Why would this be the case? The budget (at the moment) is staying the same, that’s why the deficit is increasing.
No table of contents, that’s really annoying.
What budget? There is no federal budget yet.
They can’t renew CHIP now because there is no money - leaving millions of children without health indurance. I believe Senator Hatch spoke about this just the other day - saying there is no more money for this program.
https://www.vox.com/policy-and-politics/2017/12/5/16733784/senate-tax-bill-orrin-hatch-chip
Also, Pay Go wasn’t waived so mandatory cuts must be made.
“For now, Republicans are focused on passing the tax bill, and Democrats are trying to thwart it. But the paygo battle would come swiftly if tax cuts are enacted by the end of the year. Statutory paygo goes into effect 15 days after Congress adjourns. If Congress did that right before Christmas, paygo cuts could start as early as the third week in January.
Both sides waived paygo after the tax cuts under George W. Bush, but this time around the debt is already much higher than it was in the early 2000s. The country’s debt is now 77 percent of gross domestic product, the total economic output of the country. In the early 2000s, it was only about 30 percent of GDP.”
They explicitly closed the loophole of being in the business of being an employee.
PAYGO will apply, with its mandatory cuts. Oh, you say they’ll waive PAYGO? Then that $1.5 trillion was just a lie, wasn’t it?
Ok folks…there is a table of contents is on page 510. start reading at there. That is where the house and senate versions are presented…AND the committee outcomes are presented. For that…there IS a table of contents…on page 510.
So really…the new info is “only” 500 pages long…or so.
It doesn’t look like grad school stipends will be taxed. It also looks like the LLC is preserved, and student loan interest is as well. UNLESS I read this wrong.
Hoping someone else clarifies!
http://www.cnn.com/2017/12/15/politics/republican-tax-bill/index.html
Summary of the fake cut.
Some other programs that will suffer cuts.
“As Democrats and Republicans work to keep the federal government open, attempting to pass a comprehensive budget plan before December 22, a new study shows that President Donald Trump wants to significantly reduce spending on children’s education and health care.
Released Tuesday by the Urban Institute, the analysis found that the proposed budget would reduce federal spending on education by 15 percent, children’s health care spending by 10 percent and spending on child-related nutrition by 9 percent.”
http://www.newsweek.com/trump-dramatic-cuts-children-programs-fund-corporate-tax-breaks-746257
And this was came out a just a few days ago:
“President Donald Trump has insisted that he will be tougher on terrorism than his predecessor, but a new report indicates that the White House may be planning to reduce funding for key U.S. counterterrorism programs and to eliminate one program altogether.
The administration is seeking a total of $568 million in cuts from counterterrorism programs from 2017 levels, according to a report released Tuesday by the Democratic staff of the Senate Homeland Security and Governmental Affairs Committee.”
“The budget offers a glimpse into the president’s priorities as he prepares his 2019 budget proposal, including recommended cuts that would eliminate Visible Intermodal Prevention and Response teams, known as VIPRs. The program, begun under George W. Bush in 2005, falls under the Transportation Security Administration.”
“The Office of Management and Budget document also indicated the administration would take $27 million from the budget of the Federal Air Marshals, who protect commercial flights, and $11 million from the Domestic Nuclear Detection Office, which responds to nuclear and radiological threats, including at U.S. entry ports.”
http://foreignpolicy.com/2017/12/13/trump-administration-seeks-to-slash-counterterrorism-funding/
They reversed the change to allow parents of 17 year olds to claim the child tax credit so that they could make the $1400 refundable. Ugh.
Remember all the claims that the tax code was complicated because of all those tax brackets? That was always nonsense, of course; there is nothing simpler than looking up your tax rate once you’ve figured out what your taxable income is. But we had to endure all this gabbling about how the tax code was sooooo complicated because of all those brackets, and the new plan would get rid of all that complexity, because freedom.
The new bill has the same number of brackets.
I wonder which Congressperson had the bug up his butt about commuting bicyclists.
I bet taking away that $20/month deduction really raises a lot of revenue. 8-|
Congressional research showed that the majority of commuting bicyclists vote democrat
@notrichenough, what do you mean about the loophole of being an employee?
Time for me to go back to my happy place inside my bubble. What’s done is done.
Just for fun, what is your guess about the increase (by percent) in the number of pass-through businesses from today to December 31, 2018? What is your guess about the total income tax avoided by these new pass-throughs?
I say a 100% increase, and $20 billion avoided by the new pass-throughs.
http://time.com/money//gop-tax-plan-colleges-students-loans/
Thank you @BelknapPoint for posting this elsewhere on this forum… up these questions have come up again and again here.
We’re waiting to see how our taxes change before we make the final decision about whether to have a kid next year. It’s not the final determining factor, but it’s part of it.
If the grad tax had still been in there, we already decided that we would need to put off pregnancy.
I have a lot of things that I’d like to say about Paul Ryan and the crap he says about people like me, but I would likely get banned from here- not even just a timeout.
Apparently the new plan is worse for marrieds than for individuals in that both are capped at the same $10K property tax deduction. Also, not going to allow paying 2018 state tax in 2017.
FTFY
Right now…I’m more worried about how this will felt my self employed freelance musician kid. He has deductions he takes every year for his music work. He is concerned about how this will affect him.
I can’t say I’m thrilled that my tax rate will be wayyyyyy more than the corporate tax rate. Really?