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Trump's Economic, Tax & Spending Plans

hernancortes

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The senate version Trump tax plan should also benefit most PM holders who sell for a capital gain.
 

Joe King

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Because it's double taxation

you shouldnt have to pay taxes on money that you didn't get to keep
Then maybe the answer is for the situation we've had, to be reversed?
Do fed taxes first, then pay State and local income tax on amount of net income?

Ie: taxes paid to the fed gov should be deductible from State/local income tax.
 

edsl48

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We get double taxed all the time. For example wages are taxed at their gross amount with no allowance for the Social Security Tax that one pays out of their wages.
 

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Republicans Reverse, May Allow State Income Tax Deduction


by Tyler Durden
Dec 6, 2017 6:15 PM

One day after the top Senate Republicans realized they probably should have read the tax bill they voted for in the deep of the night on Saturday morning, and announced they are seeking to repeal the Alternative Minimum Tax they passed just days earlier, realizing it could punish growing companies, they now also appear to be reversing on the controversial repeal of State and Local Tax Deductions, and as Bloomberg reports, Republican lawmakers "are discussing a compromise on state and local tax deductions that would allow taxpayers to deduct state income tax, House Ways and Means Chairman Kevin Brady said."

According to one proposal being discussed, taxpayers could deduct both their state income tax and state and local property taxes up to a combined limit of $10,000. This differs from the currently circulating bills which preserve the individual deduction for state and local property taxes - capped at $10,000 - but not for income taxes. The push to include income taxes could help those in high-tax states who don’t own property.

Mitch McConnell confirmed he’s open to tweaking final tax legislation to appease lawmakers who want to let constituents deduct state income taxes: "There’s some in the House who would like to see that applied not just to property, but to income tax, you know, where you can sort of pick which state and local tax you want to deduct,” the Kentucky Republican said on conservative radio host Hugh Hewitt’s show. “That sounds like a kind of reasonable idea.”

Summarizing the conference process, McConnell said "There are a lot of these things that are floating back and forth,” adding that he cannot predict “exactly how the final product turns out” once the House and Senate complete their conference negotiations.

Indicating that SALT repeal was conceived as an entirely political move meant to punish "rich", predominantly blue states, House Republican leaders - hearing significant pushback from their own constituents - signaled openness to "relieving the burden for residents of high-tax states."

Plans for the so-called SALT deduction have prompted more tension in the House than in the Senate, because there aren’t any Republican senators from states with the highest taxes. Twelve out of the 13 GOP House lawmakers who voted against the bill last month were from high-tax states. Still, including the property tax deduction in the Senate bill was a last-minute change to help get the support of Republican Senator Susan Collins of Maine.

Two House members from New Jersey -- Leonard Lance, a Republican, and Josh Gottheimer, a Democrat -- plan to submit a joint proposal to the conference committee that would maintain SALT in its entirety.

The lawmakers said repealing the break will lead to "double taxation" and "pay for reform on the backs of just a few states that already pay significantly more than other states in federal taxes." One of those net donor states, they note, is New Jersey.

Brady, who’s overseeing the House-Senate conference committee for tax negotiations, said Wednesday that allowing income tax deductions is one of five options on the table. Others include potential adjustments to rates, brackets, the individual alternative minimum tax and the family tax credit.

There is just one problem with the bill which is already cutting it dangerously close to the $1.5Tn extra deficit limit: where does the money come from?

As Bloomberg writes, it's unclear how lawmakers would pay for any such modifications to the state and local tax break. Preserving the property tax deduction up to $10,000 would cost about $148 billion over a decade, according to the Joint Committee on Taxation. McConnell has been said to want any proposed changes presented with ways to pay for them.

Among the proposed revenue offset include changing estate tax rules about stepped-up basis and closing what they call a loophole for charitable donations to private foundations as ways to offset some of the lost revenue that would result from keeping SALT.

http://www.zerohedge.com/news/2017-12-06/republicans-reverse-may-allow-state-income-tax-deduction
 

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Fake Tax Reform
December 7, 2017 - 8:26am — europac admin

Our weekly commentaries provide Euro Pacific Capital's latest thinking on developments in the global marketplace. Opinions expressed are those of the writer, and may or may not reflect those held by Euro Pacific Capital.

By:
Peter Schiff
Thursday, December 7, 2017


After supposedly chomping on the bit for years to pass meaningful tax reform, Republicans are now set to blow an historic opportunity. Whatever version of the Bill that emerges from the House and Senate Conference Committee (which will be signed by President Trump faster than he can down a Filet o’Fish), will be far less than the Republicans envisioned when they finally captured the White House and both Congressional Chambers in 2016. But from what I have seen of the particulars, the revisions to the tax code will offer a marginal, although temporary, win for low income individuals, a major slap for moderately successful wage earners and home owners, (especially in the high tax Blue States) and a huge victory for the extremely wealthy and certain categories of business owners. While it is certain that the plan will add to the growing deficit, its immediate economic and political impact is hard to predict.

For generations, taxpayers and politicians alike lambasted our overly complex tax code for its myriad of economic distorting loopholes that seemed to produce nothing except employment for legions of accountants and tax lawyers adept at gaming the system. As a result, talk about tax reform has always included proposals to make the system simpler, fairer, and more transparent. But on that front, the Republican proposals fail miserably. Trump and Congress will hail this achievement as being a major victory for the American people. But the true winner will be the swamp that Trump promised to drain.

Unlike Ronald Reagan, who passed tax reform in 1986 by striking a deal with Democrat House Speaker Tip O'Neill, Trump and Congressional Republicans faced no particular need to compromise. If Reagan had the benefits enjoyed by Trump, Ryan and McConnell, his tax cuts would have been paired with significant spending cuts and perhaps a balanced budget. But to get O’Neill (and his whopping 71 seat House majority) to go along, Reagan's ideals of fiscal prudence and smaller government had to be set aside. But Trump is no Reagan, and today’s Republican Party has about as much commitment to shrinking the size of government as did the Democrats in the 1980s.

Taxes are the price we pay for government. If Republicans want to reduce the tax burden, they need to make government less expensive. Tax cuts without spending cuts is the Republican version of a free lunch. But if government spending is not paid for with tax revenue, alternate sources must be found that will ultimately prove more costly than the forgone tax revenue.

Despite endless campaign rhetoric to the contrary, the Republican Party is no longer the party of limited government, fiscal responsibility, Federalism, the Constitution, sound money, or any of the principals that they typically espouse while stumping for office or raising money. Instead of reducing the size of government, thereby lightening the burden on taxpayers and limiting the economic drag caused by government, Republicans have chosen the easy course of tax cuts, replete with overly optimistic assumptions and gimmicks meant to disguise their true impact on future deficits. Adding insult to injury, they leave in place an even more complex tax code, replete with even more loopholes, that limits individual freedom and undermines economic growth.

True reform would have eliminated the income tax completely, or at a minimum, replaced it with a flat tax. It would have abolished the corporate income tax, payroll taxes, and the estate and gift taxes, and replaced them with a tax system based on consumption rather than production. Such a system would encourage savings rather than debt accumulation, and would restore some semblance of sanity to a system increasingly dependent on borrowing. Real reform would have included entitlement reform, as well as across the board reductions in government spending. Entire agencies and departments would have been eliminated, making government smaller and less expensive. These are the types of changes that are needed to head off a possible looming debt crisis and put the country back on a path to achieve real economic growth, not the phony financial gains we have seen in the past generation.

But instead, Republicans crafted a plan that would cut taxes for some while raising taxes for others. The political genius of the plan can be found in the elimination of state and local tax deductions that will raise taxes predominantly on higher wage earners in Democrat controlled states with high taxes. This move was a political freebie for Republicans, as it largely spares their constituents from tax hikes, but prevents Democrats from protecting theirs because to do so would require them to argue against raising taxes on the "wealthy." It may also trigger a fiscal crisis in largely Democrat states as high earners, who provide an outsize share of state tax revenue, consider pulling up stakes for lower tax jurisdictions. But Republicans did not leave well enough alone. The taxes raised on rich Democrats will not nearly be enough to pay for the cuts they offer business owners, passive investors, and corporations. The balance will be "paid for" by borrowing. In addition, high tax states may be forced to scramble to adjust their tax policies in an attempt to forestall defections of the wealthy. To do so, they may shift taxes to businesses (for which state taxes will still be deductible from federal taxes). The businesses in turn, can pass these costs onto their employees in the form of lower wages and their customers in the form of higher prices.

Republicans, of course, argue that the economic growth that will be generated by lowering the corporate tax rate from 35% to 20% will generate enough new tax revenue to offset what is lost. While that idea is sound in theory, nothing about our current situation would suggest that a growth surge is around the corner, with or without corporate tax cuts.

