Pictured: Puppets of the Privileged
ㅤ”House Republicans from New York and New Jersey came out in opposition to the GOP’s long-awaited tax-reform bill on Thursday, citing the proposed elimination of the popular state and local tax deduction.”
ㅤô¿ô …Per-capita federal funding of the big blue states is currently double that of other states.
ㅤFull story at The Hill, image from thehill(.com) • new jersey, new york, new york city, property taxes, salt, state and local tax deduction, tax break, tax cut, tax cuts, tax deductions, tax plan, tax rate, tax reform, taxes, taxpayer funds • Go here to reblog this post (browser only).
“For individuals & families…
ㅤ• The new individual income tax rates are 0 percent, 12 percent, 25 percent, and 35 percent.
ㅤ• The standard deduction goes from $6,350 to $12,000 for individuals and $12,700 to $24,000 for married ocuples.
ㅤ• Special-interest deductions that complicate taxes are eliminated so the form can be ‘as simple as a postcard.’
ㅤ• The bill establishes a new Family Credit, which includes expanding the Child Tax Credit from $1,000 to $1,600, and gives a credit of $300 for each parent and non-child dependent.
ㅤ• The bill preserves the Earned Income Tax Credit.
ㅤ• The deduction for charitable donations is continued.
ㅤ• The home mortgage deduction is maintained for current mortgages, but is capped for new homes at $500,000.
ㅤ• It allows people to write off state and local property taxes up to $10,000
ㅤ• The bill doesn’t touch 401(k)s or Individual Retirement Accounts.
ㅤ• The Alternative Minimum Tax is repealed.
ㅤ• The exemption for the Estate Tax is doubled and the tax will be repealed in full in six years.”
ㅤFull story at The Washington Examiner, image from washingtonexaminer(.com) • congress, house of representatives, house republicans, mortgage deduction, property taxes, salt, standard deduction, state and local tax deduction, tax break, tax cut, tax cuts, tax deductions, tax plan, tax rate, tax reform, taxes, taxpayer funds, the hill • Go here to reblog this post (browser only).
ㅤ”More recently, in an effort to maintain support for their broader tax bill, House GOP leadership proposed keeping a deduction for property taxes but ending it for non-federal income and sales taxes.”
ㅤStory at Politico, image from form9465(.com) • gary cohn, property taxes, salt, state and local tax deduction, steve mnuchin, tax deductions, trump administration, white house, dan donovan • Go here to reblog this post (browser only).