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Republicans unveil tax plan, call for doubling deduction and cutting rates
Fox News ^ | Sept 27, 2017

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 ...


TOPICS: Breaking News; Constitution/Conservatism; News/Current Events; Politics/Elections
KEYWORDS: taxcut; taxes; taxreform; trump; trumptaxplan; trumptaxreform
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To: Scotswife

And until they give specifics, you don’t know.

But if you’re that worried, get in touch with the Prez and Congress and make your worries known. See what they say.


321 posted on 09/28/2017 9:26:39 AM PDT by Luircin
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To: Jim Robinson

Cautiously optimistic.

Need to see the details. Removing the state tax deduction will hurt. Don’t like taxing legals persons (corporations) different than physical persons as a philosophical thing.

But ok.


322 posted on 09/28/2017 9:26:56 AM PDT by redgolum
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To: Scotswife

The Child Tax Credit was meant for those lower and middle class families raising kids as a means for helping them. I have no problem with it, or with the income limitations the government places on who gets the credit and who doesn’t. But as part of the increase in the child tax credit they propose greatly increasing the income level that qualifies for it. People with upper six figure incomes need the child tax credit? Give me a break.


323 posted on 09/28/2017 9:37:39 AM PDT by DoodleDawg
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To: Jim Robinson
"This is our best opportunity in a generation to deliver real middle-class tax relief

I'm sick of the class warfare crap.

Let's have real tax cuts for EVERYBODY who actually pays taxes.

324 posted on 09/28/2017 9:39:19 AM PDT by NorthMountain
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To: rb22982

Unfortunately that is not in the published framework.


325 posted on 09/28/2017 9:39:34 AM PDT by TexasGator
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To: Luircin

They all say they will file the concern ...


326 posted on 09/28/2017 9:41:55 AM PDT by TexasGator
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To: rb22982

Lol. You said you work all year to maintain tour tax data!


327 posted on 09/28/2017 9:46:58 AM PDT by TexasGator
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To: rb22982

And all this only takes you 10 minutes a year?

WOW!


328 posted on 09/28/2017 9:48:37 AM PDT by TexasGator
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To: DoodleDawg

They were already getting an exemption deduction.

The child credit was just buying votes.


329 posted on 09/28/2017 9:50:45 AM PDT by TexasGator
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To: Jim Robinson

NO INCOME OR CORPORATE RAX. CONSUMPTION TAX. DARE TO BE GREAT, THIS IS THE OPPORTUNITY.


330 posted on 09/28/2017 9:55:47 AM PDT by morphing libertarian (Imprison Obama, Clintons, Holder, lynch now.)
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To: TexasGator

As a retired couple making 50k a year l our medical insurance and medical deductions and property taxes our are only deductions . This will actually hurt us. We own our home, No mortgage.


331 posted on 09/28/2017 9:59:35 AM PDT by Irish Eyes
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To: Luircin

Will do!


332 posted on 09/28/2017 9:59:54 AM PDT by Scotswife
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To: DonaldC

I hope it passes also.


333 posted on 09/28/2017 10:00:31 AM PDT by pollywog (" O thou who changest not....ABIDE with me")
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To: DoodleDawg

There are very few out there who couldn’t use a CTC - especially considering the cost of tuition.
They will have to up the income requirement considering they just took away $4080 per child in taxable income.
Again - it depends on who gets to define “middle” and “upper” class.
This is ripe territory for politics of resentment - who gets to decide who “needs” what.

Anyhow - I’m still thrilled to death with all this “relief” we’ll be getting! /s


334 posted on 09/28/2017 10:05:45 AM PDT by Scotswife
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To: TexasGator

Yeah, I spend a lot of time /rollseyes. The ~2 receipts I need per property I throw in a binder when I get home..and then pull it out at tax time lol. My W2 is pulled electronically. All my personal information is saved. I can grab my mortgage/tax information in a couple minutes electronically. Cozy.co keeps track of my rental income and the basics of my rental properties carry-over in the software. Helps I don’t do much day trading and all of my dividend stocks/funds are in IRAs, 401ks or NQ Def Comp plans that are tax deferred. HUUUGE amount of time during the year (maybe 1-2 hrs total in prep spread throughout the year)!


335 posted on 09/28/2017 10:14:11 AM PDT by rb22982
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To: rb22982

OK. So your 10 minutes is now hours ...


336 posted on 09/28/2017 10:19:14 AM PDT by TexasGator
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To: Irish Eyes

And your two $4000 exemptions.


337 posted on 09/28/2017 10:20:16 AM PDT by TexasGator
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To: TexasGator

le sigh lol *at most* 1 to 2 hours over the course of the year IF you include putting the receipts away, and that’s being generous. My actual taxes at tax time takes 10-15 minutes yes. Most people are doing the first part like I’m doing and still spending hours at tax time.


338 posted on 09/28/2017 10:35:16 AM PDT by rb22982
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To: rb22982

And you spend zero time on tax planning?


339 posted on 09/28/2017 10:42:36 AM PDT by TexasGator
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To: TexasGator

No, no real reason to since I basically max out every potential tax def account I can do - 401k,HSA,NQDC [if you are familiar with those] - and I can’t do a Roth or backdoor Roth (at least not cheaply) + most of my investments outside of tax deferred funds are rental properties that are not that complicated with cozy.co. My taxes in retirement in ~10 years or so will be more complicated as I start to draw down retirement accounts with 72t SEPP withdraws, my NQDC pays out, and Roth conversion ladders but still not too bad


340 posted on 09/28/2017 11:10:39 AM PDT by rb22982
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