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Republicans unveil tax plan, call for doubling deduction and cutting rates
Fox News ^ | Sept 27, 2017

Posted on 09/27/2017 11:35:34 AM PDT by Jim Robinson

Congressional Republicans on Wednesday unveiled the framework for their long-awaited tax-reform plan, which simplifies the tax system and cuts rates for businesses -- while attempting to boost household incomes by nearly doubling the standard IRS deduction used by most Americans.

“Today, we move one step closer to fixing our broken tax code," House Speaker Paul Ryan, R-Wis., said. "This is our best opportunity in a generation to deliver real middle-class tax relief, create jobs here at home, and fuel unprecedented economic growth.”

The framework plan calls for increasing the standard deduction to $12,000 for individuals and $24,000 for families, which essentially doubles the amount of personal income that is tax-free.

Congressional Republicans describe the change as creating a larger “zero tax bracket.”

(Excerpt) Read more at foxnews.com ...


TOPICS: Breaking News; Constitution/Conservatism; News/Current Events; Politics/Elections
KEYWORDS: taxcut; taxes; taxreform; trump; trumptaxplan; trumptaxreform
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To: sparklite2

There is no doubling of the mortgage interest deduction.


361 posted on 09/30/2017 10:03:04 PM PDT by arrogantsob (Check out "Chaos and Mayhem" at Amazon.com)
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To: eartick

This not a BUDGET it is a TAX BILL, geez.


362 posted on 09/30/2017 10:07:11 PM PDT by arrogantsob (Check out "Chaos and Mayhem" at Amazon.com)
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To: TexasGator

What “personal deductions” would raise your taxes that much?


363 posted on 09/30/2017 10:08:42 PM PDT by arrogantsob (Check out "Chaos and Mayhem" at Amazon.com)
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To: Tenacious 1

A massive sales tax would do nothing but tank the economy.


364 posted on 09/30/2017 10:11:38 PM PDT by arrogantsob (Check out "Chaos and Mayhem" at Amazon.com)
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To: Tenacious 1

Elimination of state and local tax deductions will never get through and shouldn’t it is a throw away in negotiations.


365 posted on 09/30/2017 10:22:42 PM PDT by arrogantsob (Check out "Chaos and Mayhem" at Amazon.com)
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To: TexasGator

Homes sold are not all new. In Chicago the average price for a sale in a good neighborhood does not exceed 270,000


366 posted on 09/30/2017 10:47:04 PM PDT by arrogantsob (Check out "Chaos and Mayhem" at Amazon.com)
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To: rb22982

Can capital losses still be chargeable to gross income?


367 posted on 09/30/2017 10:50:46 PM PDT by arrogantsob (Check out "Chaos and Mayhem" at Amazon.com)
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To: arrogantsob
AND like I said to the person that CANNOT comprehend I will say it again.

Where are they cutting SPENDING you fricking IDIOT!!!!!!!

368 posted on 10/01/2017 6:35:09 AM PDT by eartick (Been to the line in the sand and liked it, but ready to go again)
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To: arrogantsob

Read my post.


369 posted on 10/01/2017 8:12:46 AM PDT by TexasGator
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To: arrogantsob

Well thank you. So many are painfully ignorant.


370 posted on 10/01/2017 11:14:33 AM PDT by raiderboy ( "...if we have to close down our government, we’re building that wall.”)
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To: eartick

You are too dumb to be on Free Republic since you don’t understand the difference between a TAX bill and a BUDGET.

TAX bills determine HOW money is raised for the government. BUDGETS describe WHAT the money raised by the TAX bill is to be spent. They are two different things unrelated to each other. Any cuts will be in the BUDGET not in the TAX bill.

The budget comes later. Is that simple enough for you?


371 posted on 10/01/2017 9:59:48 PM PDT by arrogantsob (Check out "Chaos and Mayhem" at Amazon.com)
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To: arrogantsob

I say again.....where are the spending cuts??????


372 posted on 10/02/2017 3:05:40 AM PDT by eartick (Been to the line in the sand and liked it, but ready to go again)
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To: eartick

You can’t possibly be this dense. Cuts would come in a BUDGET not a TAX bill. It has been repeatedly explained to you but you either refuse to listen or cannot grasp the obvious.


373 posted on 10/02/2017 12:44:18 PM PDT by arrogantsob (Check out "Chaos and Mayhem" at Amazon.com)
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