Posted on 12/02/2017 1:08:21 PM PST by Navy Patriot
In the early hours of Saturday morning, the Senate passed a sweeping tax overhaul bill in largely party-line vote.
Just one Republican, Tennessee Senator Bob Corker, voted against it on deficit concerns. The Congressional Budget Office estimated the bill would cost $1.47 trillion over a decade. Many Republicans continue to say the bill will pay for itself through greater economic growth, despite all analyses to the contrary.
The final Senate bill differs from the tax bill passed by the House in mid-November. Those differences now must be reconciled and a final piece of legislation voted on by both chambers.
(Excerpt) Read more at money.cnn.com ...
Found this:
“charitable deduction would be allowed for certain qualified tuition and related expenses relating to qualified religious instruction. It’s been introduced by Sen. Orrin Hatch, R-Utah, the chairman of the Senate Finance Committee, which will consider the GOP-backed tax overhaul legislation.”
I also read it was part of the plan approved last night.
Thanks for the update...looks like it needs some serious “reconciliation” in committee...perhaps it will end up staying the same at 10% after they talk.
How can the bill cost 1.4T over 10 years? It is our money, not the government’s money. There is no one in DC willing to cut the first cent in spending.
“Oh, bull crap! If he had concerns about the deficit, maybe he’d start cutting spending...”
Where the hell was he during the Obama years? Oh year, likely following the ‘Senate Leadership’.
A number of Republicans are like that. Obama can increase the debt a trillion dollars a year, and the Republicans don’t even try to do jack. But let the Republicans pass a pro-growth tax cut that increases the debt (maybe) by a trillion dollars over 10 YEARS, and all of a sudden, they find something to oppose.
Probably not for me, either, unless it stimulates stock prices. But on earnings, taxes, etc... no help.
Amazing that most of the people in this country who will pay higher taxes are on this thread.
Nobody really cares about deficits. They’re only goal is to be retired rich and living abroad before the economy collapses.
I hear a lot of people saying this will penalize people with large families. I'm concerned about this.
Trump voters don't care about Russia, don't care about "p***y-grabbing" or any of the other stuff but if they get more money taken out of their wallets, they'll care.
This is the first thing people notice.
Good Lord. I was using the old brackets per the bill at the beginning of the month and miscalculated the savings. I thought I would see about a 12% reduction in my taxes.
Looks like I’ll “only” see an 18% reduction instead.
Take your tax return and run the numbers. You might be very pleasantly surprised.
Great, another conservative barn door is opening with the deduction of private tuition.
It doesn’t. A $2000 child tax credit is far more valuable than a $4100 exemption, assuming your gross income is less than $500K.
Democrats Erupt In Anger After ‘Corrupt’ Tax Bill Passes The Senate
Huffpost ^ | Carla Herreria
Posted on 12/2/2017, 4:54:36 PM by Libloather
Many Democratic senators said they weren’t able to read the entire draft of the tax rewrite, which contained handwritten notes and crossed-out pages, ahead of the vote. Others promised they would keep fighting against the bill, which still needs to be reconciled with the House version before it becomes law.
“This Congress doesn’t work for working families,” Sen. Elizabeth Warren (D-Mass.) tweeted early Saturday morning. “It works for corporate lobbyists & campaign donors in backroom deals & 1:30 a.m. votes.”
She added, “This corruption is hollowing out America’s middle class & tearing down our democracy.”
(Excerpt) Read more at m.huffpost.com ...
http://freerepublic.com/focus/f-news/3610022/posts
Saving the tax plan comparisons...
Thanks for posting the table, plain talk!
I have faith that Trump is now going to cut spending.
Agreed.
I would get rid of every deduction there is and lower the rate to something less than 10%.
That’s real reform.
Excellent and most critical point.
This "Costs" horse manure is all FAKE Premise unendingly pushed by the Uniparty Elite, Communists, Socialists, Globalists, Mainstream Media and Banksters.
They believe all money is THEIR money and nothing belongs to the people who produce it.
That's tax reduction and simplification which always benefits the average Joe American over the Elite Crony Capitalist Tax Lawyer American .... like the Americans in Congress.
Will do.
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