Property taxes also fund K-12 education...Now that we have seen most of the combined plan, what are everyone's thoughts? In my original thread about the House version, most seemed to support the plan, but had concerns about repealing the Estate Tax, repealing AMT, adding to the national debt and potentially paying more due to the SALT exclusion.
Congressional Republicans have addressed the first two items by simply doubling the Estate Tax exemption. AMT also remains, but the law has been wisely changed so that it doesn't adversely impact those who were never its targets (i.e. folks making under $1M annually).
A HUGE improvement over the House plan is the revised tier structure borrowed mostly from the Senate bill. This prevents upper-middle and upper income folks from actually paying more after reform than before it. Now, only those in high-tax states should experience that effect.
Some basic benefits - reduced rates, higher standard deduction, more simple filing for vast majority of Americans, expanded child tax credit, reduced pass-thru taxes and a much lower corporate rate to drive economic expansion.
Added bonus - you can now use 529 plans to fund K-12 education. Little scotchtiger's grandparents all received a Future Scholar contribution form in advance of Christmas.
Here's a calculator to estimate your personal impact. I come out quite a bit ahead even before factoring in benefits to pass through income, which will just help us even more. I would have likely lost under the House bill.
http://taxplancalculator.com/
Overall, I'm much happier with the final product than with the House bill. I would have preferred that they not touch the mortgage exemption, preserve more of the SALT deduction and reduce rates even more aggressively, but this is a step in the right direction. Now we need to work across aisles to reduce spending significantly.
You may be right, I had assumed it was taking away the tuition credit that allowed a person (or company) to write off x amount spent on tuition. Similar to the employer match for iptay donations, if the tax benefits to my employer for tuition went away, I’m sure they’d stop providing the benefit to employees.
Gotcha. No doubt it's an excruciatingly difficult question to answer...my thought is when my son goes to work in 6 years, I don't look forward to explaining why SS is taking a big chunk of his check when he will certainly never recoup it. So many tough questions and no doubt cuts will have to come. I just can't imagine what amount of growth absorbs the already existing debt, let alone what is coming down the line. Also, simply don't buy trickle down and don't believe there will be enough charity to help offset the suffering in the future. Call me Debbie Downer, I guess.
I'm 99.9% sure it is, up to a certain amount. I think it's around $5200 per student that they can write off. I know anything they pay above that amount gets added in as taxable income for me. I wouldn't have a clue why they would pay for education if there wasn't some tax incentive for it.
speak for yourself. I don't need to give more of my income to your stupid programs or some government department that wastes ridiculous amounts.
Now that we have seen most of the combined plan, what are everyone's thoughts? In my original thread about the House version, most seemed to support the plan, but had concerns about repealing the Estate Tax, repealing AMT, adding to the national debt and potentially paying more due to the SALT exclusion.
Congressional Republicans have addressed the first two items by simply doubling the Estate Tax exemption. AMT also remains, but the law has been wisely changed so that it doesn't adversely impact those who were never its targets (i.e. folks making under $1M annually).
A HUGE improvement over the House plan is the revised tier structure borrowed mostly from the Senate bill. This prevents upper-middle and upper income folks from actually paying more after reform than before it. Now, only those in high-tax states should experience that effect.
Some basic benefits - reduced rates, higher standard deduction, more simple filing for vast majority of Americans, expanded child tax credit, reduced pass-thru taxes and a much lower corporate rate to drive economic expansion.
Added bonus - you can now use 529 plans to fund K-12 education. Little scotchtiger's grandparents all received a Future Scholar contribution form in advance of Christmas
Here's a calculator to estimate your personal impact. I come out quite a bit ahead even before factoring in benefits to pass through income, which will just help us even more. I would have likely lost under the House bill.
http://taxplancalculator.com/
Overall, I'm much happier with the final product than with the House bill. I would have preferred that they not touch the mortgage exemption, preserve more of the SALT deduction and reduce rates even more aggressively, but this is a step in the right direction. Now we need to work across aisles to reduce spending significantly.
