Tax cuts
Posted: November 2nd, 2017, 9:34 pm
Think it would be a short post on tax reform? Think again. Breitbart’s John Carney lists highlights from the GOP House bill: 1) Cuts the corporate tax rate from 35% to 20% 2) The “pass-through” rate of 25% will be “a huge cut for many small-businesses organized as sole-proprietorships and partnerships” 3) One-time 12% tax on corporate profits “accumulated and held abroad” with Carney adding that “the bill eliminates the incentive for corporations to continue to avoid repatriating the funds” 4) Unlike reports there will be no change to 401(k)s 5) 7 brackets down to 4, 12%, 25% starting at $45K, 35% at $200K & 39.6% at $500K 6) Standard deduction rises to $12K for individuals, $24K for married couples 7) Expands child tax credit from $1,000 to $1,600 & 8) “The threshold for the death tax will double from its current $5.6 million per person and $11.2 million per married couple.” The death tax ends in 2024. All in all a pro economic growth proposal even though Dems are already singing their “tax cut for the rich” golden oldie. They must love stagnant wages and apparently the top 1% currently paying 40% of the taxes and the top 20% (95%) is still not enough. When poor people are the ones creating jobs Dems then we can talk. What’s ironic is that lib elites scream constantly about “income inequality” but it widened under O, making it important to start helping small business and working Americans!
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