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 ...
Looks like EX-SPOUSES paying alimony will get the shaft. RECEIVER get more benefits. Not fair.
Tax on gross profit, not on operating capital.
If you make a million profit on 10 million in sales, your tax bill would be 200k, not 2 million. The 10 million would encompass the operating expenses that you mentioned. Those wouldn’t be taxed. If you were to roll that back into the company, next quarter, your non taxed operating capital would be 10,800,000.
If you lose money on sales, then your tax bill would drop to 0. No tax on no money earned or a loss. That would be if you used your operating captial to cover expenses.
The “no accounting tricks” line is added to make certain that tax is collected or not based on actual earnings, and not projected earnings.
Make sense?
Or are you one of the types that game the tax code for fun and profit? Either that or you’re a tax attorney.
Is that true? I'm a sole proprietor pass-through. My understanding is that there will be a 20% deduction off the top, and the rest would be taxed at my personal rate.
Wrong. You can still deduct up to $10K in property taxes paid annually.
Most people wont be affected. Those who have bought homes in CA, NY and NJ at ariticially inflated prices the last 5 years might take a hit
Our tax bill goes up $3000, maybe more because I did it from memory. Thanks a lot Republicans!
I gues I can continue to write ‘Friggen thieves!’ On that check I write them every year on top of what we pay all year.
Republicans better pray that the economy doesn’t tank after this passes, or they will be in deep doo-doo.
Quite a few middle class people are going to be affected.....and not just the ones who bought houses at inflated prices in certain states.
I ran our numbers through the calculator and our taxes are going up $3k or more.
Glad you approve because I’ll definitely remember in the voting booth. And I won’t be the only one.
LOL
Seriously, just don't ever write anything on the 1040 itself or the IRS will prosecute for "filing a frivilous return".
Doesn't matter who is in the White House, they have no sense of humor.
I read in a news story that pass through entities will have the first $75 in income exempted. I am not sure if that is net or gross, I am not sure if that made the final cut.
The Democrats sure know for a fact that the economy will soar if this bill passes. Why do you think they are so apoplectic?
That sucks. Why two years? Why not now!
Rat and eRINO Crony Capitalist conspiracy to ease Obamacare crash, rescue insurance companies, and keep Government fingers in "healthcare" for control.
True Constitutional American Liberty position would be retroactive repeal of individual mandate, let the market decide.
Now, Republicans "have destroyed the wonderful ACA".
So you will voting for the Democrats?
For your taxes to go up, you must be paying more than 10K in Property Tax, have a higher mortgage than $500k, and have an income that surpasses $250K....Yes, some people will see an increase.
Thanks. One more thing, do you think President Trump will issue an order to the IRS to not enforce collection of this tyrannical tax?
Obamacare’s mandate is one of the things both he and a GOP Congress promised to repeal. Justice delayed is justice denied.
Most news and Fake News does not focus on President Trump's many accomplishments in rolling back Prog Socialist Big Government Administrative rule making and re-interpretation of long standing rules, nor his staff reductions of primarily Prog Socialist Administrative employees in the alphabet Federal agencies.
Considering that, DJT may well instruct the IRS to overlook the present Obamacare Mandate Penalties, but nothing is certain.
DJT now has some cover for executive action, Congress has agreed the penalties should go away and DJT is simply more efficient than Congress, while they talk, he does.
Thanks. I always learn on America’s Premiere site for conservatives!
But just sprayed my keys, re-arrange the lint an dog hairs and they’re stiking, dayum
Well, I distinctly remember Republicans running on targeted tax hikes so they could increase the number of people who get refunds on money they didn’t pay, and provide much needed relief to illegal alien families. I suppose this should not come as a shock. /S
Thx
All the stuff that supports their agenda of convincing the public that these are tax cuts for the rich is frontloaded - the parts about the middle class saving hundreds and thousands in taxes is far down the line......
Actually none of what you say is true so.......yeah, you don’t know what you’re talking about.
I’m glad you’re happy our taxes will go up.
Yeah me too! That’s exactly why I voted for them!
They’re friggen idiots.
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