Posted on 11/02/2017 7:21:40 AM PDT by GIdget2004
House Republicans will propose limiting the deductions for mortgage interest and state and local taxes in the tax bill they are releasing on Thursday, according to a summary of the legislation obtained by The Hill.
The bill, called the “Tax Cuts and Jobs Act,” largely follows the parameters that GOP leaders and the White House outlined in September. It would reduce the number of individual tax brackets, slash rates for businesses and eliminate a number of tax breaks.
In order to offset the costs of the legislation, Republicans are putting forward some proposals that are sure to be controversial.
The bill would keep the mortgage-interest deduction, but only for newly purchased homes up to $500,000. Homes bought in the past could keep the deduction regardless of price. The housing industry is sure to push back on that cap.
The legislation would also taxpayers to deduct their state and local property taxes, but only up to $10,000. It would not allow people to deduct state and local income or sales taxes.
Blue-state Republicans have fought to preserve that deduction, which is important to their constituents. It’s not clear how receptive they will be to the compromise.
“I’m still analyzing it, but right now, I’m strongly leaning no,” Rep. Pete King (R-N.Y.) said.
Several other controversial ideas that were floated to help pay for the bill, including limits on pre-tax contributions to 401(k) plans and including repeal of ObamaCare’s individual mandate, were apparently not included, according to the summary.
(Excerpt) Read more at thehill.com ...
I’m hearing these asshats are NOT going to make it retroactive. I mean Whiskey, Tango, Foxtrot.
I dont hate corporations. I hate politicial hacks like ryan,brady, mcconnell and other liars and whores who derive money and influence from anti american overseas activities of multi national companies all at the expense of american workers. It is corporations that fund and push open borders cheap labor immigration to reduce their costs while changing the culture and demographics of the country all increasing the left wing voter base. It is the US chamber of commerce supporting and bribing these dirtbags to vote to stab america in the back in order to enrich corporate interests. Corporations are no longer American corporations they are World corporations with no loyalty to the country except greed and personal enrichment for the executives.
Have I answered your question enough or do you need more?
You are completely missing my point... you are asserting that CA as a whole is not paying their fair share, while I am stating that individual Californians are paying more in taxes than an individual in a similar position elsewhere. Both can be true. The mortgage interest and SALT deductions are a back door cost of living adjustment to taxable income. As far as the statistics, I was making a point about sloppy methods mixing the use of mean and median values to shape results to desired outcome. I brought illegal aliens into it, because I, like you, consider them to be invaders rather than “undocumented immigrants”. Thus, their presence in great numbers in CA lowers that IRS revenue per capita you quote... even more so when you consider their kids.
No, that’s an adequate answer. The difficulty is distinguishing patriotic American business from the others in terms of tax policy. There’s no way to draw a clear line within any kind of tax policy. Not even close to possible. But we have no choice but to stop the leftist punishment of corporations for the sake of class warfare. We have a better alternative in the current tax plan, as far from perfect as it might be.
unions reduce wages they always have
profit is not evil
Nobody will read it until it is passed. Ain’t that what congress does today with bills. Pass so we can read. (sarcasm tag on).
There are no homes in CA under 500k.
The mortgage interest deduction will be a non-starter for much of the West Coast.
Ryan would know that if he ever traveled other places on his own dime.
Hell, we don't need a President, either.
Just black-robed unelected jurists running the country.
GO EASY on the Republicans. Just because they have the Presidency, the Senate, and the Congress, doesn't mean they can do anything meaningful or good for America!
There are a great many things in it, yet to be made public, so something/s are in it, for YOU to choke on the crap sandwich, as well.
Taxes are different in every region, state, and yes, even withing a state.
What one earns in one local, does NOT equate with everyone earning the same amount in other locals, so your puerile request is not just stupid, but patently ridiculous.
And this disgusting, cobbled together by arseholes tax INCREASE on many and giving even MORE money to those who pay NO fed taxes at all,is now, a horror !
It won’t pass; however, if this garbage keeps up, yes, the GOP is dead and the rest of what you wrote shall follow.
With less money, people, in this nation, won't be able nor willing to BUY stuff from these corporations!
Many things aren't a "zero sum game", but THIS is!
There are now FIVE different brackets, that we know of; not 3, not 4, but 5! Who knows what else is buried in this miasma?
There is also, now, we come to find out...a large RAISE in the amount paid to those who do NOT pay ANY Fed taxes at all!
Doesn't that make you feel all warm and fuzzy? /s
Stop "justice signaling" with your idiot claim that you are willing to give up your tax deductions for LARGE CORPORATIONS! CORPORATIONS DON'T PAY TAXES ANYWAY...THEY JUST RAISE THEIR PRICES AND/OR MOVE.
BRAVO...KEEP YELLING, KEEP POSTING, AND YOUR POST WASN’T “BURIED” AT ALL.
And psssssssssssssst...some people are now in a HIGHER tax bracket, thanks to this idiocy!
Thanks. It is a shame though that the scene of the capitol blowing up on the movie Independence Day warms my heart and then I get excited at the thought of it being full of SOS politicians.
Id rather my daughter be a prostitute than politician but am gratified she is neither.
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