Posted on 11/08/2017 7:28:05 PM PST by Mariner
As they prepare to unveil their own sweeping tax plan, Senate Republicans are revisiting key provisions of the GOP House proposal, including possibly eliminating property tax deductions as well as state income tax deductions, increasing the size of child-care credits, offering more help to small businesses and having corporate tax cuts phase in or expire, according to those familiar with the negotiations.
The final outline of the Senate plan, scheduled to be released Thursday, remained a work in progress, officials cautioned.
“Everything is on the table,” said one Republican official Tuesday evening, who did not want to be identified discussing the talks.
House and Senate Republicans agreed on an early framework for the tax overhaul — lowering corporate rates to 20% and consolidating individual brackets.
But as House Republicans push ahead with a vote next week on their bill, Senate Republicans are constrained by Senate rules that require their package not increase the federal deficit by more than $1.5 trillion over a decade.
Core to the Senate’s dilemma is how to make the corporate tax rates immediate and permanent — as President Trump wants — which has left them searching for revenue streams so they don’t add to the deficit.
They are considering various options: Fully repealing state and local tax deductions that are important to California and other high-tax states, including property taxes; adjusting individual tax brackets so higher-income households that earn less than $1 million fall in the top 39.6% rate; retaining some type of estate tax; or repealing parts of Obamacare.
(Excerpt) Read more at latimes.com ...
What they’ve done instead is expand the $$ in “refundable” credits the EITC crowd will get.
I’ve been called a breeder - but this tax “relief” makes a distinction between different breeders.
Some breeders receive the EITC credit where they receive a “refundable” credit that is larger than tax they paid in.
This plan expands EITC and they make out GREAT.
My husband and I, however, will no longer have personal/dependent exemptions which will add over $28k to taxable income.
This sure doesn’t feel like “relief” no matter how much republicans slap themselves on their backs.
If you currently pay taxes, you still will. If you don’t currently pay taxes, you still won’t.
New tax plan, same as the old tax plan.
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
That’s the way I see it too. There
‘s nothing new under the sun.
It wasn’t!
Thank you for the clarification, that makes me feel better.
I was like, man, I can’t believe someone is sticking up for the GOP :O
Cut it out folks it’s the L.A. Times...lies and liars.
There are no "wise and honest" and no place for them to repair, I am afraid. George Washington is rolling in his grave.
The answer is simple.
Cut taxes across the board.
Everyone with income pays something.
CUT SPENDING BY 1% per year, every year, for 10 years.
The problem isn’t that there isn’t an answer.
The problem is the lack of courage by RINOpiblicans, who are the lackeys of big business.
Reagan got rid of the Deduction for Interest paid on Credit Cards and Loans. He also restricted some Business Expense Loopholes. Remember the three Martini Lunch? LOL
We had a 28% Top Tax Rate, now it’s 39.6. The very idea that most of the people in this Country are just fine and dandy with Income Tax Policies that require other Citizens to turn over half their Earnings to the Taxman because they happen to be successful stinks of Socialism.
Those same people would balk of you called them what they are, closet Socialists. Heck, make that mainstream Socialists.
The U.S. Senate can go _______ themselves. McCain first.
Nary a one of these posters should be allowed to remain on this site, with posting privileges!
Raise the import tariffs and drop individual and corporate taxes.
It’ll put more Americans back to work. It’ll send government tax revenues through the roof, even as it cuts government support payments.
“That should slow down the housing market.”
Slow it down? It would crater it.
This is definitely not why I voted republican.
The STUPID Party strikes again!
These idiots are trying to lose control of the Congress to the evil party.
GOP and even some Dems back then wasn’t GOPE backstabbers of today. I’m sick of everybody dumping on Trump as to blame when it’s Congress Republicans willing to die and lose and not pass anything just because it’s Trump. Trump was ready and willing to sign a simple repeal of Obamacare and the GOP didn’t even want to do THAT!!!
Require sterilization for long-term welfare.
This will vastly reduce generational poverty, which is a huge drag on the economy.
My Father told me when I was a whining 13 Year Old who had to work at his Business in order to earn an Allowance, “nobody owes you a living, so shut up and get back to work”.
That little bit of advice has been my Life’s truth for the past 50 years, and counting.
My Mother always said, “you help people who can’t help themselves, not people who won’t help themselves”.
That is also something I have always carried with me, but most Liberals would be offended by that statement nowadays.
If there was a national sales tax on consumption (excluding certain basic necessities such as food, rent, medical) they would be not escape some share of the tax burden. Then maybe those of us currently carrying a heavy tax burden could receive some slight relief.
I raised my progeny the same way and now, it's the next generation, of my family, being raised that way too.
Too bad that this is no longer the "norm".
https://youtu.be/s86-Z-CbaHA
I had my first Paper Route when I was nine or ten. Did that for a couple of years but it started to affect me getting my Homework done.
I always did something to make a buck. One day my best friend tells me that he gets a weekly allowance, so I go to my Dad and ask him for an Allowance. (up to that point if I needed money I had to ask and be very specific on who, what, where and why).
My Dad proceeds to look up at the ceiling. I ask him what he is looking at. He says, the roof over your head. LOL
He then tells me if I want an “allowance”, I will have to work for it, so he got me up at 6:30 on Saturday morning to go to work at his Gas Station.
I was there 15 hours every other Saturday, from opening until closing. (Child Labor Laws?, HAHAHA). I think he paid me a buck an hour.
Did that for a couple of years. He wanted me there EVERY Saturday, but my Mother talked him in to letting me have a Life. LOL
I have to admit it was kinda fun, even if he was the Boss from hell. Mopping the Lube Bay was soooo much fun.
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