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 ...
Nope. Smoke and mirrors. Complications to the max.
The std ded change is dust thrown into the eyes. Less equal treatment.
” I hope it passes.”
If you are a homeowner with $50,000 to $120,000 in income, most likely you will be paying more.
Haven’t seen the tax rate break-points yet but this could cost me thousands as I would be reporting $8,000 more in taxable income.
My kids (family of four) will have an additional $16,000 in taxable income!!!!!!!!!!!!!!!
Perfect.
Besides that, states have a bad habit of raising state taxes when federal tax becomes less of a burden. The real tax cut would've been to do health care reform that cut down on obscene profits by insurance, pharmaceutical, and caregiver entities.
Bottom line....it still is "repeal and replace" Obamacare with affordable health care not controlled by the government that will go the furthest to save the middle class. The 'pubs are probably incapable of doing "tax reform" that doesn't benefit wealthy people more than anyone else.
It was pulled in 2015.
And hopefully their reelection campaigns will also be viewed by the voters as DOA.
The NFL gave up their tax exempt status a few years ago. They didn’t want public to know how much money they make.
“Where is the Bill. I want to read it!!Why wasn’t it brought out in regular order after the required public committee hearing. “
There is NO bill. This is a framework. Good to get discussion started.
They already did.
I am afraid of this. We need to see the brackets now!
“Doubling the mortgage interest deduction is fixing the code?”
They are NOT doubling the mortgage interest deduction.
“It’d be about time. “
Valid point in 2014 as the tax-exempt status was removed in 2015.
The problem will be the usual one: Everyone who loses something they want will scream loudly, while those who don’t care will remain silent. But...
Family of 4. Currently, get 12,600 standard deduction and $4050/person, so $28,800 is off the table. Under the new plan, they will get a standard deduction of $24,000, no personal exemption for parent or child. So an additional $4,800 will be taxed, and their taxes raised to 12%.
The framework published today doesn’t specify anything about the child tax credit, although it says it will be bigger.
Going to be a tough sell, I think.
“The NFL corporate office is a non-profit.”
Not since 2015.
Whoops! Talking without knowing = poster look foolish.
You need to go read up on the details. It is rather complicated and A LOT would have to happen. Transition could be pretty tough. There are some challenges to having it and restricting anything else, for sure. But if fully implemented as it is written and intended, it would be GREAT for this country. The hardest thing is, we don't have the courage to take that leap. And the government certainly would not let go of the power that is taxation.
“With the middleclass tax payer being pushed into the Alternative Minimum Tax, which I believe is around $59K,”
I hope you don’t advise your relatives on tax issues ...
Most “Fair” tax discussions do not include any discussion of the transition that would be in any way “fair”.
Most “Fair” Tax advocates are single minded and not at all interested in nuance.
“But if fully implemented as it is written and intended, it would be GREAT for this country. “
Right. As a middle-class homeowner my taxable income increases by $8,000. Our daughter’s family’s taxable income increases by $16,000!!!!!!!!!!!!!!!!!!!!!
“Family of 4. Currently, get 12,600 standard deduction and $4050/person, so $28,800 is off the table. Under the new plan, they will get a standard deduction of $24,000, no personal exemption for parent or child. So an additional $4,800 will be taxed, and their taxes raised to 12%.”
Our daughter is in a family of four. Their itemized deductions are about $24,000. Their taxable income will go up about $16,000.
My taxable income will go up about $8,000.
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