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 ...
“A massive tax cut for corporations: Starting on Jan. 1, 2018, big businesses’ tax rate would fall from 35 percent to just 21 percent...”
...which will result in more cash flowing BACK to America, more jobs, and greater prosperity! MAGA!
They want a dollar to keep reading it. They’d have to pay ME $100 to do that.
It is the WAPO.
They are going to spin this in the worst light that they can.
That's why I excerpted it to include just the features and little disingenuous propaganda.
"The bill will also increase the number of Americans who owe nothing in taxes from 44 percent today to 47.5 percent after the plan tax effect on January 1, 2018."
““A massive tax cut for corporations: Starting on Jan. 1, 2018, big businesses’ tax rate would fall from 35 percent to just 21 percent...”
And individual filers will have to wait until they do their taxes to see how badly they get cornholed.
>
...which will result in more cash flowing BACK to America, more jobs, and greater prosperity! MAGA!
>
Sorry, don’t see why that would happen. The Red-Tape State is alive and well.
A relaxation in the strangle-hold of taxation, IMO, won’t make up for the ever-increasing bureaucratic state (rules/regs/EEOC/OSHA/etc.). Congress hasn’t killed any illegal\extra-Constitutional agencies/dept.
Govt doesn’t exist to SHRINK itself of power/authority that is has illegally usurped.
All the cash paid out by corporations will create 20% Cap Gains taxpayers, the cash invested by corporations will create jobs (creating taxpayers & new taxpayers), so it is "massive".
Sometimes a google search will find the article and let you read it.
Sometimes from the post, sometimes from another outlet....
Don’t trust the WashPost?
http://docs.house.gov/billsthisweek/20171218/Joint%20Explanatory%20Statement.pdf …
This is BS.
"The bill will also increase the number of Americans who owe nothing in taxes from 44 percent today to 47.5 percent after the plan tax effect on January 1, 2018."
Yeah, I was limited to 300 words.
I probably should have dropped the sentence about Rubio and Lee it was less important.
CNBC has a similarly titled article
https://www.cnbc.com/2017/12/15/gop-releases-its-final-tax-plan—heres-whats-in-it.html
Depends on where you live, but unless you are a high earner in a high tax Blue State you will see a decrease in Net Income Taxes Paid.
Bill is far from perfect, but corporate tax relief is essential if America is to compete with other global economies. It is just unfortunate that they didn’t stick with the 15% rate and a 20% across the board tax cut.
Now do the right thing end the CBO and eliminate Baseline Budgeting.
the change to the child tax credits alone is a massive windfall to me :P
This is a huge gift to cheap-labor beneficiaries. It compensates for not having as much cheap foreign labor to supress wages. People will be willing to work for less if the gov will fill the gap. It wrecks the supply and demand curve for labor, which is necessary for wages to increase.
Wealth redistribution to people who pay no tax masquerading as “Tax cuts”
Everyone clap
Ps they will still vote democrat
Alive and dead
>>...families that work but don’t earn enough to actually owe any federal income taxes will get a large check back from the government.<<
>>This is BS.<<
That actually will spur the economy quickly. The reason why is these are the people who live paycheck to paycheck. Any additional money they get will circulate in the economy right away.
The key to all of this is rapid economic growth.
The MSM has been good at hiding 3% growth. 5% growth is not able to be hidden. 5% is not only possible with this plan, it is likely. Why do you think the Democrats hate it so much?
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