Posted on 12/01/2017 11:56:11 PM PST by Jim Robinson
The Senate passed the Tax Cuts and Jobs Act on Thursday, which serves as one of the final steps for Congress to pass historic tax legislation. The Senate passed the Tax Cuts and Jobs Act 51-49, almost entirely along party lines, with Vice President Mike Pence presiding over the vote. Sen. Bob Corker (R-TN) voted against the bill, and 48 Democrats voted against the tax reform legislation as well.
Reluctant Republican senators such as Susan Collins (R-ME) and Jeff Flake (R-AZ) voted for the bill after last minute changes were made. Flake received a commitment from Republican leadership and the White House that they would pursue a permanent solution for the Deferred Action for Childhood Arrivals (DACA) illegal aliens, while Collins received a provision that would keep the deduction for state and local taxes (SALT).
The Senate agreed earlier this month to move forward on the motion, 52-48, to proceed on the Tax Cuts and Jobs Act. The Senate Budget Committee passed tax reform legislation on Tuesday, even after Sen. Bob Corker (R-TN) and Sen. Ron Johnson (R-WI) expressed skepticism about the bill’s current form. Corker reported that he was reassured about the Senate bill including a “fiscal trigger” that will dial back the tax cuts should the tax bill fall short of revenue projections.
The Senate bill retains the current income tax system’s seven brackets, while the House version collapses the seven brackets into four. The wealthiest Americans would have their income tax fall to 38.5 percent, while the lowest tax bracket will fall to ten percent. Similar to the House tax bill, the Senate version will double the standard deduction for individuals to $12,000, and $24,000 for married couples. The Senate bill also raises the child tax credit from $1,000 per child to $1,650.
(Excerpt) Read more at breitbart.com ...
“Do they need to do a reconciliation vote?”
always. and any and all provisions could potentially change ...
Thought so...
I am waiting to either celebrate or cry in my beer...
Did not like what I read about a concession to Flake for a permanent DACA solution. My trust of him and his ilk is not very high~!!!
Well, on the one hand, that is good because obamacare mandate is out...but with this bunch there is always an “other hand,” and that is the hand we have to keep watching ;(
Precisely. And a point which the Trump-bashing crowd has refused to acknowledge. They keep saying that Trump is saving Obamacare, when in reality he's destroying it 9 ways to China.
The Individual Mandate is Obamacare. It's the linchpin on which the whole house of cards depends. Without it, Obamacare will now die a relatively speedy death.
Consequently, America now at least has the opportunity to engineer something which allows for a maximum choice and maximum competition, without resorting to the coercive mandates which the Left is so fond of fomenting on the People...
I’m fine with companies getting a tax cut. That’ll bring jobs back to the United States. Capitalism works when it is tried and not punished.
“Most of this was instilled in me as basic values as a child.”
Bingo, my parents and grand parents survived the depression
living in one home with a garden.
Who pays 10 f-ing grand a year in property taxes?
Spurious comparison.
People move to Florida to retire. Their Social Security and Medicare go with them.
Big deal.
Seriously?.. I reside on Long Island.My property taxes are $11500, and I am living in a modest home. My taxes are lower than quite a few neighborhoods around me. Hope you were being sarcastic.
Long Island. Property tax $ 11500. Over 70 per cent of that is for the skrewell district! I contacted both Reps Zeldin and King and told them to go after the school districts.A $1500 reduction in the that tax would immediately solve some problems.
“That’s a damn lie! Mine are going up to subsidize “everyone”.”
So, you are in a high SALT State, where we’ve been subsidizing you all these years because you just deduct those taxes off your federal return?
— To: Momincombatboots: you are not denying that taxes will go up on CodeToad, you’re just explaining why that - in your opinion - is not a bad thing. Bottom line, though: Many people in high-tax states will see their federal taxes rise under this “tax reform” legislation.
“Apparently quite a few well-heeled freepers in deep blue states.”
That’s their choice and its their choice to continue to vote to raise those taxes, but they don’t have the right to expect they get to keep that money locally and pay less than the rest of us in federal taxes.
This bill stops high-tax States from being subsidized by the low-tax States.
All taxpayers are being rectally screwed. No taxpayer is subsidizing another taxpayer; we are getting the high hard one it just the Feds just pulled out a little on some and shoved it in deeper on others. But we are being B F-ed in the long run if you pay federal taxes.
I already have a Florida property to retire to however I am a little rarly. You can never be too early to find it. Keepers.
“How much is the house worth now?”
________________________________________
I don’t know, but real estate prices in Nassau County and Suffolk County are quite high.
The house has a mother-in-law apartment on the upper level, with four or five rooms. My 81 year-old third cousin lives there. She has lived in this same house since the 1950’s. Her (long ago) deceased parents lived in that house too, as did her husband, who died in his 20’s of a congenital heart defect while bowling.
Her daughter (my 4th cousin) lives on the lower level with her retired police officer husband. Their three kids were raised in that house. Two of them now less elsewhere.
Sean Hannity always complains on his radio show about his real estate taxes, and his complaints are justified.
Well; when the bill for the post-game party can no longer be avoided...
Good!!!
I've got 2 goats, 2 ducks, one chicken and 10-11 cats.
They oughtta be worth around; lessee; $7500 off my total.
The biggest scam and sleight-of-hand EVER!!
Hey boss!
Didja hear on TV that our business taxes are going to DOUBLE??!!??
Get the bean counters in here NOW and have them figure out how much to raise our selling prices to be unaffected by this.
Doesn't Canada ALSO have a SPENDING problem?
Does Ottawa have a large, albatrossian National Debt that looms ever larger?
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