We are already in the ninth year of a supposed economic expansion. Over the last century, these expansions (the time between recessions) have lasted, on average, about five and a quarter years. So, already our current “expansion” has lasted nearly twice the average. Also, this expansion has been extraordinarily weak, with growth averaging around 2% since 2009. This is far below the 3% to 4% rate seen in prior recoveries. (data from the National Bureau of Economic Research and Bureau of Labor Statistics) It is also clear that this tepid number has relied heavily on surging asset prices in stocks, real estate, and bonds. But all three of those markets could easily reverse course.

The stock market has surged to all-time highs based on the expected likelihood that tax reform would be passed early in the Trump Administration. When this hope becomes reality, it may be that we will get a “buy the rumor, sell the fact” decline, especially if the final package is not all that investors hoped it would be. The real estate market may actually suffer under the new rules as high-end properties become more expensive to own and less attractive to buy given the limits on property tax and mortgage deductions. On the lower end of the market, the expansion of the standard deduction could mean far fewer will receive a tax benefit from buying modestly priced homes, thereby mitigating the advantages of buying over renting. (It is no accident that some of the biggest objections to the new proposals have come from real estate industry groups). And lastly, the bond market faces no shortage of headwinds. With the Fed threatening to sell much of its $4.5 Trillion holdings of Treasury and Mortgage bonds, the likelihood of falling bond prices and rising yields looms large. (In the past three months, 10-year Treasury yields have increased 30 basis points). Even the tax bill’s supporters acknowledge that it will increase the deficit significantly in the near term, thereby requiring the Treasury to sell more bonds to fill the gap. The extra supply could put downward pressure on bond prices and raise yields on the long end, creating losses in the bond market and raising borrowing costs for government, businesses and consumers.

For these reasons, it is logical to assume that the current tax proposals will have a more modest economic impact than the Tax Cuts of 1986 or even the Bush tax cuts of 2001. It is important to note that the Bush tax cuts occurred while the economy was already in recession, a time where economists could at least plausibly argue that fiscal stimulus was needed. But by putting these cuts through now, while the economy is still expanding (at least on paper), by the time the next recession arrives, the fiscal bullets will have already been fired.

Assuming that the hoped for economic growth does not materialize, the money borrowed now must eventually be repaid. Deficit spending means that today’s tax cuts merely sow the seeds for tomorrow’s tax hikes. But since taxpayers will not only be on the hook for the money borrowed, but the added interest associated with that debt, the future tax hikes could be larger than today’s cuts.

Of course, instead of raising future taxes to repay the money borrowed to fund today’s cuts, a cooperative Federal Reserve could simply print the money needed to buy the additional Treasury debt. But this does not mean we get all this government for free. The cost will come in the form of higher consumer prices as a new round of monetary expansion could cause a continuing drop in the dollar. So Americans may end up with more after tax dollars in their paychecks, but the reduced value of those dollars means they will actually be able to afford to buy less stuff. Just because it appears consumers dodged this bullet during the first three phases of Quantitative Easing does not mean that we will be as lucky with additional rounds.

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This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivs 3.0 Unported License. Please feel free to repost with proper attribution and all links included.

http://www.europac.com/commentaries/fake_tax_reform
 

edsl48

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Once again Congress gets involved and destroys another attempt at fixing something that is out of control. . . <sigh>
 

edsl48

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Trump’s Middle-Class Tax Pledges Go Unfulfilled in Senate Bill
By
Toluse Olorunnipa
December 7, 2017, 3:00 AM CST
  • An estimated $1 trillion revenue loss also counters promises
  • President says ‘this is going to cost me,’ but doesn’t say how
  • President Donald Trump and Republican congressional leaders are on the brink of achieving their top priority, centerpiece tax legislation, but only after a series of inaccurate claims and broken promises.


    Lawmakers have made -- and then retracted -- pledges that their planned overhaul bill wouldn’t raise taxes on any middle-class families. Trump and his top aides have said the changes won’t cut taxes for the highest earners, statements that are demonstrably false.


    And all of them argue that the proposed tax cuts, estimated to reduce federal revenue by more than $1.4 trillion, won’t increase federal deficits, an assertion that’s been contradicted by Congress’s official tax scorekeeper.


    “The challenge is that there were a lot of promises made that can’t live comfortably with each other,” said Maya MacGuineas, president of the nonpartisan Committee for a Responsible Federal Budget. “The biggest loser in all this was their commitment to fiscal discipline, which went away as fast as you can blink.”


    The White House didn’t respond to a request for comment for this story.

    House and Senate GOP leaders are trying to hammer out compromise legislation for Trump to sign before the end of the year. If they succeed, their tax overhaul will immediately become the top policy issue in the 2018 congressional elections. Here are a few statements they might expect to see in opponents’ campaign ads:

    No Tax Cuts for the Rich
    WHAT THEY SAID: “Wealthy Americans are not getting a tax cut,’’ Gary Cohn, Trump’s top economic adviser, said Sept. 28 on ABC’s “Good Morning America.’’

    “Any reductions we have in upper-income taxes will be offset by less deductions so that there will be no absolute tax cut for the upper class,” Treasury Secretary Steven Mnuchin said Nov. 30, 2016, in an interview on CNBC’s “Squawk Box.’’

    WHAT THEY DID: While the Senate bill would cut tax rates for all income groups, on average, higher earners would receive the largest benefits, according to the Tax Policy Center, an independent Washington Policy group.

    The top 5 percent of taxpayers -- roughly, those who make more than $215,000 a year, based on recent U.S. Census data -- would do well, the analysis shows. In 2019, those who rank in the 95th through 99th percentiles would see their after-tax incomes rise by more than 3 percent after receiving “the largest cuts as a share of income,” according to the study. By comparison, the bottom 60 percent of taxpayers would see after-tax income growth of roughly 1.5 percent or less, according to the study.

    Over time, benefits for the highest earners would outstrip others’. By 2027, after a menu of temporary individual tax cuts would expire, the top 0.1 percent of earners -- those who make far in excess of $1 million a year -- would still see after-tax income growth of about 1.5 percent, dwarfing that for any other group.

    The House bill would reduce taxes for taxpayers making $1 million and more by roughly 6.7 percent in 2019, according to Congress’s official scorekeeper, the Joint Committee on Taxation. By 2027, that group would still be getting a 4.3 percent tax cut, JCT found.

    Trump Won’t Benefit
    WHAT THEY SAID: “This is going to cost me a fortune, this thing,” Trump said last week during a speech in St. Charles, Missouri. “Believe me.”

    WHAT THEY DID: Both bills include provisions that would have the potential to cut Trump’s taxes. The House bill lowers the rate for pass-through income, which could cut taxes on Trump’s real-estate and other businesses. The Senate bill provides a new deduction for such income. Both measures contain language that would limit the use of those benefits, however.

    The Senate bill would cut the top individual income tax rate to 38.5 percent -- a measure that would benefit Trump, who has disclosed multimillion-dollar annual earnings.

    The House bill would repeal a tax that has cost Trump in the past: the individual alternative minimum tax, which operates as a kind of parallel tax calculation that originally designed as a way to prevent high earners from using too many deductions or other breaks to zero out their tax bills.

    A copy of Trump’s 2005 tax return that was leaked earlier this year showed that he had to pay $31 million in AMT that year, accounting for about 80 percent of his total tax bill. Beyond that instance, it’s difficult to assess the impact of any tax changes on Trump’s personal taxes: He has not followed his predecessors’ precedent by releasing any tax returns.

    Asked to name which proposed tax provisions would cause the president to pay more, White House Press Secretary Sarah Huckabee Sanders wouldn’t offer any specifics. She said only that “a lot of the deductions” that would be eliminated might affect Trump.

    No Middle Class Tax Increase
    WHAT THEY SAID: “Nobody in the middle class is going to get a tax increase,” Senate Majority Leader Mitch McConnell said on MSNBC on Nov. 4. McConnell later retracted his statement, acknowledging it wasn’t correct.

    Describing the bill to conservative radio host Rush Limbaugh on Nov. 7, House Speaker Paul Ryan called it “a tax cut for everybody” and said “every single person” would see a reduction in tax rates. He dismissed claims that the bill would raise taxes on millions of Americans as misinformation “from the left.” He later corrected himself as well.

    Vice President Mike Pence championed the proposal as an “across-the-board tax cut.” Trump said the middle class would be “the biggest beneficiary” in the tax overhaul.

    WHAT THEY DID: While most income groups would see cuts on average, studies have shown that many individuals would not, depending on their specific situations.

    In fact, millions of people stand to see higher tax bills because of the elimination or curtailment of deductions such as one for state and local taxes, according to the Joint Committee on Taxation, the nonpartisan official scorekeeper for Congress.

    And because most of the Senate bill’s individual tax breaks expire by 2027, more than 20 million households with income below $200,000 would face tax increases by then.

