Posted on 12/16/2017 2:57:18 PM PST by E. Pluribus Unum
Lawmakers released the full text of the Republican leadership-backed tax cut Friday evening
The Senate is expected to vote Monday and House is expected to vote Tuesday
Top income tax rate drops to 37 per cent from 39.6 Corporate tax rate slashed to 21 per cent from 35 per cent
Estates worth up to $11.2 million shielded from federal taxes
State and local tax deduction capped at $10,000 as in House bill
New York and California lawmakers railed against the elimination of SALT
Latest Senate version came in at cost of $1.5 trillion over 10 years
Doubling of child tax credit and increase in standard deduction
White House says bill simplifies 'rigged and burdensome tax code'
Republicans released their long-awaited tax overhaul bill late Friday afternoon, drawing months of negotiations to a close and setting up a pair of final votes on Monday and Tuesday.
President Donald Trump has promised to deliver tax relief as a Christmas present. He ran on a pledge of making it happen and the Republican Party is betting that voters flush with newfound money will reward them at the polls.
The Tax Cuts and Jobs Act creates seven new tax brackets, including a 37 per cent rate – down from 39.6 per cent – for top-end wage earners.
The new rates start at 10 per cent and rise to 12, 22, 24, 32, 35 and 37 per cent.
The bill also lowers the top corporate tax rate from 35 per cent to 21 per cent, the largest such reduction in U.S. history.
(Excerpt) Read more at dailymail.co.uk ...
Only a DhimmicRAT believes someone who doesn’t pay taxes MUST be given a tax cut!
What happened to 15%? Looks like they were in a hurry to get taxes over 20%.
Meanwhile, great news on the corporate taxes.
But... we’re supposed to be against any kind of tax cut because THE EEEEEEEEEVIL RICH might also get a tax cut. Nope, no matter how much middle class people might benefit, if a single rich person anywhere has lower taxes, it isn’t worth it.
/end channeling dimwit libs
15 is now 12....the incomes are totally different from the present so the rates alone mean nothing. There is a side by side someplace.
Give a poor man a dollar and he'll spend it.
Give a rich man a dollar and he'll turn it into two.
So according to you, we should all be paying 37% of our income in taxes.
That is a ridiculous saying. A 'poor" man has to spend a dollar to eat and live. He doesn't have the luxury of "investing".
Anything on capital gains? I heard somebody say they were considering dropping to 20%. Frankly I believe a lower capital gains tax adds a little stability to the market. Also hope that the drop in corporate taxes leads to a higher dividend payout to shareholders. That would help the overall economy.
UK press is obsessed with the US.
It’s weird at best.
Imagine if all US MSM focused more than 50% of their reporting on UK politics.
Freak show.
Only a communist believes that cutting a 39% tax rate to 37% is a “ slash”
But the "Chuck & Nancy False Narrative Show" has had an impact on the unwashed masses. I saw a poll on Fox this morning saying 44% of the short attention span people surveyed believe the bill will increase their taxes vs, a much smaller number saying the opoposite. Sigh.
Pure insanity that needs to stop. Our tax system needs to be overhauled.
Men of modest means will spend the dollar, fueling the economy, but men who have all they need already may stuff that dollar in a mattress or send it to a foreign country.
How does that change the accuracy of the ‘proverb’?
I would say it is pretty condescending.
From what I observe, being squarely in the middle of of the poverty-relief biz, yes, he could invest and save if he'd get rid of all his dogs, leave off the smokes and the beer, and stay married to the same woman. That would free up at least $100 a month to invest.
I objected to the headline, too. Typical unfair media spin, even with supposedly hard news. That makes it fake news, just in the headline alone.
$100 bucks a month, peanuts. Wages have been suppressed through massive immigration that life in the USA is a just a daily existence for many. The right wing Cheap Labor Express has done that to us.
I meant to put something like that in parenthesis in the title, but there wasn't enough room.
They want us to share in their misery.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.