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 ...
Corporate tax rate down from 35% to 21% - This is nuts!
This cut needs to be provisional. Add X amount of jobs to get the rate drop.
Big corporations will just sit on this extra cash while the Treasury goes more broke.
We get stuck holding the bag, again.
I don’t know what all that refers to my FRiend, maybe someone will define it here.
Ain't it the truth!
This tax bill is pretty bad for me.
Service based S-Corps are getting it pretty damn hard.
I was lied to — by everyone.
What the hell — someone has to carry the load.
First, pass it, then, keep making it much better with future legislation, for many years to come!
Simple, it’s called a handout.
Fake news.
Anyone have the latest tax estimator? I would like to see how much we will end up owing next year. That various plans had us between $700-900 more federal taxes for a married retired couple (one over 65, one under 65).
Well,I love it,the more money they make,the more I make,it’s that 401k thing.
“Corporate tax rate down from 35% to 21% - This is nuts!
This cut needs to be provisional. Add X amount of jobs to get the rate drop.
Big corporations will just sit on this extra cash while the Treasury goes more broke.
We get stuck holding the bag, again.”
This couldn’t be more wrong. Should have been 15% as POTUS originally proposed.
The whole point of reducing corporate taxes is to make doing business in the US more attractive than overseas.
Why not double the rates and pay off the debt? Would work just fine except there would be almost no industry left to pay the tax. Sort of like we’ve been doing now.
And the beneficiaries will still vote Rat anyway.
When the economy is growing tax revenues increase. Tax cuts are the best economic stimulus engine that there is. Stop worrying.
It’s always fun to hear of that check as a tax “refund”...
I fail to see the logic of leaving their cash in the bank to earn 0.1% as opposed to investing it to get 8-10% in returns. If they won't invest in job creation, those who receive those investments probably will use them for job creation.
AMT for taxpayers was not repealed. So the IRS gives me a tax break on one hand but takes it all back with the other.
It’s all a shell game. PT Barnum was right.
Big corporations have billions sitting offshore simply because the rate is 35%. Many have promised to bring that money home if the rate is reduced to a more sane level.
This will come back to haunt him in his next election here in Florida.
Marco my words!
Leni
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