    “We’ve said all along that our tax reform bill would create more jobs, fairer taxes, and bigger paychecks for the American people,” said Doug Andres, a spokesman for Ryan, said this week.

    No New Deficits
    WHAT THEY SAID: “It will have to be revenue-neutral,” McConnell told Bloomberg News about any tax overhaul in May.

    “It will be revenue-neutral when you add growth,” Trump echoed in September.

    WHAT THEY DID: An earlier version of the Senate plan would increase deficits by roughly $1 trillion over 10 years, even when taking into account additional economic growth forecast with the tax cuts, the Joint Committee on Taxation said last week. Since then, senators revised the bill in ways that would only add to its cost, according to the JCT. Moreover, those changes would stymie some of the bill’s economic-growth provisions, business groups said.

    Republican senators who had previously assailed the nation’s debt burden -- including Senators Jeff Flake of Arizona and James Lankford of Oklahoma -- eventually fell in line to support the bill after efforts to include a backstop against growing deficits failed.

    In the end, Bob Corker of Tennessee was on the only Republican senator to oppose the Senate measure due to his concerns about the debt. Asked if his stand against adding to budget shortfalls made him feel like one of a dying breed, Corker answered: “I do.”

    — With assistance by Laura Litvan, Anna Edgerton, and Steven T. Dennis
 

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Trump’s richest friends are asking for changes to the GOP tax plan, and he’s listening


The Washington Post
Damian Paletta, Josh Dawsey
12 hrs ago

Bill signed to avoid shutdown for now



Some of President Trump's wealthiest New York friends have launched a last-minute campaign to pressure him for changes to the GOP tax bill, telling the president personally that the current plan would drive up their taxes and hurt his home state.

Trump on Saturday attended a fundraiser at the home of Stephen Schwarzman, chief executive of the Blackstone Group and the former leader of Trump's now-disbanded White House Strategy and Policy Forum. Longtime Trump friend Richard LeFrak, a New York real estate magnate who Trump has said would play a lead role in his infrastructure push, also attended.

At the fundraiser, LeFrak asked Trump about making changes in the tax bill, people familiar with the exchange said. LeFrak had previously expressed to the White House concerns that the tax bill could hurt New York, and particularly its wealthy business class, people familiar with his thinking said. At least one other donor jumped in to echo LeFrak, the people said.

At the fundraiser, LeFrak asked Trump about changes in the tax bill that could help wealthier New Yorkers, people familiar with the exchange said. At least one other donor jumped in to echo the concerns, the people said.

In response, Trump told the group he was aware of the concerns among his old friends and business associates — and that he understood them.

"The president was a little vague in his response on that," an attendee at the fundraiser said, saying Trump said, "Well, we've got to see what happens. Maybe there are ways to try to be helpful."

Many of Trump's friends have complained that a proposal in the House and Senate tax bills limiting the tax breaks people can claim would drive up taxes on people in New York. Specifically, they have raised concerns about new limitations on their ability to deduct state and local taxes.

A White House official said Trump has not asked Congress to make specific changes to the bill relating to the issue that came up in New York, but the president has signaled publicly that he is open to making adjustments.

"There are very, very few people that aren't benefiting by [the tax package], but there's that tiny little sliver, and we're going to try to take care of even that very small group of people that just through circumstances maybe don't get the full benefit of what we're doing," Trump said Wednesday at the White House.

Trump did not offer details about whom he considers to be a part of that "very small group of people."

LeFrak is part of a small but influential cadre of New Yorkers who are trying to press Republicans in Washington to make these last-minute changes. Paul Singer, founder of the hedge fund Elliott Associates, has also made his views known to Republicans, although not directly to the White House.

Kathy Wylde — who leads the Partnership for New York City, a major business advocacy group — has called executives and others to build momentum for the changes. A number of business executives in New York have called Trump and his Cabinet, White House advisers say.

"They're killing the goose that lays the golden egg," Wylde said, adding that the tax changes are hardest on "high earners" and "global commercial centers" that the economy needs to be successful.

The people describing the conversations spoke on the condition of anonymity to share details from the private event.

Schwarzman has been a longtime friend of Treasury Secretary Steven Mnuchin, and Mnuchin was at the Saturday fundraiser. Mnuchin, a top Trump adviser on taxes, attended Schwarzman's birthday party in Florida this year, along with other senior Trump aides.

LeFrak and Trump have been friends for decades, with LeFrak at one point serving as a judge in the Miss Universe pageant that Trump ran and also making an appearance on Trump's television program "The Apprentice."

Republicans are trying to balance several demands as they work to complete discussions between the House and Senate and agree on a single tax bill that they can pass and send to the White House for enactment. Trump wants to sign the bill into law before Christmas, but there are still several issues to iron out.

Trump had for weeks tried to couch the tax bill as a big boon for the middle class and one that would provide little benefit to the wealthiest people in the country.

But numerous tax analysts expressed skepticism that this would be true and several have said Trump probably would be a big beneficiary because of the way the Trump Organization is structured.

The House and Senate bills would lower the corporate tax rate from 35 percent to 20 percent and lower taxes that partnerships and sole proprietors pay on their earnings. The bills would also lower the tax rates that many Americans pay on their earnings, although the rates would fall little or be unchanged on large amounts of income.

Still, the bills were designed in a way that provided many benefits to the wealthy, scaling back the alternative minimum tax and the estate tax, and lowering taxes on business income.

To offset some of these costs, the tax bills would make several changes that could limit tax breaks on the wealthiest Americans.

For example, the House and Senate tax bills would allow Americans to deduct only $10,000 in local property taxes from their federal taxable income. That is enough to cover the taxes that most Americans pay, but not the wealthiest. It also would not allow Americans to deduct state income taxes, a change that could hit people in high-tax states such as New York, New Jersey and Connecticut particularly hard.

There are also growing complaints about potential changes to accounting rules in the tax bills that could require investors to follow a process called "first in, first out," which could force them to sell investments in a way that drives up their tax liability.

To address some of the concerns raised by wealthy New Yorkers, Republicans have looked at lowering the tax rate on the top income bracket, but no decisions have been made.

The complaints offer a much different perspective from wealthy New Yorkers than the one Trump has described during his push for changes. In October, Trump said his rich friends were praising the tax package, not complaining about it.

"It's a middle-class bill," Trump said at the time. "That's what we're thinking of. That's what I want. I've had rich friends of mine come up to me and say, 'Donald, you're doing this tax plan — we don't want anything. We don't.' "

House and Senate lawmakers have formed a conference committee to try to resolve differences between the tax bills and hope to reach a resolution by next week.

They are looking at moving the corporate tax rate up to 22 percent to free up revenue to cover changes, including some that could potentially ameliorate the concerns of wealthy Americans in New York.

But there is tremendous pressure within the Senate to keep the corporate rate at 20 percent, in part because of fears that allowing it to rise would prompt a flood of lawmakers demanding additional changes.

And if changes are made that would benefit wealthy New Yorkers, it could further fuel criticism of the bill that it is tilted too much toward corporations and the wealthy and offers only short-term benefits for the middle class.

http://www.msn.com/en-us/news/polit...e’s-listening/ar-BBGngg6?li=BBnb7Kz&ocid=iehp
 

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'You can save my life - remember this conversation': Father with ALS confronts Senator Jeff Flake on flight from DC to Arizona over tax bill which he fears will wipe out disability payments and leave him unable to pay his medical bills
  • A father suffering Lou Gehrig's disease shared his story with Sen. Jeff Flake
  • Ady Barkan, 33, approached the Republican lawmaker on a flight to Arizona
  • Barkan said in the exchange: 'What should I tell my son if you pass this bill and he cuts funding for disability and I can't get a ventilator?'
  • He was diagnosed with ALS last year and requires constant medical treatments
  • Barkan told him: 'You can save my life ... Please remember this conversation'


Read more: http://www.dailymail.co.uk/news/article-5163841/Father-ALS-confronts-Senator-tax-bill-flight.html#ixzz50rHt2auu
Follow us: @MailOnline on Twitter | DailyMail on Facebook
 

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GOP tax plan would cut jobs, increase tax burden, and raise insurance premiums for Philly | Mayor Kenney
Updated: December 11, 2017 — 6:09 AM EST

Residents of the Philadelphia region will pay more in taxes and get fewer community improvements if the Trump administration’s tax bill passes. Yet, we’ve seen nothing like the outcry that successfully defeated the repeal of Obamacare. This lack of response is all the more shocking considering that the tax bill is a sneaky way to repeal Obamacare and, if passed, would increase insurance premiums. The Trump administration is hoping things stay quiet — that’s why the bill was rushed through the Senate on the middle of a Friday night. Thankfully, though, it’s not too late. I beg area residents to call their representatives today.

