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 ...
Good news! You can see Democrats crying about it here. Vile creatures.
https://twitter.com/hashtag/TaxScamBill?src=tren&data_id=tweet%3A936799767983566853
So much is at issue. The capital gains exemption of up to $250,000 ($500,000 for married couples) would require living in the house five of the previous eight years (currently, it’s two of the previous five). That’s going to cause a nightmare for some folks who move every 2-4 years because their job relocates. I’m surprised they didn’t raise the exemption amounts given the longer duration.
If Collins got her way on SALT, though, that’s a bad thing.
These are not "historic" tax cuts. The REAGAN Tax cuts were historic --- they cut rates FOR EVERYONE.
This tax cut doesn't do that. It simply means more people DON'T PAY ANYTHING and those of us at the upper middle class PAY MORE for those who don't pay at all.
This is a SHAM.
Tax rates should be cut. (I’m for repeal of the 16th Amendment.)
If the bracket threshholds are raised, which I think is happening, that means that millions of individuals will get lower marginal rates.
But it’s not as good as cutting the rates.
In 1980, Ronald Reagan asked: “When are we going to have the courage to point out that corporations don’t pay taxes. They only collect taxes.” Well, it’s 2017, and nobody has the courage yet.
That’s a damn lie! Mine are going up to subsidize “everyone”.
Gee, I feel like gloating a little and I don’t mind if I do...Obamacare cost me all of $77 for one month of not having health insurance in December of 2015.
President Trump:
Want to really lower taxes?
Allow each worker to work completely tax free one year in 6 through out their working lifetime. A reduction of 16.67 %
across the board.
All the deductions and other niceties placed for special interests remain.
How many buy and sell a house every 2 years plus have it appreciate by $500,000 in that time? This scenario seems unlikely.
Great news.
Let’s hope the tax cutting idea spreads north of the border and reaches our “conservative” politicians here in Canada.
Will this promise be kept before or after he leaves Congress?
Out of sight; out of mind.
Ineresting that that fact hasn't been much talked about...the Obama agenda is sinking farther!
I don’t trust this. When McConnell and Ryan produce a Senate-House combined bill, I suspect that the mandate and other monstrosities will be back.
Exactly—this article is also simplistic and misleading.
Whenever it is breathily reported that the standard deduction has been doubled, it is omitted that they are eliminating the personal exemption at the same time.
So say you are single with $6k or more in itemized deductions now. In that scenario you still have the same in deductions, but you lose over $4k in the personal exemption. It’ll take a lot of income, with the tiny drop in in personal income tax rate, to make up for losing that amount in personal deduction.
And if you live in a high-tax state now, a cap on or elimination of the SALT deduction will also likely take a bite.
plenty of other jobs or careers, or they can rent if constantly moving. House buying is not a right or even a must for people.
I’ll take it. It beats hell out of the Muslim taxes inflicted on US citizens by the rat party. The one downside is the SALT deductions still force states with reasonable taxes to subsidize the high tax states. CA! IL! NY! and NJ continue to pay way under their fair share of federal taxes. We owe a huge debt of thanks to Republicans, with the exception of the Maine beotch.
I’ll take it. It beats hell out of the Muslim taxes inflicted on US citizens by the rat party. The one downside is the SALT deductions still force states with reasonable taxes to subsidize the high tax states. CA! IL! NY! and NJ continue to pay way under their fair share of federal taxes. We owe a huge debt of thanks to Republicans, with the exception of the Maine beotch.
My sentiments exactly. Flawed but better than nothing. The result of necessary compromises with RINOs to get it through. If we get Manchin and Heidi voted out along with a bunch of RINOs, we can vote in better, more conservative legislation in the future. But until then, this will have to do. Now let’s see what comes out of the reconciliation conference.
My concern is to kill the RAT party and their allies. They put the Obama vultures in power for 8 horrid years and got many of our allies and warriors killed. Obama also set free dozens of serial killers and mass murderers. I could go on, the republicans are not the enemy the old media has convinced so many people both here and otherwise. They just killed the hijacking of our healthcare.
“We Win! Taxes Cut for All!”
Fake news, anybody want to bet?
Some winning. I and hundreds of others that are retired and earning under $76000 will only see a $12 tax savings. BFD!
http://www.businessinsider.com/trump-tax-plan-doubled-standard-deduction-2017-9
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