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 ...
Never mind, I found the latest tax rates. Since all of the tax estimators didn't break out SS income separately, they aren't equipped to determine which portion of that income is taxable. Also, the estimators don't ask for medical expenses separately, which is kind of important in the comparison since the current system has a 10% of AGI threshold, while the new tax scheme has a 7.5% of AGI threshold.
Based on manually computing the difference, we'll owe $450 more under the new tax plan, or about 10% more than we would have owed. :middle_finger:
You’ve got company. Those of us with significant SALT deductions, are going to see a sizable tax increase.
I agree, more good than bad in this bill. I am for it.
The nitty-gritty:
https://taxfoundation.org/conference-report-tax-cuts-and-jobs-act/?utm_content=buffera9228&utm_medium=social&utm_source=twitter.com&utm_campaign=buffer
VERY detailed explanation.
Democrat Sen. Marco Rubio
— Who elected this turd?
Who was obviously preset by Republican leaders to inject more welfare at the last minute.
Primary the Republicans anyways.
That isn't the main impact for us. We'll be right at the $10k limit, and for next year, our estimated state income taxes will be less than $600, so it's not a huge deduction. Thankfully, California doesn't tax social security (for how much longer remains the question).
Our problem is the loss of medical expenses as a deduction. Sure, they dropped the threshold from 10% to 7.5% of AGI, but the standard deduction of $24k for filing jointly will trump that in all but the most extreme cases of huge medical expenses.
McConnell could have used nuke ootion, but they’re afraid to do that
Thanks for the link!
I do not recall the McConnell Nuke Option in the U.S. Constitution.
Which clause is it under?
It’s actually there under legislation passing by mahority vote.
It’s the filibuster you won’t find as oart of the process
What are the provisions for S-Corp? Got a link?
So much detail, and yet nothing about capital gains or the 3.8% Obamacare tax added to capital gains above a certain threshold ($125k single, $250k joint, $200k other). The latter nails couples who have been in their houses for many years and plan to downsize in retirement.
I’m not thrilled about the $1400 tax refund but the rest looks okay to me.”””
TOTAL? Or for each child??? Big family—legal or illegal would possibly get $1400 for each child, if ABC Nightly news just stated it correctly.
“I’m retired and have liquidated all assets.”
So you ate all the chocolate chip cookies? I’m disappointed.
Surprised.
Well, maybe it’s in the explanation of the conference bill
http://docs.house.gov/billsthisweek/20171218/Joint%20Explanatory%20Statement.pdf …
Same here. No dig in the fight but I always pull for Trump m
Check post 79.
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