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 ...
And they'll still vote Rat, anyway.
You’re right about the welfare ploy by Rubio in my view and I sure hope it hurts him, he needs to be gone.
They had to do this under the rule they used to get it passed. To make it permanent they needed 60 votes.
Not to worry, with all the Puerto Ricans coming to Florida....over 200K in Orlando since September, we won’t have to worry about Rubio in 2022 or any other Republican getting elected for a long time if ever again.
Thanks jazusamo. Even Marco Boobio is voting for it, and Bob Dorker.
Do the corporate tax cuts happen immediately, or do they start in 2019? Are they phased in over time?
The $10k is on top of the deduction, not sure about timeline on corp.
And the mandate will not be repealed until 2019.
There is nothing for me in this dog of a bill.
I was at a Studebaker club meeting. A couple in their 70’s had a mixed race two year old they had adopted, apparently from a grandchild. He was exahusting just to watch. I hope they live long enough to raise him because nobody else in the family will do it.
The $10,000 SALT limit is whatever combination of property tax and/or state/local income taxes (or sales taxes depending upon the state) you have. It’s in lieu of the 24K standard deduction,
The corporate reductions and changes are effective Jan 1, 2018.
See Obamacare insurance premium subsidies.
For MILLIONAIRES whose dividend and capital gains income comes in under about $48,000 - they are eligible for generous tax credits if they buy their insurance via their state’s online exchange.
(Flip side of this, if they make at least $1 over the cut-off, they lose this tax credit and pay substantially more for their insurance premiums. The so-called “obamacare cliff”.)
OK Everbody, look at this:
Mariner says this is great relief. At least they allow the SALT to include both Property and Income taxes, even though it’s limited to $10k.
I’m still a little pissed they are screwing so many, but my hit is marginal instead of thousands$$$$.
The Corporate rate cuts and eliminating the AMT, significantly reducing the Death Tax are all wonderful things.
My son was really concerned about SALT as I know you were and when I read that I thought of you both, glad that’s in there.
You going to pay any taxes early this year? (like property taxes)
I remember when SALT meant Strategic Arms Limitation Treaty. (SALT I and II)
It’s also exploited by deadbeats like my brother-in-law and sister-in-law. It makes me want to scream every year when my BIL brags about how much he got back on his “tax refund”. I told him last year, “no, it’s a redistribution of wealth.”
My SIL has never had a full-time job (hasn’t worked at all in 15 years) and my BIL hasn’t had a steady income or made more than a few thousand dollars a year in over a decade. They have no motivation to take care of themselves or their surroundings...it’s disgusting on every level imaginable.
My in-laws enable the behavior by taking care of them and providing housing, food, and health care for them and their children. They trashed one home they were living in rent free and now my in-laws just purchased a new 3,000 square foot home for them.
My wife and I expressed our concerns to my in-laws, but we’ve given up. They say “it’s what family does” and then they told my wife that they’ll just come live with us when the money runs out. I told my wife that it’ll be a cold day in Hades before that happens.
The alternative to Rubio is another Bill Nelson. Do you really want to turn Florida into another California?
Primary Rubio, vote for a conservative. But if he is the eventual candidate, don’t take a stand that will lead to second Socialist Democrat Senator from Florida.
Hopefully bill Nelson will lose Florida in 2018. Why else would so many Puerto Ricans move to Florida rather than New York?
Oh, Yes. I raised my two nephews (got them when they were 3 and 5) because their parents were:
a) Clinically INSANE and diagnosed as such and...
b) A bum!
Granted, I was in my mid-30’s so I had a LOT more energy, but it’s surprising the number of people I know RIGHT NOW who are raising other family member’s kids.
Oh, No! Could it be true? Does it take a village? *SNORT*
(FU, Hillary, you washed-up Socialist two-time LOSER!)
“The GOPe and RINOs are expert at snatching Defeat from the jaws of Victory.”
And they’re even MORE expert at blaming it on anyone BUT themselves! Grrr! Drain The Swamp!
MAGA! :)
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