The bill passed by the Senate eliminates the personal deduction of income and sales taxes, while capping the deduction of property taxes at $10,000. Let me put it more simply: This bill will increase the tax burden on Philadelphia residents, as well as individuals who reside in the suburbs and work in Philadelphia. Approximately 30 percent of Philadelphia residents use this deduction, with an average savings of $3,400. These savings would be lost under the current Senate proposal.

This bill also eliminates the student loan deduction, the employer-provided child care credit, and the credit for expenditures for disabled individuals. To end all those credits and deductions for working people — people who are caring for a disabled adult or trying to advance their education, no less — while cutting taxes dramatically for corporations, is unconscionable. This is a slap in the face to middle-class Philadelphians and all working families.


Unfortunately, the problems don’t stop there. Philadelphians are likely to see higher insurance premiums if the Senate is successful in repealing the individual mandate. Make no mistake, this would be the equivalent of repealing Obamacare altogether. The mandate, while unpopular, is the linchpin that protects all of the other things we like about Obamacare. Don’t believe the argument that breaking Obamacare will force House and Senate Republicans to fix it. They struggled on how to “repeal and replace” Obamacare for nearly a year and got nowhere. Making the program worse won’t make finding a consensus any easier.

In addition to raising insurance premiums and our sales, income, and property tax burdens, this bill would also cost Philadelphians jobs. In recent years, the New Market Tax Credit (NMTC) has created 1,500 permanent jobs in our city, but now that credit is on the chopping block. In Philadelphia, NMTC resources have been allocated to improve schools, community facilities, public health programs, and commercial corridors. Eliminating the credit would deprive worthy projects like these of more than $14 billion in financing over the next two years.

The same effect would occur if we cut the Historic Rehabilitation Tax Credit — fewer community improvements and fewer jobs. The HRTC helped revitalize more than 300 properties in Philadelphia, including vacant schools, warehouses, residential rental projects, factories, retail stores, apartments, hotels, and office buildings. Studies show that historic rehabilitation outperforms new construction in job creation and materials are more likely to be purchased locally. As a result, about 75 percent of the economic benefits of these projects remain in the communities. These are opportunities that would be lost under the Senate bill.

Finally, the proposal to eliminate the tax exemption on private activity bonds should deeply concern all local governments — big, small, Republican, Democrat. These bonds have helped construct or update our airports, transit systems, affordable housing, water infrastructure, and health and education facilities — all of which contribute to job growth, healthy local economies, safe communities, and the country’s gross domestic product.

While President Trump has gleefully described this bill as an early Christmas present, the reality is that it will cost jobs, increase our tax burden, raise insurance premiums, and result in fewer improvements in our communities. Only the rich can expect to benefit from this — the rest of us are getting coal in our stockings. Call your representatives to stop this bill.

Jim Kenney is mayor of Philadelphia. @PhillyMayor

http://www.philly.com/philly/opinio...raise-insurance-premiums-philly-20171211.html
 
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Tax reform looks like an attack on cities | Opinion
Updated: December 11, 2017 — 11:03 AM EST

by Diana Lind, For the Philadelphia Citizen



As Congress tries to pass tax reform, the debate in the media and on Capitol Hill is focused on how these packages will affect the average taxpayer. But the what-it-means-for-your-wallet analysis misses what these tax changes might mean for your community.

In an effort to generate savings, the tax packages have taken aim at the tax credit programs and bond financing that underpin the American community development sector.

When the House Ways and Means committee initially unveiled its tax reform proposal, it called for eliminating the federal tax exemption of Private Activity Bonds (PAB), which underwrite many municipal economic development projects like hospitals and airports, but also affordable housing. It also called for getting rid of Historic Preservation Tax Credits, which provide the subsidy often needed to adapt and reuse old buildings, and New Markets Tax Credits, which incentivize the construction of projects in low-income communities, including businesses, schools, supermarkets, food banks, and health clinics.

Some saw these tax changes as a purposeful attempt to stall development in Democratic-driven cities and solidly blue states. Removing the tax exemption on PABs would make it much harder for municipalities to finance infrastructure improvements or maintenance, and eliminating the tax credit programs would greatly harm urban revitalization efforts.

However, the Senate Finance Committee’s most recent bill reinstated the Private Activity Bonds exemption, allowed New Markets Tax Credits to continue until 2019, and eventually kept historic tax credits.

As the House and Senate versions of the bill go to a conference committee to be reconciled, our representatives will be debating the need for government incentives for development that serves the public good or requires subsidy (in most cases, both). In Philadelphia, PABs have financed many municipal projects, as well as university infrastructure, and nationally account for 27 percent of all long-term municipal debt. Historic tax credits have made possible more than 277 projects since 2001, including the revitalization of the Divine Lorraine, Ortlieb’s brewery building, and the Wireworks in Old City. New Markets Tax Credits have been leveraged to generate more than $1 billion in investment in projects in low-income neighborhoods such as Paseo Verde, El Corazon Cultural Center, Pan American Academy Charter School, and Oxford Mills.

These tax credit programs were not created as some social welfare scheme. They were started by Republicans as a way to incentivize private business to participate in projects that serve a public good and to generate greater economic activity by enabling more development. Historic Tax Credits came about under Gerald Ford, and Low-Income Housing Tax Credits (so far spared this round of cuts), were included in the last major tax reform effort in 1986. A Republican-led Congress during Bill Clinton’s administration added New Markets Tax Credits to the mix.

These efforts replaced direct federal subsidies with public-private partnership programs; but the House’s proposal to cut these programs replaces them with nothing. Instead it makes clear that the federal government is willing to abandon its involvement in community development.

No one should be shocked by these tax proposals, given that practically every year, New Markets Tax Credits are on the congressional chopping block, only to be saved at the last minute. The president of the National Trust for Historic Preservation wrote months ago, “Over the past few years, some tax overhaul plans drawn up in Congress have included a repeal of the historic tax credit.” Even if the programs are saved this year, it’s just a matter of time before they are abolished.

With the federal government slowly rolling back its support of urban development, perhaps it’s time to start talking about other alternatives. While no substitute for the historic tax credit, Philadelphia should consider more programs that incentivize homeowners to buy, restore, or keep an old home in good repair. While new construction and substantial rehabilitation get a 10-year tax abatement, homeowners who make more minor repairs to old homes (like fixing old roofs and buckling brick walls) get practically no support. Recent efforts like Council President Darrell Clarke’s $100-million basic systems grants and new home repair loan program are a step in the right direction.

One additional step might be to swap the blunt homestead tax exemption, which reduces the taxable value of a home by $30,000, for tax credits that offset the cost of home improvements. This would create work for contractors while improving the overall value and livability of a home. Indeed, there are a lot of jobs in repairing homes, not just creating new ones.

Another strategy might be to strengthen Pennsylvania’s inadequate state historic tax credit program, and for the commonwealth to follow the 14 states that have already created (and two others that have proposed) their own statewide New Markets tax credit programs. These programs can provide the needed stimulus to get development done and pay the state back in new job creation, property taxes, and the economic value of revived urban spaces.

The greatest irony here is that President Trump himself used the historic tax credit after he was elected, for a tax subsidy worth as much as $32 million to develop his new hotel in D.C.’s Old Post Office building. He of all people should know why tax credits have a good return on investment for the government.

Diana Lind, managing director of Penn Fels Policy Research Initiative, is a board member of the Philadelphia Citizen, where this article was first published. dlind@sas.upenn.edu

http://www.philly.com/philly/opinio...-looks-like-an-attack-on-cities-20171211.html
 

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They all look like some of the many give a ways that should be cut. The article mentions airports. Here is an example of one of those airports in the middle of nowhere and the burdens it has placed on the local taxpayers:


Close airport, pay $5 million on debt, and taxpayers are still ahead
By The Editorial Board
SEPTEMBER 30, 2017 07:00 PM

UPDATED SEPTEMBER 30, 2017 07:00 PM

“We continue to move in the right direction. The more flights we have, the more landing fees, and concessions and other things ... continue to move the airport operating (to) a break-even level.”

That was St. Clair County Board Chairman Mark Kern a year ago, when the 2015 audit came out and revealed the costs of MidAmerica St. Louis Airport to county taxpayers. The audit reported $6.5 million was transferred from the county coffers to the airport, which was down from $7.6 million in 2014.

Well guess what: The 2016 audit is out and shows an $8.29 million subsidy for 2016. That’s 25 percent more than the 2015 amount of $6.63 million, which was originally reported by the county to be $6.5 million.

Apparently air passengers have not been buying enough corn curls and cola. Kern was right about revenue increasing — it was up $1.6 million last year, but it was outstripped by airport spending.
St. Clair County and Madison County have nearly identical populations and property tax burdens to pay for county government. Yet in St. Clair County the patrol deputies ask for a penny sales tax so they don’t have to scramble across the county to the next call, inmates sleep on a gym floor, county employees make 25 percent less than counterparts in neighboring Madison County, bicyclists have 25 miles of trails rather than Madison County’s 130 miles, etc.

