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 ...
Does anyone know if it addresses the AMT and Death Tax issues?
AMT gone and Death Tax Exemption Limit doubled from what I understand.
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...
“We just smiled and waved...sittin’ there on our sack of seed.” ;)
(Wildwood Weed - Jim Stafford)
if Rubio is pushing legislation to benefit his constituency, then he’s doing his job....
I like how they talk about "doubling" the standard deduction....$6500 doubled is $13000 not $12000....
Those of us with memories like elephants will remember Little Marco holding the tax bill hostage for his pet liberal cause.
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).
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...
See post 89 above regarding the AMT.
how are the S-corps getting hit? We own one and was just wondering...
Does anybody have a GIF of somebody puking?
Yes, I get to pay for Sean and Rachel Campos Duffy’s 8 kids. Yaaaaay!
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.
All those new Puerto Rican transplants getting fat off the refundable tax credits and voting D . . .
Pretty much same situation. Hoping for the best but our lives will not change much either way.
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.
I’ll message you. :)
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.
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