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Republican tax plan caps mortgage and property tax deductions
02 Noviembre 2017, 11:51 | Azura Castelo
Meeting with Ryan and other key House Republicans, Trump told the lawmakers he was counting on them to maintain the momentum for tax cuts, and repeated his request that Congress send him the legislation to sign into law by the U.S. Thanksgiving holiday on November 23.
Stock options are one major reason that people who could command higher salaries elsewhere will work for, or create, a new company. It would phase out the estate tax over years, more slowly than either of them would prefer. That can be a problem for people without cash on hand. They see a once-in-a-generation opportunity at rewriting the tax law. One of Republicans' biggest talking points is that a corporate tax cut will benefit workers (though even right-wing economists have cast doubt on White House estimates on this point).
The income thresholds governing these two new credits are the same as for the child tax credit.
The GOP tax plan's changes to deductions would hit people in blue states the hardest, with limits on popular tax deductions that would have the biggest effects in states with high property taxes and expensive homes. Would tighten tax rules on US operations of foreign companies.
Repeals many other deductions: These include those for medical expenses, tax preparation fees, alimony payments, student loan interest and moving expenses.
Increased exemptions would protect the first $24,000 from being taxed for joint-filers.
Pass-throughs that aren't professional services could choose to have 70 percent of their income taxed as wages - at their individual top rate - and 30 percent taxed as "business income" and subject to the 25 percent rate, the person said. Tax exemption and tax credits are far more valuable than deductions, yet (like the standard deduction) are commonly not described as "loopholes" as a matter of semantic convention (or confusion). On Thursday, Sen. Marco Rubio tweeted that the $600 proposed child tax credit increase in the House's tax reform plan wasn't enough.
It's an "above the line" deduction that can be claimed without itemizing.
Also, the cap on the mortgage deduction would drop from $1 million to $500,000 - and it would cap the state and local tax deduction at $10,000.
But Charles Schumer, the Democratic Senate Minority Leader, attacked the bill, singling out the partial elimination of the state and local tax deduction, which he said would hurt many of his NY constituents.
The plan would slash the corporate tax rate from 35 percent to 20 percent, a demand by Trump. If the bill passes the House it will head to the Senate where multiple competing interests mean it is likely to face a rougher ride.
It won't necessarily make voters from high-tax areas whole, and there is a possibility that many families from those states will see their taxes rise under this plan.
While Republicans have been dead-set on repealing the so-called death tax, the new bill wouldn't immediately do that.
As Republicans scrambled to assemble a tax overhaul bill, Americans weren't even sure that Congress should be focusing on reshaping the tax system. Republican lawmakers from those states have railed against the change.
The percent of filers who claim the mortgage interest deduction would fall to 4% from 21% now because the standard deduction would almost double, according to Tax Policy Center estimates.
Middle-income families would pay less thanks to doubling of the standard deduction and an increase in the child tax credit.
The proposal would add $1.5 trillion to the nation's debt over the next decade as Republicans largely abandoned fiscal discipline in a plan that could secure a legislative achievement for Trump and score a political win ahead of next year's midterm elections.
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