Ya think maybe that $8.29 million subsidy has something to do with those differences?

You could call your county board member to complain, but they have no control over the airport. Kern appointees on the Public Building Commission make decisions about how your taxes are spent at MidAmerica.

This is where we hear about how MidAmerica saved Scott Air Force Base. That was 12 years ago. Shut it down today and you still must pay off federal money used to build the airport — one financial decision County Board members were allowed to make in 2015, when they refinanced and ballooned the debt from $40 million to $88 million by extending payments 30 years. The airport will have been open 50 years by the time that debt is paid.

Even so, county taxpayers would still be ahead if the airport were shuttered or given to the Air Force. The debt payment was about $5 million last year, so had MidAmerica stopped operating and not needed that $8.29 million infusion then taxpayers would have been ahead $3.29 million.

Oh, right. MidAmerica is about cargo, and not passengers. Any day now we’ll be flying electronics and fresh carp between Mascoutah and Ningbo, China. That pipe dream cost taxpayers $2.7 million for consultants, but now the delay is a major expansion of the Chinese airport that put little MidAmerica off their radar screen. It’s easy to miss this cargo operation, which now moves 2 percent of what it once did.

But we’re sure county leaders know best and MidAmerica’s salvation rests with China. Our fearless county leaders sure seem to be nurturing an affinity for our foreign trade brothers.

They have a little red book. We have a lot of red ink.

They have Chairman Mao. We have Chairman Kern.
 

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House and Senate huddle to limit the pain on state income tax deductions and split the difference on mortgage interest caps as Trump prepares for Wednesday's final sales-pitch speech
  • Competing House and Senate bills have to be reconciled before Donald Trump can sign a final version
  • Major concerns are being hammered out this week and the president will deliver his final sales pitch on the project in a speech on Wednesday
  • Negotiators are trying to save deductions for property and income taxes paid to states and localities; losing them would hurt Americans in high-tax states
  • Also on the block are mortgage interest deductions; the compromise will let homeowners deduct interest only on the first $750,000 of new mortgages
  • Republicans are also trying to eliminate the Alternative Minimum Tax for corporations, which could erase tax savings for some big companies
  • The chief tax-writer in the House, Texas Republican Rep. Kevin Brady, says Congress is 'on track to finish' by week's end


Read more: http://www.dailymail.co.uk/news/article-5170273/Admin-says-big-revenue-GOP-tax-plan-analysts-rosy.html#ixzz515hSmDWZ
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^^

This is where the pigs all step up to,get their fill.

Hang those Xmas ornaments on the tree one for you and fifteen for me ;$
 

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AP sources: House, Senate leaders reach deal on tax package


Associated Press
ANDREW TAYLOR, STEPHEN OHLEMACHER and MARCY GORDON , Associated Press
48 mins ago



WASHINGTON (AP) — House and Senate GOP leaders forged an agreement Wednesday on a sweeping overhaul of the nation's tax laws, paving the way for final votes next week to slash taxes for businesses, give many Americans modest cuts and deliver the first major legislative accomplishment to President Donald Trump.

Top GOP aides said lawmakers had reached an agreement in principle on the final package. They spoke on condition of anonymity because they were not authorized to talk publicly about private negotiations.

The broad parameters of the deal call for cutting the top tax rate for the wealthy from 39.6 percent to 37 percent, slashing the corporate rate to 21 percent and allowing homeowners to deduct interest on the first $750,000 of a new mortgage.

One congressional aide said the deal was contingent on whether late changes to the bill still complied with budget rules adopted by both the House and the Senate. Lawmakers were waiting to hear back from analysts at the nonpartisan Joint Committee on Taxation.

The final House-Senate compromise is on track to be unveiled this week, the aides said.

Asked if there is a deal in principle on the tax cuts, Sen. Orrin Hatch, R-Utah, said, "It's more than that. I think we've got a pretty good deal."

The measure would give Trump his first major victory in Congress. It fulfills a longstanding goal by top Republicans such as House Speaker Paul Ryan, R-Wis., to rewrite the loophole-cluttered tax code.

As Trump met with lawmakers at the White House, he said they were getting "very, very close to a historic legislative victory."

The measure has come under assault by Democrats who say it is unfairly tilted in favor of business and the wealthy.

Top Senate Democrat Chuck Schumer said Wednesday GOP leaders should pump the brakes on taxes and delay a final vote until Sen.-elect Doug Jones, D-Ala., is sworn in.

"It would be wrong for Senate Republicans to jam through this tax bill without giving the newly elected senator from Alabama the opportunity to cast his vote," Schumer told reporters. "That's exactly what Republicans argued when (former Massachusetts GOP Sen.) Scott Brown was elected in 2010."

Back then, the issue was a sweeping overhaul of the nation's health care system that Democrats muscled through Congress in March 2010.

Trump was making a pitch Wednesday for the tax plan, which is unpopular with many. He will offer what aides called a "closing argument to the American people." Trump planned to deliver the speech from the Grand Foyer, the entrance of the White House mansion, laying out how the tax changes would specifically benefit the middle-class families in attendance from Pennsylvania, Ohio, Virginia, Iowa and Washington state.

The speech comes as the White House has sought to push back against polling suggesting the public views the plan as heavily tilted toward corporations and wealthy Americans. Trump has asserted that the plan will lower tax rates for individuals and spur job growth, helping American families.

The total amount of tax breaks in the legislation cannot exceed $1.5 trillion over the next decade, under budget rules adopted by the House and Senate. The legislation would add billions to the $20 trillion national debt.

Once the plan is signed into law, workers could start seeing changes in the amount of taxes withheld from their paychecks early next year, lawmakers said — though taxpayers won't file their 2018 returns until the following year.

In a flurry of last-minute changes, negotiators agreed to cut the top tax rate for individuals from 39.6 percent to 37 percent in a windfall for the richest Americans. The reduction is certain to provide ammunition for Democrats who complain that the tax package is a massive giveaway to corporations and the rich.

The top tax rate currently applies to income above $470,000 for married couples, though lawmakers are completely reworking the tax brackets.

House and Senate negotiators agreed to expand a deduction for state and local taxes to allow individuals to deduct income taxes as well as property taxes. The deduction is valuable to residents in high-tax states like New York, New Jersey and California.

Both the House and Senate bills would have scaled back the deduction for state and local taxes, limiting it to $10,000 in property taxes.

Negotiators also agreed to set the corporate income tax rate at 21 percent. Both the House bill and the Senate bill would have lowered the corporate rate from 35 percent to 20 percent.

Business and conservative groups lobbied hard for the 20 percent corporate rate. Negotiators agreed to bump it up to 21 percent to help offset revenue losses from other tax breaks, the aides said.

Among the other tax breaks, negotiators agreed to eliminate the alternative minimum tax for corporations, a big sticking point for the business community, the aides said. They also agreed to let homeowners deduct interest on the first $750,000 of a new mortgage, down from the current limit of $1 million.

The provision would not affect current mortgages.

___

Associated Press writers Kevin Freking and Ken Thomas contributed to this report.


Follow Stephen Ohlemacher on Twitter at http://twitter.com/stephenatap

http://www.msn.com/en-us/news/polit...ach-deal-on-tax-package/ar-BBGHHfq?li=BBnb7Kz
 

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Unraveling the Republican tax plan: what we know about the details

Donald Trump’s $1.5bn tax overhaul received a blow when Doug Jones’s victory in Alabama cut the Republican Senate majority. Here’s everything you need to know about the plan

Dominic Rushe in New York
Wednesday 13 December 2017 14.39 EST


Donald Trump’s $1.5tn plan to overhaul the US tax system received another blow on Tuesday night when Democrat Doug Jones emerged as the winner in a closely fought race for a Senate seat in Alabama.

Now Trump is set to make another pitch for the unpopular plans while Republicans rush to get their bill finalized before the New Year, when Jones goes to Washington. His vote could imperil the bill’s passage.

By the end of this week Republicans hope to have finalized a tax plan Trump has said will “create a new age of American prosperity” and which critics, including Bernie Sanders, have called a hand-out for the super-rich and “one of the greatest robberies in American history”.

Despite the fact that the bill will likely add $1tn plus to the national debt, much of the work on the plan has been done in locked rooms. There are two bills, one in the House and one in the Senate, and the exact shape of the final plan are unknown and subject to change. But odds are some sort of plan will pass before Christmas. So what do we know?

The two bills
The House passed its budget bill on 16 November and the Senate passed its bill on 1 December. Both bills contain key elements of Trump’s plan: for instance, cutting corporate taxes to 20%, from 35%. There are, however, key differences between the two plans that could still derail – or at least delay – reconciling the plans.

The House bill
The House bill permanently cuts the number of income tax brackets from seven to four.

Deductions on mortgage interest would be capped at $500,000 (rather than the current $1m).