At the end of the day it is still a very bad deal for the American people. The average American is getting a tax cut that will not significantly impact their lives. Meanwhile we are adding over $1 trillion to the national debt when the vast majority of that $1 trillion in debt will simply find its way to the pockets of the top 1%.Now that we have seen most of the combined plan, what are everyone's thoughts? In my original thread about the House version, most seemed to support the plan, but had concerns about repealing the Estate Tax, repealing AMT, adding to the national debt and potentially paying more due to the SALT exclusion.
Congressional Republicans have addressed the first two items by simply doubling the Estate Tax exemption. AMT also remains, but the law has been wisely changed so that it doesn't adversely impact those who were never its targets (i.e. folks making under $1M annually).
A HUGE improvement over the House plan is the revised tier structure borrowed mostly from the Senate bill. This prevents upper-middle and upper income folks from actually paying more after reform than before it. Now, only those in high-tax states should experience that effect.
Some basic benefits - reduced rates, higher standard deduction, more simple filing for vast majority of Americans, expanded child tax credit, reduced pass-thru taxes and a much lower corporate rate to drive economic expansion.
Added bonus - you can now use 529 plans to fund K-12 education. Little scotchtiger's grandparents all received a Future Scholar contribution form in advance of Christmas
Here's a calculator to estimate your personal impact. I come out quite a bit ahead even before factoring in benefits to pass through income, which will just help us even more. I would have likely lost under the House bill.
http://taxplancalculator.com/
Overall, I'm much happier with the final product than with the House bill. I would have preferred that they not touch the mortgage exemption, preserve more of the SALT deduction and reduce rates even more aggressively, but this is a step in the right direction. Now we need to work across aisles to reduce spending significantly.
Now that we have seen most of the combined plan, what are everyone's thoughts? In my original thread about the House version, most seemed to support the plan, but had concerns about repealing the Estate Tax, repealing AMT, adding to the national debt and potentially paying more due to the SALT exclusion.
Congressional Republicans have addressed the first two items by simply doubling the Estate Tax exemption. AMT also remains, but the law has been wisely changed so that it doesn't adversely impact those who were never its targets (i.e. folks making under $1M annually).
A HUGE improvement over the House plan is the revised tier structure borrowed mostly from the Senate bill. This prevents upper-middle and upper income folks from actually paying more after reform than before it. Now, only those in high-tax states should experience that effect.
Some basic benefits - reduced rates, higher standard deduction, more simple filing for vast majority of Americans, expanded child tax credit, reduced pass-thru taxes and a much lower corporate rate to drive economic expansion.
Added bonus - you can now use 529 plans to fund K-12 education. Little scotchtiger's grandparents all received a Future Scholar contribution form in advance of Christmas
Here's a calculator to estimate your personal impact. I come out quite a bit ahead even before factoring in benefits to pass through income, which will just help us even more. I would have likely lost under the House bill.
http://taxplancalculator.com/
Overall, I'm much happier with the final product than with the House bill. I would have preferred that they not touch the mortgage exemption, preserve more of the SALT deduction and reduce rates even more aggressively, but this is a step in the right direction. Now we need to work across aisles to reduce spending significantly.
Like I said, removing the mandate makes the ACA worse, not better. It absolutely has It's flaws. Major flaws. There are things that can be done to improve the law and make it better for Americans, but instead of doing that, this is an effort to further sabotage the ACA and make it worse in hopes that it fails. If it does, who pays the price? What do you think the likelihood is that another bill is crafted to replace it? Next to none. We just saw that the Republicans can't get it done with both houses and the Presidency.
You are right. I too wish I had control of how my tax dollars are spent. If I did I wouldn't be subsidizing hedge fund billionaires' taxes. The last thing I would do is subsidize a hedge fund manager who just made $1.5 billion this year with a $200 million dollar carried interest tax break.
