Republicans Release Tax Plan, Cutting Corporate and Middle-Class Taxes
Source: New York Times
By JIM TANKERSLEY and THOMAS KAPLANNOV. 2, 2017
WASHINGTON — Republican lawmakers are unveiling the most sweeping rewrite of the tax code in decades, outlining a plan to cut taxes for corporations, reduce them for middle-class families and tilt the United States closer, but not entirely, toward the kind of tax system long championed by businesses, according to talking points circulated on Thursday.
The House plan, released after weeks of internal debate, conflict and delay, is far from final and will ignite a legislative and lobbying fight as Democrats, business groups and other special interests tear into the text ahead of a Republican sprint to get the legislation passed and to President Trump’s desk by Christmas.
The bill keeps a top rate of 39.6 percent for the highest-earners and roughly doubles the standard deduction for middle class families. It expands the child tax credit to $1,600 from $1,000 and will not make any changes to the 401(k) plans. It does propose changes to the popular mortgage interest deduction. Under the Republican plan, existing homeowners can keep their mortgage interest deduction but future purchases will be capped at $500,000. The bill cuts the corporate tax rate to 20 percent, from 35 percent.
According to the talking points, the bill “makes no changes to the popular retirement savings options that Americans have today — including 401(k)’s and Individual Retirement Accounts, or I.R.A.s. Americans will be able to continuing making both traditional, pretax contributions and ‘Roth’ contributions in the way that works best for them.”
Read more: https://www.nytimes.com/2017/11/02/us/politics/tax-plan-republicans.html
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"Pass Through Taxation".
"Partnerships and sole proprietorships are considered pass through tax entities, meaning the money these companies earn is taxed only once. Each owner reports his share of the profits on his personal tax return, and the money is taxed only at the individual owner's personal income tax rate."
These "pass Through's" will screw the middle class and the working poor,, someone has to pay for the lack of revenue going into the government that isn't there with this tax plan and the "pass through's", this tax "plan" is BS.
If I have a $15,000 dollars a year property and state tax, it is capped at $10,000, the $5,000 goes to the 1% its is that simple with the "pass through's"
This is f*cking trickle down economics 101 being implemented by Ayn Rand (Eddie Munster) and this character from Texas ,Brady
https://www.americanprogress.org/issues/economy/reports/2017/06/13/434054/middle-class-working-families-lose-trump-tax-plan/