Tax deductions for those with high medical expenses would be cut, a provision that will disproportionately hit the elderly and has been attacked by AARP, the powerful lobby group for older Americans.

The House bill would also repeals the Alternative Minimum Tax (AMT), a tax applied to the very top earners to force those who use other accounting loopholes to pay little or no to.

The Senate bill
The Senate bill has seven new tax brackets but they expire in 2025.

It would leave mortgage deductions as they are and expands medical deductions.

The Senate also keeps AMT, which leaked documents show triggered $38m in taxes for Trump in 2005. But it would ensure fewer people pay it.

There are also key differences on changes to pass through – businesses that are taxed at the individual owner’s tax rate and not the corporate tax rate, estate taxes and the treatment of state and local taxes.

What next?
On Wednesday Trump will address the nation as Republicans make a final push to get the tax bill passed. Party leaders met over the weekend to iron out difficulties but appear to still have major differences to settle. Lawmakers meet Wednesday for the first, and perhaps only, open meeting of a conference committee tasked with reconciling the bills.

The vote
Republicans are using budget rules to pass the tax bill without Democrat support. The House bill passed with 227 Republicans voting yes and 13 voting no. No Democrats voted for the bill. The Senate bill passed 51 to 49, with only one Republican, senator Bob Corker, holding out over the cost.

Republicans have control of both houses but Republican politicians in Democratic states are furious about plans to cut deductions for state and local taxes, and others are holding out for once-in-a-lifetime deals as pressure mounts. The final bill can afford to lose just 20 votes in the House and two in the Senate now and just one when Jones takes his seat. So negotiations are fraught to say the least.

While Trump has had major successes in slashing regulation and appointing right-wing judges, he has failed to dismantle Obamacare and the Republicans believe passing tax reform is a must for their agenda as they move into 2018 and mid-term elections. Failure to pass a tax bill by Christmas would be a terrible end to Trump’s first year in office.

https://www.theguardian.com/us-news/2017/dec/13/donald-trump-republican-tax-plan-what-we-know
 

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Trump promises 'giant tax cut for Christmas' as Republicans make a deal to cut rates but are racing the clock before Roy Moore's crash and burn costs them a seat
  • President Donald Trump said Congress is 'very close to voting' on a tax cut plan
  • He aims to give Americans 'a giant tax cut for Christmas; And when I say giant, I mean giant'
  • 'It's going to be a lot of money,' he said at the White House, projecting a $2,000 savings for an average middle-class family
  • Republicans in the House and Senate reached a deal to cut top corporate tax rate from 35 per cent to 21 per cent
  • Top individual rate will fall from 39.6 per cent to 37 per cent but child tax credits will be expanded
  • Democrats want a delay so Alabama senator-elect Doug Moore can be seated, but that's unlikely


Read more: http://www.dailymail.co.uk/news/article-5176169/Republicans-reach-deal-tax-reform-pass-soon.html#ixzz51B5FcTsW
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'Little Marco' Rubio says he's a no on the tax cut unless it changes after GOP leaders stiff him on child credit – but Trump says it'll be 'the greatest Christmas present that a lot of people have ever received'
  • Vice President Mike Pence is staying in Washington to preside over a tax cut vote
  • Florida Sen. Marco Rubio has told leaders his vote depends on child tax credit
  • Republicans previously got a version through the Senate with just 51 votes
  • Pence would break any tie vote
  • He was set to visit Israel and Egypt after President Trump announced decision to move the U.S. embassy in Israel to Jerusalem
  • GOP Sen. John McCain of Arizona has been hospitalized following cancer treatments
  • GOP Sen. Susan Collins received Obamacare assurances before her yes vote
  • Democrat Doug Jones won a special election in Alabama but hasn't been seated yet


Read more: http://www.dailymail.co.uk/news/article-5180255/Shalom-Pence-delays-Middle-East-peace-trip-tax-vote.html#ixzz51Jz6io00
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They seem to want to prerelease all the info except the brackets, which is what we really need to know
 

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Everything You Need to Know About the GOP Tax-Overhaul Bill


Bloomberg
Bloomberg News
33 mins ago



(Bloomberg) -- Here are key changes to U.S. tax law for individuals and businesses that have emerged from the final Republican bill that’s headed for votes in the House and Senate next week.

Individual Tax Rates
(Note: Individual rate cuts would expire after 2025.)

Current law:
  • Seven rates, starting at 10 percent and reaching 39.6 percent for incomes above $418,401 for singles and $470,701 for married, joint filers.
Proposed:
  • Seven rates, starting at 10 percent and reaching 37 percent for incomes above $500,000 for singles and $600,000 for married, joint filers.

    For joint filers:
    • 10 percent: $0 to $19,050
    • 12 percent: $19,050 to $77,400
    • 22 percent: $77,400 to $165,000
    • 24 percent: $165,000 to $315,000
    • 32 percent: $315,000 to $400,000
    • 35 percent: $400,000 to $600,000
    • 37 percent: $600,000 and above

  • For single filers:
    • 10 percent: $0 to $9,525
    • 12 percent: $9,525 to $38,700
    • 22 percent: $38,700 to $70,000
    • 24 percent: $70,000 to $160,000
    • 32 percent: $160,000 to $200,000
    • 35 percent: $200,000 to $500,000
    • 37 percent: $500,000 and above

Corporate Tax Rate
Current law: 35 percent

Proposed: 21 percent, beginning in 2018.

Corporate Alternative Minimum Tax
Current law: Applies a 20 percent rate as part of a parallel tax system that limits tax benefits to prevent large-scale tax avoidance. Companies must calculate their ordinary tax and AMT tax, and pay whichever is higher.

Proposed: Repealed.

Pass-Through Deduction
Current law: Pass-through businesses, which include partnerships, limited liability companies, S corporations and sole proprietorships, pass their income to their owners, who pay tax at their individual rates.

Proposed: Owners could apply a 20 percent deduction to their business income, subject to limits that would begin at $315,000 for married couples (or half that for single taxpayers).

Standard Deduction
Current law: $6,350 standard deduction for single taxpayers and $12,700 for married couples, filing jointly.

Proposed: $12,000 standard deduction for single taxpayers and $24,000 for married couples, filing jointly.

Individual State and Local Tax Deductions
Current law: Individuals can deduct the state and local taxes they pay, but the value is subject to certain limits for high earners.

Proposed: Individuals can deduct no more than $10,000 worth of the deductions, which could include a combination of property taxes and either sales or income taxes.

Obamacare Individual Mandate

Current law: An individual who fails to buy health insurance must pay penalties of $695 (higher for families) or 2.5 percent of their household income -- whichever is higher, but capped at the national average cost of the most basic, low-premium, high-deductible plan.

Proposed: Repeal the penalties.

Mortgage Interest Deduction
Current law: Deductible mortgage interest is capped at loans of $1 million.

Proposed: Deductible mortgage interest for new purchases of first or second homes would be capped at loans of $750,000.

Medical Expense Deduction
Current law: Qualified medical expenses that exceed 10 percent of the taxpayer’s adjusted gross income are deductible.

Proposed: Reduce the threshold to 7.5 percent of AGI for 2018 and 2019.

Child Tax Credit
Current law: A $1,000 credit for each child under 17. The credit begins phasing out for couples earning more than $110,000. The credit is at least partially refundable to qualified taxpayers who earned more than $3,000.

Proposed: Double the credit to $2,000 and provide it for each child under 18 through 2024. Raise the phase-out amount to $500,000, and cap the refundable portion at $1,400 in 2018.

Estate Tax
Current law: Applies a 40 percent levy on estates worth more than $5.49 million for individuals and $10.98 million for couples.

Proposed: Double the thresholds so the levy applies to fewer estates. The higher thresholds would sunset in 2026.

To contact Bloomberg News for this story: John Voskuhl in Washington at jvoskuhl@bloomberg.net.

To contact the editors responsible for this story: John Voskuhl at jvoskuhl@bloomberg.net, Alexis Leondis at aleondis@bloomberg.net.

©2017 Bloomberg L.P.

http://www.msn.com/en-us/news/polit...overhaul-bill/ar-BBGMRvT?li=BBnb7Kz&ocid=iehp
 

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By:
Peter Schiff
Thursday, December 7, 2017

After supposedly chomping on the bit for years to pass meaningful tax reform, Republicans are now set to blow an historic opportunity. Whatever version of the Bill that emerges from the House and Senate Conference Committee (which will be signed by President Trump faster than he can down a Filet o’Fish), will be far less than the Republicans envisioned when they finally captured the White House and both Congressional Chambers in 2016. But from what I have seen of the particulars, the revisions to the tax code will offer a marginal, although temporary, win for low income individuals, a major slap for moderately successful wage earners and home owners, (especially in the high tax Blue States) and a huge victory for the extremely wealthy and certain categories of business owners. While it is certain that the plan will add to the growing deficit, its immediate economic and political impact is hard to predict.

