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First details emerge of GOP's sweeping tax bill
The Hill ^ | 11/02/2017 | NAOMI JAGODA AND SCOTT WONG

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 ...


TOPICS: Breaking News; Business/Economy; Government; News/Current Events
KEYWORDS: 125th; hiddentaxbracket; tax; taxcuts; taxes; taxplan; third100days; trumptaxcuts; trumptaxplan
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To: SJackson

I’m hearing these asshats are NOT going to make it retroactive. I mean Whiskey, Tango, Foxtrot.


461 posted on 11/03/2017 6:42:44 AM PDT by nikos1121 (Let's get Newt in there to help...)
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To: palmer

I dont hate corporations. I hate politicial hacks like ryan,brady, mcconnell and other liars and whores who derive money and influence from anti american overseas activities of multi national companies all at the expense of american workers. It is corporations that fund and push open borders cheap labor immigration to reduce their costs while changing the culture and demographics of the country all increasing the left wing voter base. It is the US chamber of commerce supporting and bribing these dirtbags to vote to stab america in the back in order to enrich corporate interests. Corporations are no longer American corporations they are World corporations with no loyalty to the country except greed and personal enrichment for the executives.

Have I answered your question enough or do you need more?


462 posted on 11/03/2017 8:23:26 AM PDT by Okeydoker
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To: Brown Deer

You are completely missing my point... you are asserting that CA as a whole is not paying their fair share, while I am stating that individual Californians are paying more in taxes than an individual in a similar position elsewhere. Both can be true. The mortgage interest and SALT deductions are a back door cost of living adjustment to taxable income. As far as the statistics, I was making a point about sloppy methods mixing the use of mean and median values to shape results to desired outcome. I brought illegal aliens into it, because I, like you, consider them to be invaders rather than “undocumented immigrants”. Thus, their presence in great numbers in CA lowers that IRS revenue per capita you quote... even more so when you consider their kids.


463 posted on 11/03/2017 8:51:07 AM PDT by leakinInTheBlueSea
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To: Okeydoker

No, that’s an adequate answer. The difficulty is distinguishing patriotic American business from the others in terms of tax policy. There’s no way to draw a clear line within any kind of tax policy. Not even close to possible. But we have no choice but to stop the leftist punishment of corporations for the sake of class warfare. We have a better alternative in the current tax plan, as far from perfect as it might be.


464 posted on 11/03/2017 9:15:57 AM PDT by palmer (...if we do not have strong families and strong values, then we will be weak and we will not survive)
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To: redgolum

unions reduce wages they always have

profit is not evil


465 posted on 11/03/2017 9:53:35 AM PDT by vooch (America First Drain the Swamp)
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To: so_real

Nobody will read it until it is passed. Ain’t that what congress does today with bills. Pass so we can read. (sarcasm tag on).


466 posted on 11/03/2017 10:01:10 AM PDT by RetiredArmy (We are in the Last Days of human history. Jesus is coming back, & soon! Do U know Him?)
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Comment #467 Removed by Moderator

Comment #468 Removed by Moderator

To: GIdget2004

There are no homes in CA under 500k.
The mortgage interest deduction will be a non-starter for much of the West Coast.

Ryan would know that if he ever traveled other places on his own dime.


469 posted on 11/03/2017 12:47:56 PM PDT by Zathras
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To: C210N
ell, we don’t need a Congress AND a judiciary, kind of redundant these days.

Hell, we don't need a President, either.

Just black-robed unelected jurists running the country.

470 posted on 11/03/2017 1:28:51 PM PDT by Lazamataz (The "news" networks and papers are bitter, dangerous enemies of the American people.)
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To: Mariner; mrsmith
It’s the Republicans in Congress that increasing my net taxes. To argue otherwise would make a person look real stupid.

GO EASY on the Republicans. Just because they have the Presidency, the Senate, and the Congress, doesn't mean they can do anything meaningful or good for America!

471 posted on 11/03/2017 1:40:57 PM PDT by Lazamataz (The "news" networks and papers are bitter, dangerous enemies of the American people.)
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To: EnquiringMind
I hope that not just one, but many of your oxen get gored by this POS mess.

There are a great many things in it, yet to be made public, so something/s are in it, for YOU to choke on the crap sandwich, as well.

472 posted on 11/03/2017 2:22:41 PM PDT by nopardons
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To: GOPe Means Bend Over Spell Run
There are now not 3, not 4, but FIVE known brackets; do try to keep up!

Taxes are different in every region, state, and yes, even withing a state.

What one earns in one local, does NOT equate with everyone earning the same amount in other locals, so your puerile request is not just stupid, but patently ridiculous.

And this disgusting, cobbled together by arseholes tax INCREASE on many and giving even MORE money to those who pay NO fed taxes at all,is now, a horror !

473 posted on 11/03/2017 2:28:44 PM PDT by nopardons
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To: redgolum

It won’t pass; however, if this garbage keeps up, yes, the GOP is dead and the rest of what you wrote shall follow.


474 posted on 11/03/2017 2:33:27 PM PDT by nopardons
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To: palmer
Lowering corporate taxes, whilst STEALING money from others, to "pay for that"...helps NOBODY!

With less money, people, in this nation, won't be able nor willing to BUY stuff from these corporations!

Many things aren't a "zero sum game", but THIS is!

There are now FIVE different brackets, that we know of; not 3, not 4, but 5! Who knows what else is buried in this miasma?

There is also, now, we come to find out...a large RAISE in the amount paid to those who do NOT pay ANY Fed taxes at all!

Doesn't that make you feel all warm and fuzzy? /s

Stop "justice signaling" with your idiot claim that you are willing to give up your tax deductions for LARGE CORPORATIONS! CORPORATIONS DON'T PAY TAXES ANYWAY...THEY JUST RAISE THEIR PRICES AND/OR MOVE.

475 posted on 11/03/2017 3:29:23 PM PDT by nopardons
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To: Sequoyah101

BRAVO...KEEP YELLING, KEEP POSTING, AND YOUR POST WASN’T “BURIED” AT ALL.


476 posted on 11/03/2017 3:31:16 PM PDT by nopardons
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To: GOPe Means Bend Over Spell Run
You don't know what you're talking about at all. So the more you post, the more everyone can see that you are a fool!

And psssssssssssssst...some people are now in a HIGHER tax bracket, thanks to this idiocy!

477 posted on 11/03/2017 3:37:06 PM PDT by nopardons
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To: nopardons

Thanks. It is a shame though that the scene of the capitol blowing up on the movie Independence Day warms my heart and then I get excited at the thought of it being full of SOS politicians.

Id rather my daughter be a prostitute than politician but am gratified she is neither.


478 posted on 11/03/2017 4:03:06 PM PDT by Sequoyah101 (It feels like we have exchanged our dreams for survival. We just have a few days that don't suck.)
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To: Mariner
Appears that way, doesn't it. That's today's middle class, or near enough. Getting screwed again.

Pitifully, we fall for these pretenses again and again.
479 posted on 11/03/2017 4:11:48 PM PDT by softengine
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To: leakinInTheBlueSea
I was making a point about sloppy methods mixing the use of mean and median values to shape results to desired outcome.

I did no such thing.
480 posted on 11/03/2017 4:39:52 PM PDT by Brown Deer (America First!)
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