House passes $1.5 trillion tax-cut plan

The Washington Times ^ | December 19, 2017 | David Sherfinski

[treetopsandroofs]

‘Rats LOVE taxes, Big Media hates tax cuts.

Marriage made in Hell.

[CottonBall]

Oh, I don’t remember it was years ago. Apparently you had some trouble with one? ;(

[kabar]

I had close to $70K in itemized deductions for FY 2016, including exemptions for a family of 4, unreimbursed employee business expenses at $16,500, State sales taxes, property, AND OTHER taxes(no state or local income tax) in excess of $14,000 etc.

First, what tax bracket are you in? The 25% rate goes to 22% and the 28% goes to 24%.

How much of the 70K in itemized deductions is home mortgage interest? That is not going to change in terms of limits. The child tax credit is not part of itemized deductions so you still get that deduction, which has doubled to $2,000 per child. You also still get to deduct $4,050 each for yourself, your wife, and two dependent children. That is not part of itemized deductions. Gifts to charity are not affected.

Your state sales and property taxes deduction is limited to $10,000. You pay no state income tax in FL. So based on your info, you won't get credit for the full $14,000.

You can still itemize in lieu of taking the standard deduction. Why won't you be able to claim your reimbursed business expenses?

If your AGI is less than $155,650, your itemized deductions will not be reduced. Again, you can still elect to itemize and not take the standard deduction that has almost doubled for married couples to $24K. By increasing the standard deduction, the idea was to reduce the number of people who had to itemize.

[ChristiAnn8513]

Did you see CNN headline? “largest tax CHANGES passed” can’t even muster the honesty to call it like it is.

[Grampa Dave]

Here are the RINOs That Voted Against Tax Cuts!

Dana Rohrabacher of California
Darrell Issa of California
Walter B. Jones of North Carolina
Frank A. LoBiondo of New Jersey
Christopher H. Smith of New Jersey
Leonard Lance of New Jersey
Rodney Frelinghuysen of New Jersey
Lee Zeldin of New York
Peter T. King of New York
Dan Donovan of New York
John J. Faso of New York

http://truedaily.news/2017/12/19/here-are-the-rinos-that-voted-against-tax-cuts/

Time to dump them out like old reeking garbage~!

[nikos1121]

$13 million

[KevinB]

$13 million

Ouch!

[Enlightened1]