Ugh Johnson is now a yes
Not surprised. They are all lemmings that will fall in line behind trump. Once McCain fell in line, I knew it was over. If he did not care what was in the bill either and did not care about deliberations, the other sure as heck was not going to care.
What a freaking mess.
Oh yay maybe I won’t go bankrupt.
Party do you know what changed his mind?
@romanigypsyeyes
Apparently he reached an agreement on the pass thru rates. “The deduction will go to 23 percent from 17.4 percent in the original Senate bill. The change would drop the effective rate on pass-through entities below 30 percent, The Wall Street Journal reported.”
^Won’t that increase the deficit even more?
From this mornings NYT:
“At least a handful of senators have expressed concerns about the deficit, including Mr. Corker and Senators Jeff Flake of Arizona and James Lankford of Oklahoma. Now that the trigger is dead, Republicans may need to come up with another idea to protect against piling up debt as a result of the tax overhaul.
Then there is Susan Collins of Maine, a moderate Republican who has her own concerns about the tax overhaul. She wants the bill to allow individuals to deduct up to $10,000 in property taxes, and adding that provision could help win her over.”
@emilybee – I am clearly far out of the loop as I thought property taxes were being capped at a $10K deduction. So now they cannot be deducted at all?
@CT1417, all SALT deductions are out (they were never in) in Senate version. House has $10k cap on property tax in their bill.
Which for many married couples would make it very hard to get deductions to exceed the $24K proposed standard deduction, so it’s pretty useless if you’re married.
@CT1417 that was the house bill, the senate bill didn’t allow deductions for that.
The 10K for property taxes is a joke. How is one to get over the standard deduction if they took away all of the deductions?
And taking away the personal exemption is wrong also. They basically just took those and added it into the new standard deduction. The net effect is crap.
This is a take from the poor and give to the rich. They know this is a once in a lifetime opportunity to raid the US Treasury and they are doing it.
Yep. I have a friend who couldn’t have kids so she adopted 5 siblings, well lo and behold she gets pregnant and has two of her own. Her sister passes, at age 42 so she takes her two kids. She is losing all of those personal exemptions. So she is losing 11 personal exemptions. The 24k will not cover it. No one is paying attention and they are going to be in for a shock.
@MassDaD68, Ding Ding Ding
There are a lot of folks who just can’t do the basic math to figure out that they are going to lose with this tax scam compared to the status quo. They gladly accept the BS that they are being fed.
That sums it up.
Per WP, they now have the votes.
Most taxpayers do not itemize so an increase in the standard deduction is better for them. Wealthier people itemize.
Except it isn’t really an increase in the standard deduction—it’s a streamlining of standard and personal exemptions/deductions in a way that’s a net benefit for some, and net negative for lots of others.
Usually people don’t itemize because the standard deduction works better for them. I read 70% don’t itemize. So an increase in the standard deduction theoretically benefits those 70% even more.
No, because you used to get the standard deduction + personal exemptions even if you did not itemize. You do not get that now.
There we go. Prime example how the public is led to believe that this is a benefit to those who dont itemize. We are talking about the impact of the loss of personal exemptions. A family of 5 has lots to lose. 5 PE + old deduction > 24k. It will hit families with > 1 kid.