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 ...
There is no doubling of the mortgage interest deduction.
This not a BUDGET it is a TAX BILL, geez.
What “personal deductions” would raise your taxes that much?
A massive sales tax would do nothing but tank the economy.
Elimination of state and local tax deductions will never get through and shouldn’t it is a throw away in negotiations.
Homes sold are not all new. In Chicago the average price for a sale in a good neighborhood does not exceed 270,000
Can capital losses still be chargeable to gross income?
Where are they cutting SPENDING you fricking IDIOT!!!!!!!
Read my post.
Well thank you. So many are painfully ignorant.
You are too dumb to be on Free Republic since you don’t understand the difference between a TAX bill and a BUDGET.
TAX bills determine HOW money is raised for the government. BUDGETS describe WHAT the money raised by the TAX bill is to be spent. They are two different things unrelated to each other. Any cuts will be in the BUDGET not in the TAX bill.
The budget comes later. Is that simple enough for you?
I say again.....where are the spending cuts??????
You can’t possibly be this dense. Cuts would come in a BUDGET not a TAX bill. It has been repeatedly explained to you but you either refuse to listen or cannot grasp the obvious.
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