For generations, taxpayers and politicians alike lambasted our overly complex tax code for its myriad of economic distorting loopholes that seemed to produce nothing except employment for legions of accountants and tax lawyers adept at gaming the system. As a result, talk about tax reform has always included proposals to make the system simpler, fairer, and more transparent. But on that front, the Republican proposals fail miserably. Trump and Congress will hail this achievement as being a major victory for the American people. But the true winner will be the swamp that Trump promised to drain. If Peter Schiff says its crap...
 

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No individual mandate for young people who don't need health insurance. I love that part plus the standard deduction is huge now. Doing taxes is going to be easy no need to itemize.
 

Ensoniq

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It's not perfect but it's pretty good.

I'm paying 39.4 at the corp and love the sound of 21%

My personal rate is also greatly improving
 

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Maybe if we can control the House, the Senate & Presidency one day the Repukes can propose a flat tax and remove class warfare from the system.

I will need to itemize, but love the 20% for small business income. It won't put me in a lower bracket, but I will be paying less. My bartender and mistress are going to be happy!
 

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The bill has been so butchered up I am changing my original feelings that I hope it passed to my feelings now that it falls through.
Imagine that Rubio wanting refundable credits to the FSA or he wont sign
Let it fail...
 

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The standard deduction increase isn't nearly as big it sounds. For a married couple next year the standard deduction would have been 13,000 and two personal exemptions would have been 8,300 for a total of 21,300, vs. the new standard deduction of 24,000 (with personal exemptions eliminated). Any couple who would have had 2018 itemized deductions over 15,700 will lose, deduction-wise, because with the old law allows the 8,300 in personal exemptions on top of the itemized deductions. This loss will in most cases be offset by the lowered bracket percentages, so in the end it looks like only those with huge real estate and/or state tax payments will be net losers. The medical deduction was fortunately retained, with the AGI reduction restored to 7.5% for everybody. It was a close call, as the house bill would have been a big hit to many of what I consider middle class taxpayers. The conference bill looks ok to me in that regard. Just about any change to simplify taxes is good, and this change delivers that for many individual taxpayers.
 

edsl48

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Upset About the One-Sided Tax Bill? Here's What to Do About It!

byMike Mish Shedlock
11 hrs
The Tax bill will raise the deficit by $1.5 trillion and will likely do nothing for you personally. Don't just sit there



Republican Hypocrisy

The same Republicans who locked up the government under Obama for a month in a failed bid to prevent a hike in the debt ceiling, now thinks it's OK to increase debt by $1.5 trillion.

The average tax benefit for the average person making $100,000 a year is a mere $100.

Non-Reform

I am all in favor of tax "reform". However, the bill is anything but reform.

It does not kill the Alternative Minimum Tax, it has eight brackets vs four in the House version, and beyond 2027 it does not lower individual taxes to any extent at all.

The New York Times reported Tax Bill Offers Last-Minute Breaks for Developers, Banks and Oil Industry.

Four companies, Apple, Cisco, Microsoft, and Oracle stand to gain an immediate windfall on $500 billion held overseas.

Cisco chief Chuck Robbins told CNBC that he would put the money toward a combination of dividends, buybacks and M&A activity.

Mergers, dividends, and buybacks will not create one job. In fact, mergers are likely to decrease jobs.

Spend Your $100 Wisely

By 2027 benefits dwindle for anyone making less than $100,000. I calculated the average annual gain for someone making $100,000 as $100.

For details, please see Tax Bill Analysis: Spend Your Extra $100 Wisely.

Benefits dwindle even faster for the lowest wage earners, and in some cases increase.

Bill Deserves to Die


This bill deserves to die, and the vast majority of the American public knows it.

  • More than three-quarters of respondents to a CBS News survey this month said it would benefit corporations, while less than a quarter said it would help their own family (and 69 percent said it would help the wealthy.)
  • A USA Today-Suffolk University poll released Sunday found 64 percent said the wealthy will get the most benefits, while just 17 percent said the middle class will.
What You Can Do

  1. Please call the U.S. Capitol Switchboard at (202) 224-3121. A switchboard operator will connect you directly with the Senate office you request. Tell them you do not want the tax bill to pass.
  2. Email your Senators Here is a Senate Contact Sheet. Open that page, find your senators and let them know what you think.
Don't Delay!

Please phone and email your senators, especially Collins in Maine, Rubio in Florida, McCain in Arizona, Lee in Utah, Corker in Tennessee, and Paul in Kentucky.

Make two calls. One to each of your Senators. Have your friends do the same. Let them know how you feel about this bill!

Mike "Mish" Shedlock
 

Silver Art

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Still 7 tax brackets. I thought they wanted to eliminate some of them. I'm all in favor for a straight flat tax. no deductions no credits.
IMO I will never see a straight flat tax in my lifetime. Too many different lobbyists interests and the tax accounting/prepare groups will prevent a flat tax from happening.
 

gnome

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All the tax cuts for working individuals are temporary, because they want to get reelected in 2018 and 2020. The corporate and estate tax cuts are forever.
Flat out oligarchy.
 

gnome

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Ensoniq

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I'd also shuffle the cards differently but when I think of the big picture my take away is

Government has less to spend and people have more - that's always a good thing
 

gnome

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Government has less to spend and people have more - that's always a good thing
Not having any money never stopped 'em from spending before.
What are the spending provisions in the bill?
Trump administration has not passed a budget.
As soon as they pass this 'reform' the next order of business will be to raise the debt ceiling.
 

Ensoniq

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You're not wrong sir

I have hope trump is two stepping

After he cut supply to the swamp he'll double back and work on consumption

Welfare is probably first
 

Joe King

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Taxes. The only thing everyone wants less of for themselves and more of for everyone else.


The upper classes pay the vast majority of the taxes, so why shouldn't they get the biggest cut?
 

Agavegirl1

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Compromise plan gives $2000 child tax credit with $1400 refundable. So now we are paying people more to have kids they can't afford in the first place. I pay more under the plan. My congress critter is ignoring me and no congress critter ever mentions the elimination of the personal exemption.
 

searcher

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The Winners and Losers in the Tax Bill


The New York Times
By JESSE DRUCKER and ALAN RAPPEPORT
10 hrs ago

President Trump has called the $1.5 trillion tax cut that Republican lawmakers are on the verge of passing a Christmas present for the entire nation.

But the fine print reveals that some will get a much nicer gift than others, the benefits will change over time, and some will be left out in the cold. Real estate developers and technology companies could see big tax cuts, while low-income households and people buying health insurance could lose out.

With the bill finally headed to a vote this coming week, taxpayers are scrambling to determine whether the legislation renders them winners or losers.

WINNERS

PRESIDENT TRUMP AND HIS FAMILY

Numerous industries will benefit from the Republican tax overhaul, but perhaps none as dramatically as the industry where Mr. Trump earned his riches: commercial real estate. Mr. Trump, along with his son-in-law Jared Kushner, who is part owner of his own real estate firm, will benefit from lower taxes on so-called “pass through” income, which is money earned by partnerships and other types of businesses whose income is passed through to its owner and taxed at the individual tax rate. Mr. Trump and Mr. Kushner benefit since they own properties through limited liability companies and other similar vehicles.


Under current law, that income is taxed at rates as high as 39.6 percent. Under the bill, much of that income could be taxed at a rate as low as 29.6 percent, subject to some limitations. Real estate also avoided new limits on interest deductions and retained its ability to defer taxes on the exchange of similar kinds of properties. The benefits of lower rates on pass-through income will extend to Mr. Trump and Mr. Kushner’s partners at real estate investment trusts as well. At the last minute, lawmakers added language to make it easier for real estate owners to avoid some of the pass-through provision’s restrictions and maximize the tax benefits even more.

BIG CORPORATIONS

Industries like big retailers will benefit from the new corporate rate of 21 percent, since those companies pay relatively close to the full 35 percent rate. Other aspects of the corporate tax cuts will be enjoyed by an array of multinational industries, particularly technology and pharmaceutical companies, like Google, Facebook, Apple, Johnson & Johnson and Pfizer. Such multinational companies have accumulated nearly $3 trillion offshore, mostly in tax haven subsidiaries, untouched by the United States taxman. The tax bill will force those companies to gradually bring that money home, but it will be taxed at rates ranging from 8 percent to 15.5 percent. That’s far lower than the current 35 percent tax rate on corporate profits and even lower than the new 21 percent rate.

Plus, American companies will no longer owe full corporate taxes on future profits they say they earn abroad, providing more incentive to push income into tax haven subsidiaries. The law even includes provisions that could encourage companies to move workers abroad, despite pledges to do the opposite.

MULTIMILLIONAIRES

An exemption for estates that owe what Republicans call the “death tax” was lifted to $22 million from $11 million. That doesn’t matter much to billionaires like Charles Koch, but means a big tax cut for people with estates worth tens of millions of dollars.

