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GOP unveils final version of tax reform bill
Fox News ^ | December 15, 2017 | Samuel Chamberlain

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 ...


TOPICS: Business/Economy; Front Page News; Government; News/Current Events
KEYWORDS: 115th; incometaxes; taxcutsandjobsact; taxes; taxreform; taxreformbill; tcja; trumptaxcuts
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To: dynoman
Thanks. Pretty much confirms our paying $450 more in federal taxes. The calculator came up "You'd lose $472"
81 posted on 12/15/2017 7:20:50 PM PST by CatOwner
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To: jazusamo

Does anyone know if it addresses the AMT and Death Tax issues?


82 posted on 12/15/2017 7:27:20 PM PST by lgjhn23 (It's easy to be liberal when you're dumber than a box of rocks.)
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To: lgjhn23

AMT gone and Death Tax Exemption Limit doubled from what I understand.


83 posted on 12/15/2017 7:36:33 PM PST by Kickass Conservative ( THEY LIVE, and we're the only ones wearing the Sunglasses.)
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To: alloysteel
actually I believe the EIC was a little something something to pay back these people for SS contributions...

I've never gotten any such gift in my life...the govt holds special sessions just to get people like me to pay more in taxes...

84 posted on 12/15/2017 8:05:25 PM PST by cherry
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To: sergeantdave

“We just smiled and waved...sittin’ there on our sack of seed.” ;)

(Wildwood Weed - Jim Stafford)


85 posted on 12/15/2017 8:06:45 PM PST by Diana in Wisconsin (I don't have 'Hobbies.' I'm developing a robust Post-Apocalyptic skill set.)
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To: MinuteGal

if Rubio is pushing legislation to benefit his constituency, then he’s doing his job....


86 posted on 12/15/2017 8:09:05 PM PST by cherry
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To: mrsmith
still not sure about Salt plus the on top of the standard deduction if you itemize?...

I like how they talk about "doubling" the standard deduction....$6500 doubled is $13000 not $12000....

87 posted on 12/15/2017 8:20:58 PM PST by cherry
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To: MinuteGal

Those of us with memories like elephants will remember Little Marco holding the tax bill hostage for his pet liberal cause.


88 posted on 12/15/2017 9:02:51 PM PST by NautiNurse (DonÂ’t make me pay Ferrari prices for Chevy Vega health insurance.)
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To: Mariner

The AMT was eliminated for Corporations but was retained for individuals albeit with higher thresholds (higher by about 15K for individuals and about 25K for couples).


89 posted on 12/15/2017 9:12:49 PM PST by House Atreides (BOYCOTT the NFL, its products and players 100% - PERMANENTLY)
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To: House Atreides
the more I learn of this "reform" the more I see it as anti senior citizens and anti American citizens....

it rewards those with multiple children in OTHER COUNTRIES...

it takes away the prime deductions for older Americans...property tax, charitable deductions, etc...

they're pulling a fast one....

per the calculator, even with my husband collecting SS, the "savings" is a pittance and then we learn that the rates CAN BE TINKERED WITH in a few yrs....

we're getting screwed...because they sure are not going to give anything to the aging diminishing white minority voters...

90 posted on 12/15/2017 9:21:40 PM PST by cherry
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To: Kickass Conservative; lgjhn23

See post 89 above regarding the AMT.


91 posted on 12/15/2017 9:27:58 PM PST by House Atreides (BOYCOTT the NFL, its products and players 100% - PERMANENTLY)
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To: freedumb2003

how are the S-corps getting hit? We own one and was just wondering...


92 posted on 12/15/2017 11:07:45 PM PST by terart
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To: jazusamo
The new rates start at 10 percent and rise to 12, 22, 24, 32, 35 and 37 percent.

Does anybody have a GIF of somebody puking?

93 posted on 12/16/2017 12:06:39 AM PST by Tolerance Sucks Rocks (Women prefer men with money and muscles. DUH!)
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To: jazusamo

Yes, I get to pay for Sean and Rachel Campos Duffy’s 8 kids. Yaaaaay!


94 posted on 12/16/2017 12:07:51 AM PST by Tolerance Sucks Rocks (Women prefer men with money and muscles. DUH!)
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To: momincombatboots

Covert spending bill is what it is, to try to cover the $4T budget outline. Hopefully, I will see more money, but without my personal exemption, I’m not sure of that.


95 posted on 12/16/2017 12:08:46 AM PST by Tolerance Sucks Rocks (Women prefer men with money and muscles. DUH!)
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To: MinuteGal

All those new Puerto Rican transplants getting fat off the refundable tax credits and voting D . . .


96 posted on 12/16/2017 12:10:07 AM PST by Tolerance Sucks Rocks (Women prefer men with money and muscles. DUH!)
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To: Diana in Wisconsin
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! :)

Pretty much same situation. Hoping for the best but our lives will not change much either way.

97 posted on 12/16/2017 3:53:31 AM PST by trebb (Where in the the hell has my country gone?)
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To: trebb; Diana in Wisconsin

I’m retired and have liquidated all assets.

I am sure there is much more to this than meets the eye.

I am well past retirement age, still working, paying taxes and spending money to have my taxes done by someone who knows what he is doing. All necessary to support the two of us and the assets.

I guess my questions are, why you decided to liquidate, what have you discovered post liquidation good or bad, and was it the right decision. Hope I haven’t asked too much. I would guess simplification would be one reason.


98 posted on 12/16/2017 4:50:36 AM PST by wita (Always and forever, under oath in defense of Life, Liberty and the pursuit of Happiness.)
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To: wita

I’ll message you. :)


99 posted on 12/16/2017 4:55:58 AM PST by Diana in Wisconsin (I don't have 'Hobbies.' I'm developing a robust Post-Apocalyptic skill set.)
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To: terart

Apparently we are going to 35% and there is NO help coming.

Right now it is 33%.

And from what I understand we will be losing some deductions.

NOT the tax cut promised.


100 posted on 12/16/2017 6:20:04 AM PST by freedumb2003 (Conservatives should do daily affirmations: reading/repeating the 9th and 10th Amendments)
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