@busdriver11 I got info from CNBC, however that was just an example I’m not sure what the floor is for the 35%.
They didn’t expound on SALT or 401k either. I imagine those items are still being heavily negotiated.
Are you surprised that people with high labor income are most likely to see tax increases to pay for tax cuts to big business and inheritances?
From Business Insider:
Supposedly no changes to 401K rules, but I suspect many the parameters of this bill will change.
I also suspect they will end up with something where the very wealthy get a break, but the tax donkeys pick up more of the load.
No, of course not. That’s exactly what I expect. That is always how it will go, no matter whom is in power, if taxes are “cut”. That’s where the money is, but none of the power and donor class.
Remember, the plutocrat class gets much of its income from non-labor sources, some of which have very favorable tax treatment already (e.g. lower rates for long term capital gains and dividends), and which are more easily manipulated to have or not have taxable events (e.g. when to sell assets for capital gains or losses). Labor income is much less mobile and flexible, so it is easier to tax. Plus, the plutocrat class has more political lobbying power.
Details on Child tax credit from tax expert
Current day- starts phasing out at 110k which is moving up to 230k.
INCOME-TAX RATES
The bill collapses the current seven individual tax brackets into four: 12%, 25%, 35% and 39.6%. For married couples, the 25% rate starts at $90,000, the 35% rate starts at $260,000 and the top rate starts at $1 million. For individuals, those break points are $45,000, $200,000 and $500,000.
Deductions for medical bills and student loan interest are gone. This one will sting for many.
The bill also limits the home mortgage-interest deduction. For new home purchases, interest would be deductible only on loans up to $500,000, down from $1 million today; existing loans would be grandfathered.
Tax-exempt bonds could no longer be used to build professional sports stadiums. Private universities with assets exceeding $100,000 a student would pay a new 1.4% excise tax on their net investment income. Businesses would no longer be able to deduct entertainment expenses, though today’s rules for business meals would remain.
^^Yes, I completely agree with post #244.
If passed, does it apply to 2017 tax return? So far, I like what I see. I agree with the lower cap on mortgage deduction. They are also limiting pass through tax qualification. For people making $416K, their tax goes up 2% or $3,000 not considering deductions or AMT. I wouldn’t mind 39.6% rate income lowered from $1M. Income $260K and $999K paying the same rate seems odd. Not everyone will like it but I think they came up with a responsible plan.
I read in the NYT that property taxes up to $10k could be deducted, but not state and local income taxes. This will definitely hurt middle class earners in NYS for sure. As an example, I pay $9k in property tax on a small house (1800 sq ft house 3bed 11/2 bath) in upstate NY with an assessed value of $260k (which is probably low but we don’t try to challenge because our assessment would likely increase.)
Your typical 4 bedroom avg colonial (2000 sq ft ish) in my town is between $325-$450 range and they pay between $15k-$20k/yr.
People in “McMansions” pay $25k or more.
And we pay state and local income taxes.
H and I can well afford all our taxes and we won’t be hurt by whatever is passed, but younger people - who don’t earn what he does, dont have a guaranteed pension, can’t save as much in their retirement accounts since they have kids to raise, college tuition to save for, etc. are going to really feel it.
People who live within the city of Albany pay even more in property taxes because 60% iirc of property is tax exempt because of huge # of government owned property since it’s the capital.
Yes it will hurt in other states like Illinois, and Connecticut
Since we have no state income tax in Texas, property taxes are high, so many people will be in the same boat as emilybee describes.
“Your typical 4 bedroom avg colonial (2000 sq ft ish) in my town is between $325-$450 range and they pay between $15k-$20k/yr.”
Holy JPMorgan! To get to that $20k tax bill here, one needs a $2M house.
I know it will hurt us. I still think it’s in the right direction except estate tax repeal. Deductions help upper class more than others in general. Higher tax states tend be better off than lower tax states. It’s not right Mississippi helps lower New York taxes. Hopefully, it will spread business and people over greater area than bi coasts.
A $2M house in Dallas carries a $46,000 property tax bill.
I bet that $2M house in Dallas will be $10M where I live. 
We pay about $25K property tax, not an expensive house. People can’t expect the gov helps people living in a $2M house when median price is a couple of hundred thousand. Deduction limit at $10K means, in Dallas people with a $500Kish house won’t pay the property tax. It seems fair to me.
I paid $3900 on a $300k house which covered trash removal as well. We moved and are now renting and depending on how this shakes out I may not ever own a home again.
The pass-through income rules are baroque (so much for simplification). Pass-through income is taxed at 20%. But what counts as pass-through income? If you’re a passive investor, all of it. If you’re a principal in a business, by default 30% of it but you can challenge that. If you’re a professional services corporation (e.g. a lawyer or accountant) none of it, by default, but you can challenge it.
The Full Employment for Tax Lawyers and Tax Accountants Act.
“I know it will hurt us. I still think it’s in the right direction except estate tax repeal. Deductions help upper class more than others in general. Higher tax states tend be better off than lower tax states. It’s not right Mississippi helps lower New York taxes. Hopefully, it will spread business and people over greater area than bi coasts.”
NYS is already a giver state. Mississippi is a taker state. Now NYS and the other giver states will be even bigger giver state.
I would not count on it “spreading business.”