Posted on 11/02/2017 7:21:40 AM PDT by GIdget2004
House Republicans will propose limiting the deductions for mortgage interest and state and local taxes in the tax bill they are releasing on Thursday, according to a summary of the legislation obtained by The Hill.
The bill, called the “Tax Cuts and Jobs Act,” largely follows the parameters that GOP leaders and the White House outlined in September. It would reduce the number of individual tax brackets, slash rates for businesses and eliminate a number of tax breaks.
In order to offset the costs of the legislation, Republicans are putting forward some proposals that are sure to be controversial.
The bill would keep the mortgage-interest deduction, but only for newly purchased homes up to $500,000. Homes bought in the past could keep the deduction regardless of price. The housing industry is sure to push back on that cap.
The legislation would also taxpayers to deduct their state and local property taxes, but only up to $10,000. It would not allow people to deduct state and local income or sales taxes.
Blue-state Republicans have fought to preserve that deduction, which is important to their constituents. It’s not clear how receptive they will be to the compromise.
“I’m still analyzing it, but right now, I’m strongly leaning no,” Rep. Pete King (R-N.Y.) said.
Several other controversial ideas that were floated to help pay for the bill, including limits on pre-tax contributions to 401(k) plans and including repeal of ObamaCare’s individual mandate, were apparently not included, according to the summary.
(Excerpt) Read more at thehill.com ...
Right?
Even Obama didn’t propose to raise my taxes like this. Sheesh.
Those rates are a friggin DISASTER!!!!!!!!!!
Yes, I think every citizen should have skin in the game by paying some % of Federal tax. They vote, take in benefits, but pay nothing (in some cases)? Not right. Not at all.
Thank you. And I heard on Varney & Co. that there is a $300.00 tax credit for dependents that is also to be available for certain types of dependent, such as a parent who lives with you.
I think the plan is for the Senate to come in on their white horses and fix that.
You know: Kabuki.
(Just so obvious a problem for R voters)
“Leadership has done a wonderful job,” said Rep. Dave Brat of Virginia...
High praise from the Cantor-conquering economics professor!
For somebody losing $16k in exemptions, that $300 doesn’t mean much.
No - its the lowering of the actual rates.
In the first $90,000 of income, I'll now pay $10,800 in taxes. This compares to $13,850 under the current structure. On the rest of my income, I'll pay $41,000 vs $44,850. That's $6,900 lower than today before factoring in itemization and personal exemption (no child tax credits for me). On the flip side, I'll have lose about ~$5k from not itemizing + personal exemptions so the net effect is around $1,750
Supposedly, they're proposing doubling the standard deduction. With that, along with lowering tax rates, it could be a wash or even a net positive for most people.
But, good luck getting the facts to the folks amidst all the noise.
"...to offset the costs of the legislation..." "...in order to pay for the legislation..."
These degenerates actually believe that the government owns everything, and that allowing the taxpayers to keep more of the wealth they produce, is a COST to the state.
I’m not in a high tax state and the bracket numbers they released say that I’m getting screwed.
12%
single.....12,000 to 45,000
married....24,000 to 90,000
25%
Single.....45,000 to 200,000
Married....90,000 to 260,000
35%
Single.....200,000 to 500,000
married....260,000 to 1,000,000
39.6%
Single.....500,000 and higher
married....1,000,000 and higher
From -
https://uk.finance.yahoo.com/news/tax-brackets-gop-plan-150300075.html
I appreciate the link, though not the snarky attitude. Please keep your remarks polite and I will do the same.
As for the info at the link, I will cast a bit of doubt as statistics can be used to mislead. For example, your link shows the % of state population on SNAP. It is misleading to say that mississippi has a higher SNAP cost when the population of Mississippi is 2 or 3 million and californina is 40 million. So your link is still not convincing.
That this is even the starting point is quite disappointing to me....I don’t know what else to say...I will contact all the Republican members from New York State to kill this on arrival.....and it has nothing to do with SALT....the personal exemption elimination is a non-starter....just terribly disappointing.....everything Republicans in congress say or do is nothing but a disappointment.
In my state, we have a Republican governor and a Republican member of Congress. I can’t control the Vote Fraud in the urban areas that elects our Senators or local politicians. But that does not make Conservatives in high tax states less Americans. Further, what you stated is very cynical. I could just easily post that people who suffer under ObamaCare shouldn’t have elected Obama, and therefore they should stop complaining. The reality is that not all of us voted for Obama, and that that is a specious argument.
If this is true, and it passes as shown, I will be paying much more tax. I guess it’s to pay for Princess Ivanka’s Babysitting Services Tax Credit. I’m so excited/s.
I was wouldnt eliminate exemptions. I would reduce them by only 10%. We could go 5%.
Where are you getting these numbers? I know people in the sticks in upstate New York paying more than that on a modest home.
us too.....
LOL!
Well, I prefer to think your remarks come from panic- not stupidity or dishonesty.
But I’ll gladly just ignore them anyway.
Same here.
Only some areas of California have ridiculously priced homes. Inland, house prices are no different than most of the rest of the country. That’s where we lived, and when we moved to Texas we actually paid more for a comparable house.
And I would bet in the expensive areas, those are the blue areas. San Diego, Los Angeles, the bay area. This may not affect very many house Republicans after all.
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