWER TAXES !!!!!!!!!
F this tax plan!
It was dumb and wouldn’t work. Just like Herman Cain.
The teams were always tax paying entities. The NFL itself was not. That has all ready ended.
The NFL is no longer non-profit at all.
Spot on. If they did ONLY these things, it would be a successful reform and make a lasting and meaningful impact.
Correct. It removes all itemized deductions except mortgage interest and charitable contributions.
Show me the offsets. No more debt. None. Not one cent.
But rates will be going down. You have to finish the calculation. Your tax may go up, but not by the magnitude you envision.
this plan would devastate the real estate investment market that relies on deducting property taxes to make a property profitable.
THIS IS A HORRIBLE PLAN
How can the GOP get this past RINOs?
Trump could also pull Congressional 0-care exemptions if they keep bucking him.
It is when combined with the new standard deduction. eg
Today a married couple is making $39,000 of income and does not itemize. They will get $12,700 in standard deductions and $8,100 in personal exemptions, leaving a taxable income of $18,200. They will pay $1,820 in taxes (10%).
Trump's tax bill passes for that same couple. They still make $39,000. They get $24,000 in standard deductions and $8,100 in personal deductions, meaning they can be taxed on $6,900 * .12 = $828, so their tax bill is cut by more than half.
no more deductions for children? no more deductions for contributions to retirment accounts?
WORST PLAN EVER !!!!!!!!!!!!!!
“But rates will be going down. You have to finish the calculation. Your tax may go up, but not by the magnitude you envision.”
I didn’t vote for Trump for him to raise my taxes!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Making things more complicated and then talking about the average or a specific case is a fools errand....
Repeat your calc for a homeowner with a $24,000 itemized deduction ...
this plan would devastate the real estate investment market that relies on deducting property taxes to make a property profitable.
THIS IS A HORRIBLE PLAN
***
That’s why you don’t put all your eggs in one basket or investment type. This plan gives the middle finger to all those big-mouth libs in NY, NJ and California that whined they were willing to pay higher taxes.
Now they get their chance.
well if you are a homeowner you should care because this plan would cause the real estate market to collapse making the home you are living in worth less than you owe possibly.
This could cause another massive recession/depression.
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