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TimR
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Tax Reform Deal
12/13/17 at 15:54:16
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Reuters is reporting some details of the compromise legislation between the House and Senate

https://www.reuters.com/article/us-usa-tax/congress-secures-tax-deal-trump-backs...

Corporate tax rate would be 21%
The top individual rate is being reduced to 37% from 39.6%
State and local income OR property taxes could be deducted up to $10,000

Those were the only details I saw.

I am worried that reducing the top rate to 37% would be a big tax cut for the rich 1%, which is exactly what critics have harped about.  Neither House nor Senate bill cut it that low, so I'm not sure why they would do it.

  
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bigmck
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Re: Tax Reform Deal
Reply #1 - 12/13/17 at 16:00:54
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TimR wrote on 12/13/17 at 15:54:16:
Reuters is reporting some details of the compromise legislation between the House and Senate

https://www.reuters.com/article/us-usa-tax/congress-secures-tax-deal-trump-backs...

Corporate tax rate would be 21%
The top individual rate is being reduced to 37% from 39.6%
State and local income OR property taxes could be deducted up to $10,000

Those were the only details I saw.

I am worried that reducing the top rate to 37% would be a big tax cut for the rich 1%, which is exactly what critics have harped about.  Neither House nor Senate bill cut it that low, so I'm not sure why they would do it.



Yea, just like Obama said, "The Rich Need to Pay Their Fair Share". 
  
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darroll
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Re: Tax Reform Deal
Reply #2 - 12/13/17 at 18:35:14
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TimR wrote on 12/13/17 at 15:54:16:
Corporate tax rate would be 21%.
This is why we have a hard time competing with foreign businesses.
  
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MoGal
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Re: Tax Reform Deal
Reply #3 - 12/13/17 at 19:09:13
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I'm always for cutting taxes, as long as spending is reduced, and so far, I think Trump has done a pretty good job of cutting spending in a lot of areas...more to go.  I cannot keep a straight face when the Democrats are whimpering about the deficit..they act like they didn't put us there.
  
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mahdo1
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Re: Tax Reform Deal
Reply #4 - 12/13/17 at 22:01:43
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This is why I'm for a simple 10% flat tax. K.I.S.S. (Keep It Simple, Stupid!)
The more money the rich have to spend the more jobs will be created.  The more wealth is spread around.
  

Cordially,
David "The Mahdo One" Nelson
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Re: Tax Reform Deal
Reply #5 - 12/13/17 at 22:25:55
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TimR wrote on 12/13/17 at 15:54:16:
State and local income OR property taxes could be deducted up to $10,000


I live in Pennsylvania and we never had this.  How does it worK?  We pay about $5000 in property taxes.  From what do i deduct it? Hubby's wages or income tax to be paid?
  
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SueAnn
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Re: Tax Reform Deal
Reply #6 - 12/13/17 at 22:27:07
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TimR wrote on 12/13/17 at 15:54:16:
Corporate tax rate would be 21%


Is that low enough to better compete?
  
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SueAnn
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Re: Tax Reform Deal
Reply #7 - 12/13/17 at 22:27:49
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mahdo1 wrote on 12/13/17 at 22:01:43:
This is why I'm for a simple 10% flat tax. K.I.S.S. (Keep It Simple, Stupid!)
The more money the rich have to spend the more jobs will be created.  The more wealth is spread around.


How do you feel about a consumption tax instead?
  
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Re: Tax Reform Deal
Reply #8 - 12/13/17 at 23:00:06
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Lowering the top rate is probably so the loss of the deduction of state taxes wont mean a tax increase for those in high tax states.
  
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bigmck
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Re: Tax Reform Deal
Reply #9 - 12/13/17 at 23:09:44
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SueAnn wrote on 12/13/17 at 22:25:55:
I live in Pennsylvania and we never had this.  How does it worK?  We pay about $5000 in property taxes.  From what do i deduct it? Hubby's wages or income tax to be paid?


Previously you could deduct your $5000 in Property Taxes on your Federal Income Tax.  They have been talking about not allowing this in the new Tax Package.
  
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