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’m not really aware of any federal “tax breaks” for the NFL - though obviously nearly all teams are deep in bed with their municipalities.”
It’s related to some kind of federal tax exempt status surrounding the municipal bonds that are issues to build the billion dollar playgrounds for a league that has more than enough money to build a new stadium or two each year. I wish I could cite the exact details, but the gist of it is what I described.
Yup. Sounds like a Republican establishment budget. Let’s stupidly help Democrats by increasing the number of zero tax payers. Oh, and let’s help the super rich that love us, but hate Donald Trump. As for the middle class, they don’t like us anyhow, so screw them.
I hope this budget catches fire and flames out like Icarus.
Precisely. A rough calculation is you start to really lose at $40,000. (lose $300 or so).
Warren Buffet and the kid manning KFC on the weekends thanks you for your financial support.
rates are going up 2%
The Democrats are correct essentially. Cut taxes for the rich (and the poor)and raises them for everyone else.
“It’s related to some kind of federal tax exempt status surrounding the municipal bonds “
Municipal bonds in general are exempt from federal taxes.
I did read the person’s comment. Why don’t you read before posting?
“Municipal bonds in general are exempt from federal taxes.”
OK, maybe it was some legislation passed that included pro sports stadiums as a municipal project ... I’ll need to read up on it again ... I was speaking off the cuff, but I know something changed at the federal level that helped the ‘new stadium explosion’ that started in the early 1990s catch on everywhere.
yeah I jumped the gun based on what others said.
And what about the not-so-big-mouth conservatives in PA who voted for Trump, who will see their tax liability go up astronomically.
And just how many pages of the broken tax code will they eliminate?
Not enough to save a sapling.
Doesn’t help those of us who labored for decades, saved our money, endured 60 years of taxes for the War on Poverty and retired to STill have to pay for all this .....well...stuff. Howe about a break for us folks who now have medical bills and still keep paying for those who never contributed?
No tax cut for business as long as they are tearing down our borders ans smearing us on he corporate media. Oh, and sending jobs abroad!
Better to point to a provision and identify the actual people. "Super rich" sounds just like Chuck Schumer speak. This is not a bill, if there's something actually wrong it can be fixed.
Are you going to propose a way to target those business that actually do that? Or are you just assuming all business is evil.
There are good things in the proposal that will definitely help the economy. But I suspect there are a lot of people in high tax states like CA that are going to be against the bill because they can’t deduct their taxes. That’s fine, make a case. But please don’t trash the bill for class warfare reasons. America is built on opportunity and taxes only for the “rich” penalize success.
Interest rates have been 3.5% or lower for most of the last few years. I’ve gotten sub 3% three times and 3.5% on rental properties (which have a higher rate) in the last 3 years, including the last 6 months. I did a 2.875% no cost refi a year ago. Figured anyone who could had already refied
The Chamber of Commerce is feckless, duplicitous and treacherous. since their collective actions along with the Demo elites are particularly harmful to us they need to pay taxes and a lot of taxes. Innocent people are going to pay regardless I would prefer it to be them instead of us.There are very few newspapers that are owned by anything but libs and the same goes for networks. I think they are all responsible for that as well.
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