Posted on 12/16/2017 7:23:42 AM PST by Navy Patriot
The final plan lowers the top tax rate for top earners. Under current law, the highest rate is 39.6 percent for married couples earning over $470,700. The GOP bill would drop that to 37 percent...
A massive tax cut for corporations: Starting on Jan. 1, 2018, big businesses' tax rate would fall from 35 percent to just 21 percent...
You can deduct just $10,000 in state, local and property taxes: One of the most controversial parts of the GOP tax plan is the push to greatly scale back how much state and local taxes Americans can deduct on their federal income taxes.
Most Americans will pay less in taxes until 2026. The final plan lowers the tax rates for each income level and nearly doubles the standard deduction.
Working-class families get a bigger child tax credit: Thanks to a late push by Rubio and Sen. Mike Lee (R-Utah), the child tax credit would be more generous for low-income families and the working class. The current child tax credit is $1,000 per child. The House and Senate bills expanded the child tax credit, with the Senate going up to a maximum of $2,000 per child. The final bill keeps the $2,000-per-child credit (families making up to about $400,000 get to take the credit), but it also makes more of the tax credit refundable, meaning families that work but don't earn enough to actually owe any federal income taxes will get a large check back from the government.
The individual health insurance mandate goes away in 2019: Beginning in 2019, Americans would no longer be required by law to buy health insurance (or pay a penalty if they don't).
You can pass your heirs up to $22 million tax-free.
(Excerpt) Read more at washingtonpost.com ...
True, it should read:
...families that don't do any work at all, but collect numerous entitlements, and don't actually owe any federal income taxes due to their protected status, will get a large check back from the working taxpayers through the Federal Government.
What sucks is that corporations get a much bigger cut than small businesses.
Same here. I have four children under 12. That is thousands of extra $ in my pocket.
I hate to say this but Good job ‘Little’ Marco for really getting it pushed higher.
For all those who gripe about it, remember it is my children and other middle and upper middle income people who sacrifice to raise 3, 4, 5 or more children whose progeny will be paying for your Social Security and Medicare.
Hi. Re the death tax, the $22mm exemption is obviously for 2 person households. Is the exemption for a single person now $11mm?
Thanks if you or anyone can enlighten.
Do yo really think Republicans won’t extend this? We don’t need Democrats, the Republicans are not going to let Obamacare crash.
Yes
I agree, but small business that use passthrough will be exempt on their first $75k in income. It helps.
The big key is bringing back major industry. That is already happening due to the elimination of so many Obama era regulations. Add in immediate expensing for five years and a low rate on profits made overseas and that should should bring hundreds of billions back into the U.S. economy. There is a minimum of $2.5 Trillion dollars in oversea profits American corporations are hoarding overseas simply to avoid paying 40% taxes on them.
Burger king moved its’ corporate filings/headquarters from Florida to Canada to avoid corporate income tax. Canada has a corporate income tax of 15%.
EATON moved their filings to Ireland for the same reason. Now we have every corporate decision of a multi-billion dollar conglomerate made in Cleveland, OH, but not one dime of income earned from overseas comes into this country from this company. Taxes are paid overseas and profits are held in foreign bank accounts.
Thousands of American companies have done this over the past decade. Stopping & reversing Corporate Inversion is essential in keeping the U.S. as the leading economy in the World.
What I’d like to know is will it be retroactive to tax year 2017?
That would be great. All of us will feel the extra bux in just a month or two. In 13-14 months we’ll need to be reminded that it was Trumps tax plan that us allowing us to keep more...
so the house passes a bill gives it to the Senate, it passes it to the house then makes another bill and passes it back to the house ,they start with something good ,turn chicken and gives up everything and passes nothing ,LOL
Been happening for years.
Illegals here working with a stolen SS number usually only put very high number of ‘exemptions on W-4, and they pay very little IF ANY Fed taxes in with holding. ( Worked as a payroll supervisor & sa this first hand).
Then they filed a 1040 to get the check for the ‘child credit....So they got PAID money they never paid into the system.....FOR YEARS.
Maybe. Maybe not. Corporations may decide to take the bounty & indulge in share buybacks & dividend increases in place of jobs & new product investment.
When in doubt, American Management will always take the short-term fix.
Almost no Free Market, Self Reliant, Producer Rewarding policies.
That is 100% pure crap, no thanks to the slimy congress.
I want a flat income tax, across the board.
No credits, no deductions, no exemptions, no EITC, no exceptions.
10% tax on all personal earnings. No brackets or “progressive” rates, regardless of source. No minimums, no maximums.
The only exception I would make is for retirement income.
Corporate rate would be 20% on gross earnings receipts. No exceptions. No accounting tricks either. Also, no taxing corporate income earned and kept offshore, unless it is deposited in a US based corporate account.
Also, a 5% tariff on ALL imports of foreign origin coming across any port into the US, no exceptions.
Enough of this government/crony social engineering BS.
The power to tax is the power to destroy. Repeal the 16th, and put the taxpayers back in charge.
Politics is the art of the possible
What you want is not possible because it is not politically desirable
There is also the currency exchange issue and Trump knows about it and it includes China's currency manipulation and the U.S. dollar being used as the world's reserve currency. Trump knows about it this and I'm sure he's working on it and
I've heard him mention these issues especially China's massive currency manipulation to give China an advantage in Manufacturing and as we see most things are made in China.
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