Plus, the top rate applying to wages and interest income would be cut to 37 percent from 39.6 percent.

PRIVATE EQUITY MANAGERS

During the campaign, Donald Trump railed against wealthy investment managers who, thanks to the so-called carried interest loophole, pay taxes on the majority of their pay at a lower capital gains rates. But the purported reform to this tax provision will affect few if any private equity managers, leaving the loophole intact.

PRIVATE SCHOOLS AND THE PEOPLE WHO CAN AFFORD THEM

Parents would be eligible to use a type of tax-preferred savings plan — known as a 529 plan — to save for their children’s’ elementary and secondary education. Right now, those savings plans are only eligible for college. But they would be expanded to allow for up to $10,000 a year for tuition at private and religious schools.

THE LIQUOR BUSINESS

Excise taxes for small brewers and distillers are reduced in the final agreement. Those industries are dominated by entrepreneurial small businesses often based in rural areas. They also have strong lobbyists, and many are based in states with powerful senators, like Senator Rob Portman of Ohio. Mr. Portman, who tucked a provision to help craft brewers into the Senate legislation, was part of the small team of lawmakers who merged the two bills into a final version.

ARCHITECTS AND ENGINEERS

They were originally restricted in how much they could benefit from the new pass-through provision. If they structure their businesses a certain way, the final version will let them benefit fully.

TAX ACCOUNTANTS AND LAWYERS

Mr. Trump once said his “dream” was to put tax preparation services out of business by simplifying the tax code. But the rushed legislation will probably have the opposite effect, as individuals try and make sense of the complicated new provisions, staggered dates and new rates. The uncertainty and confusion will probably create numerous new opportunities to game the system: tax preparers are sure to see a boom in business advising clients on how to restructure their employment and compensation arrangements to take advantage of the lower tax rates on income reported by corporations and pass-through entities.

LOSERS

PEOPLE BUYING HEALTH INSURANCE

With the repeal of the individual mandate, some people who currently buy health insurance because they are required by law to do so are expected to go without coverage. According to the Congressional Budget Office, healthier people are more likely to drop their insurance, leaving insurers stuck with more people who are older and ailing. This is expected to make average insurance premiums on the individual market go up by about 10 percent. All told, 13 million fewer Americans are projected to have health coverage, according to the Congressional Budget Office.

INDIVIDUAL TAXPAYERS IN THE FUTURE

To stay under the $1.5 trillion limit for new deficits lawmakers set for themselves, they opted to make the cuts for individuals and families temporary, expiring at the end of 2025 — even as the corporate tax cuts will be permanent. Republicans are counting on a future Congress to extend the lower rates, as has happened in the past. But there are no guarantees, and that could mean a big tax increase down the road. What is more, the use of a different, less generous measure of inflation would push taxpayers into higher tax brackets more quickly.

THE ELDERLY

A 2010 law requires that any legislation that adds to the federal deficit be paid for by spending cuts, increases in revenue or other offsets. Some cuts would be automatic, and the biggest program to be affected is Medicare, the health insurance program for the elderly and disabled. Dozens of other programs are likely to be cut as well, but Medicare, which would face a 4 percent cut, is by far the biggest. Republicans say that this rule will be waived and the cuts will be averted, but that will take a bipartisan deal.

LOW-INCOME FAMILIES

Low-income families who claim the earned-income tax credit will lose out on at least $19 billion over the coming decade under the bill because of the change in the way inflation is calculated. And a new requirement that families claiming the child tax credit provide a Social Security number is projected to mean a big reduction in the families claiming it, since those who are not in the United States legally would be prohibited, even if their children were born in the United States.

OWNERS OF HIGH-END HOMES

Under current law, the interest on mortgages for first and second homes is deductible for the first $1 million of the loan. The overhaul would cut that to the first $750,000 and eliminate the owner’s ability in the current law to deduct the interest on a home-equity loan up to $100,000. This could drive down home prices in some high-end markets; good for prospective buyers but bad for prospective sellers.

PEOPLE IN HIGH PROPERTY TAX, HIGH INCOME STATES

Homeowners in high-tax states like New York, New Jersey and California could be big losers, particularly if they have high property taxes. Their ability to deduct their local property taxes and state and local income taxes from their federal tax bills is now capped at $10,000. In some cases, that could be offset by the lower tax rates that all taxpayers will owe on their ordinary income.

PUERTO RICO

Puerto Rico had sought an exemption from new taxes, citing the frail state of its economy nearly three months after Hurricane Maria. But no such luck. The tax bill treats affiliates of American companies on the island as if Puerto Rico were a foreign country and imposes a 12.5 percent tax on intellectual property. Puerto Rico’s governor, Ricardo A. Rosselló, said the tax would hurt the biomedical and technology affiliates that make up about a third of Puerto Rico’s tax base.

THE INTERNAL REVENUE SERVICE

The tax collection agency has been underfunded and understaffed for years. Now, it will have a raft of new tax rules to deal with that will require upgrading its software, printing new manuals and explaining to confused taxpayers how things work. All this is expected to take place while the commission is working under the supervision of an interim commissioner, who is expected to be replaced sometime next year.

http://www.msn.com/en-us/news/polit...-the-tax-bill/ar-BBGOZ8V?li=BBnb7Kz&ocid=iehp
 
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searcher

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Corker Says He Hasn’t Read Tax Bill, Denies Quid Pro Quo

International Business Times

Josh Keefe1
10 hrs ago


In an exclusive interview with International Business Times, U.S. Senator Bob Corker, R-Tenn, denied knowing about a controversial last-minute provision slipped into the Republican tax bill that could personally enrich him. Corker, the lone Republican to vote against the original Senate bill, which didn't include the provision, also admitted he has not read the final tax bill he announced he will support.

A trio of Democratic Senators, meanwhile, slammed the provision, which was first reported on by IBT.

Corker’s vote is considered pivotal in the closely divided Senate and he could be in a position to make or break the landmark legislation. He declared his support for the final reconciled version of the bill on Friday after GOP lawmakers added a provision that could benefit his vast real estate holdings -- a provision that Corker denied having any knowledge of.

In a series of rapid-fire telephone interviews, Corker asked IBT for a description of the provision, and then criticized it. But minutes later, he called back to walk back that criticism, saying he wanted to further study the issue, and that it was more complex than he initially understood it to be. Despite potentially holding the fate of the entire tax bill in his hands, Corker told IBT that he has only read a short summary of the $1.4 trillion legislation.

“I had like a two-page summary I went through with leadership,” said Corker. “I never saw the actual text.” Despite not reading the bill -- and having time to read it before the final vote scheduled for this week -- he reiterated his support for the bill to IBT, support he announced hours before bill’s full text was publicly released on Friday.

Corker called IBT to respond to a series of IBT investigative reports showing that he switched his vote to “yes” on the tax legislation, only after Republican leaders added in a provision reducing taxes on income from real-estate LLCs. Federal records reviewed by IBT show Corker, a commercial real estate mogul, made up to $7 million last year from such income. President Donald Trump's financial disclosures listed between $41 million and $68 million of the same income.

After the report, Corker called IBT and asked for a detailed description of the provision, insisting he did not know about. After the provision was described, he said: “If I understand what [the provision] does, it sounds totally unnecessary and borderline ridiculous.”

A few minutes later, however, Corker called back, and tried to back off that criticism.

“I don’t really know what the provision does to be honest. I would need an accountant to explain it,” Corker said. “I had no knowledge of this and would have no knowledge of it except for you guys are calling me about it. I have no idea whatsoever whether it impacts me or doesn’t impact me.”

The provision was not included in the bills that originally passed the House and Senate. Corker previously said he opposed the legislation because he was concerned about it increasing the deficit, but on Friday he announced he would support it -- even though Congress’s own Joint Committee on Taxation projects that the legislation will increase the deficit by $1.4 trillion.

Responding to IBT's revelations, Democrats denounced the provision as a giveaway to the wealthy. Maryland Sen. Chris Van Hollen called the tax break "unconscionable." Ohio Sen. Sherrod Brown denounced it as an example of a deal cut "for millionaires behind closed doors." Oregon Sen. Ron Wyden, the ranking Democrat on the Senate Finance Committee, blasted the provision in a statment to IBT.

“This new real estate carve out was airdropped in at K Street’s bidding, widens the proposed passthrough loophole and gives away an even bigger tax cut to Trump and his wealthy friends," Wyden said. "Combined with tax cuts for the one percent, these breaks create a bonanza for the politically powerful and well-connected at the expense of the middle class.”

http://www.msn.com/en-us/news/politics/corker-says-he-hasn’t-read-tax-bill-denies-quid-pro-quo/ar-BBGPfq4?li=BBnb7Kz&ocid=iehp
 
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