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 ...
Yeah! Right!!! We’ll see
Who will be the first to say, “DOA” McCain, Flake, Collins, Paul, Cruz, Murcowski? Take your pick. Let’s have a poll
Just end the federal income tax and go back to tariffs.
And cut FedGov down to whatever size that implies.
It worked great from 1787 to 1913. No reason it won’t now.
The Dems will block it with everything they got. McPain will denounce it, the bitch from Maine and Alaska will say they won’t support it.
The rest of the GOP will run away to their safe spaces................
Any chance the GOP removes the NFL tax breaks and tax exempt status?
I love it. Whatever happened to the Fair Tax? Another forgotten promise by Repubicans pre Trump.
Corker.
Looking at the summary on fox, lot of good stuff in the plan. I hope it passes.
Exactly, pull their exemption now!
McPain will call for a ‘bipartisan approach’ so he won’t vote for it.................
Make the deductible and tax rates change with inflation to avoid bracket creep.
No sport should have a tax exempt status. They are business enterprises......................
Pretty good pick. I’m on the fence. It may be Hellers turn.
Where is the Bill. I want to read it!!Why wasn’t it brought out in regular order after the required public committee hearing. Why are we allowing government by oligarchy. Why do we elect people to go rubber stamp what 6 people craft in secret. I promise you this is not a good bill. It was written by K street for K street. I want my tax reduction. I want to know how much I get. I want the government to stop spending more that they get in. Have we lost our country to the oligarchs? This is not the way to legislate!!!!!
Doubling the mortgage interest deduction is fixing the code?
Is anyone in Washington serious?
Wall Street lobbyists are speed dialing their favorite congresscritters from both parties, telling them to sabotage this by any means necessary. But middle class wage earners and small businesses would benefit from Trump’s plan, as would the whole economy.
Another good pick. So you think the Repukes will use the far left as an excuse this time. They can also use the Purist approach or the “moderate” approach. So many ways to avoid supporting Trump. What to choose, what to choose.
If DJT wants to enlist millennials and especially new college grads, they need to find a way for those new into the workforce to average their income. For that matter why not everyone. If they made nothing for 4 years and in school they should be able to average their new found wealth to get established and help pay off loans, buy cars, homes, ect.
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