Posted on 12/15/2017 3:07:31 PM PST by jazusamo
Congressional Republicans unveiled the most sweeping overhaul of the nation’s tax code Friday evening with an eye toward final passage next week after two key GOP senators endorsed the legislation.
The final version of the so-called Tax Cuts and Jobs Act keeps seven tax brackets, but reduces rates for five of them. The new rates start at 10 percent and rise to 12, 22, 24, 32, 35 and 37 percent. The corporate tax rate is reduced from 35 percent to 21 percent and the bill provides sweeping tax deductions to other businesses, lowering their top effective tax rate to about 30 percent instead of 39.6 percent
The final package would double the basic per-child tax credit for families making up to $400,000 a year from $1,000 to $2,000. Sen. Marco Rubio, R-Fla., was expected to vote for the bill after winning a late concession that would make up to $1,400 of the credit available as a tax refund to lower- and middle-income families with relatively small tax bills.
(Excerpt) Read more at foxnews.com ...
Just Do It!
If they manage to pull this off, I’ll be completely amazed. The GOPe and RINOs are expert at snatching Defeat from the jaws of Victory.
I’m retired and have liquidated all assets. I really no longer have a dog in this fight, but I’m hoping for the best to MAGA! :)
How can tax credits exceed tax paid.... ???
Has some good stuff in it. And some not so good stuff in it. The scale tips slightly to the good stuff side (removing Obamacare Mandate, 509s for Private schools, ANWAR Exploration) - I’m for it.
You’d think they could find a few red-state Democrats to support this, to compensate for McCain and Collins, who are always doubtful.
“How can tax credits exceed tax paid.... ???”
They should not. Using the tax system as a welfare provider. Been that way for a long time.
It’s damned WELFARE for those already getting welfare of some sort and a REDISTRIBUTION OF WEALTH; not to mention the raising of taxes of many MIDDLE CLASS people and lying about it.
I’m not thrilled about the $1400 tax refund but the rest looks okay to me.
It’s too late for either of us to be poppin’ out any more babies!
However, the 70-something guy that works at my local Walgreen’s has a daughter...in THIRD GRADE! Yikes!
He’s probably happy about this increase, LOL!
It’s not even a tax refund, it’s a treasury welfare grant.
Shouldn't that result in <~10% of the tax code left standing?
LOL! Yikes is right, 70 something with a daughter in 3rd grade.
Are you kidding. They'll be running against it.
“How can tax credits exceed tax paid.... ???”
Earned Income Tax Credit passed in exchange for eliminating some forms of welfare. Instead of paying someone to sit on their butts, you have them work and then give them a bonus via the tax system.
“The earned income tax credit (EITC), first proposed in the early 1970s, was signed by President Ford. It was later substantially expanded by President Reagan, who deemed it “the best anti-poverty, the best pro-family, the best job creation measure to come out of Congress”.”
Other refundable credits include some for education, which then functions like a grant to help a student with expenses outside of tuition.
Other tax credits can only reduce your tax burden to zero, and then become meaningless beyond that point.
The Earned Income Tax Credit is for the benefit of those who have no tax liability, AT ALL, and is a redistribution of funds, which are paid for by the higher rates applied to those earning more.
Still required to file a return, though. Neat little scheme that has been exploited by a number of illegal resident aliens, and if once established on the tax rolls, may even be collected if they have been deported back to their own country.
What does it mean that individual reduction would end in 2026?
Does it all go back to current rates?
If add o, this similar to the Bush 10 year tax cut.
We need to get rid of all obamacare taxes by then.
Yeah, “Sweeping Overhaul” isn’t even close! More like rearranging the deck chairs on the Titanic. Cut taxes for everyone and balance the budget for gosh sake (and repeal Obamacare, etc, etc, etc.).
Die Obamacare DIE!!!
Exactly Right. I’m getting a middle class tax increase so non contributors can get more free stuff.
Ridiculous redistribution!
Tax and spend Republican crap sandwich.
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