Posted on 09/30/2017 7:45:37 PM PDT by Tolerance Sucks Rocks
Bold tax reform got a big boost on Wednesday.
Leaders in the House, the Senate, and the White House have all agreed on a tax outline, meaning a true update to our broken tax system could be imminent.
First, the GOP tax plan framework would lower taxes for individual Americans. It would double the standard deduction for individuals and thereby expand the zero-percent bracket, and it would create three income tax brackets (down from seven): 12, 25, and 35 percent, respectively.
Most simply, this will allow all Americans to keep more of their hard-earned money in their pockets.
Importantly, the plan goes a long way toward fixing our business tax system, which makes it hard for U.S. businesses to invest in new equipment and new factories. Slow investment caused by our high and distortionary taxes has limited American job creation and slowed wage growth.
This isn’t some hidden truth known only to economists. Almost 80 percent of Americans understand that high corporate taxes lead to lower wages and encourage corporations to do business outside of the U.S.
The proposed new 20 percent corporate tax rate would mean a raise for hardworking Americans.
To maximize its benefits, tax reform must include permanent full expensing. This would allow companies to write off the cost of investments they make in their own workplace immediately, such as the cost of office space needed to hire additional workers.
Right now, the proposal grants five years of expensing, but that can easily be expanded at little additional cost. This simple change, if made permanent, could grow the economy by more than 5 percent over 10 years.
Without full expensing, the current system will continue to keep the cost of investing artificially high, thus discouraging business expansion.
(Excerpt) Read more at dailysignal.com ...
If it doesn't raise taxes then what is the point in raising the rate? Don't believe everything they say.
You comment will not be in a headline the 20% increase will be.
If it really doesn't raise anyones taxes then why raise the rate?Twelve percent of nothing is still nothing but it will sure make a talking point and it will be heard. Stupid, stupid idea, no matter how they spin it.
The first years I paid Federal income tax, the 1040A short form was a single IBM card and the instructions was one sheet of paper front and back.
It’s now been simplified into a book requiring a CPA to fill out.
whole generations of folks buying their houses and keeping their houses up to date, knowing that at least they can deduct the property tax off their taxes....
I'd rather see the interest deduction gone than the property tax...
Every line has been bought and paid for. Body Mortgage Care says it all, without regenerated souls from Above, 90% of the Senate and House are out to exploit not help. They do not participate (exempt) in body mortgages, they shield themselves here too.
The Tax Gatherers and Sinners kicked out of Russia, probably why there’re paranoid of Russia, and Trump can’t lift the sanctions under the bill, only the seed of those that crucified the Christ. Again , this seed “must” (John 3) be regenerated as the first four books of the New Testament show.
Yep - I want to see the delineation of the tax brackets - going to 12% would help me while going to 25% would be a retirement crusher.
That remains to be seen. I know that under this plan my taxable income goes up considerably. I know that the lowest tax rate goes up from 10% to 12%. If I wind up keeping any more of my hard-earned money will depend on where the 25% bracket kicks in.
And the individual exemption goes away. They're giving deductions with one hand and taking them away with the other.
Both will start with the first dollar of taxable income. How could it be otherwise?
Yes, but all of the “principled conservatives” and other “single issue” voters will claim that it isn’t perfect, and will not address all problems, so forget it!
Just continue on with the current unfair system until we get perfection on the first shot. Yeah...that’ll work! We did that in the 2008 and 2012 elections. We sat on our hands and sent a strong message!
Yeah, that’ll work!
The deduction for state taxes is a direct subsidy that needs to be removed. I shouldn’t be responsible for your bloated state taxes.
That old Communist chestnut of Class Envy reappears any time tax cuts are discussed. Every tax cut is tax relief for the rich, doncha know?
If one guy pays $200 in taxes but Louie Gotrocks pays $500,000 then a 5 percent tax cut means a LOT more money for Louie. Both guys get the same tax relief proportionally but the actual dollar amounts are different and that offends our Leftist snowflakes.
Personally I’d like to see income taxes tossed onto the trash heap of history, but barring that I’d like to see EVERYBODY pay at least something in income taxes. Everybody needs to help pull the wagon, whether they’re riding on that wagon or not.
The same Democrat Party that preaches "bipartisanship?"
I always wondered how it would work if the first $20,000-$30,000 wasn't taxed. That would encourage (???) some of those on welfare to get a job as they would get more at work than on welfare.
Mebbe just pie in the sky, but I always thought something like that would work better than taxing the lower earners at a lower rate - don't tax them at all.
Please let’s repeal the income tax!
It’s the tool to insert all things bad about the federal government into our lives...
Yeah we need to fund the government but in a way that minimizes government power and intrusion but maximizes our freedom.
This nrst fits that. I’m all in.
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