{"id":32064,"date":"2017-12-02T13:39:39","date_gmt":"2017-12-02T18:39:39","guid":{"rendered":"http:\/\/www.rightwinggranny.com\/?p=32064"},"modified":"2017-12-02T13:39:39","modified_gmt":"2017-12-02T18:39:39","slug":"the-tax-bill-passed-last-night","status":"publish","type":"post","link":"https:\/\/www.rightwinggranny.com\/?p=32064","title":{"rendered":"The Tax Bill Passed Last Night"},"content":{"rendered":"<p>This is the summary from <a href=\"https:\/\/www.congress.gov\/\/\" target=\"_blank\" rel=\"noopener\">Thomas.gov<\/a> of the <a class=\"zem_slink\" title=\"Tax\" href=\"http:\/\/en.wikipedia.org\/wiki\/Tax\" target=\"_blank\" rel=\"noopener wikipedia\">tax<\/a> bill that passed the Senate last night.<\/p>\n<h2 class=\"primary\">H.R.1 \u2014 115th Congress (2017-2018)<\/h2>\n<h3 class=\"currentVersion\"><em><strong>Introduced in House (11\/02\/2017)<\/strong><\/em><\/h3>\n<p><strong><a class=\"zem_slink\" title=\"Tax cut\" href=\"http:\/\/en.wikipedia.org\/wiki\/Tax_cut\" target=\"_blank\" rel=\"noopener wikipedia\">Tax Cuts<\/a> and <a class=\"zem_slink\" title=\"Jumpstart Our Business Startups Act\" href=\"http:\/\/en.wikipedia.org\/wiki\/Jumpstart_Our_Business_Startups_Act\" target=\"_blank\" rel=\"noopener wikipedia\">Jobs Act<\/a> <\/strong><\/p>\n<p><strong>This bill amends the <a class=\"zem_slink\" title=\"Internal Revenue Code\" href=\"http:\/\/en.wikipedia.org\/wiki\/Internal_Revenue_Code\" target=\"_blank\" rel=\"noopener wikipedia\">Internal Revenue Code<\/a> to reduce <a class=\"zem_slink\" title=\"Tax rate\" href=\"http:\/\/en.wikipedia.org\/wiki\/Tax_rate\" target=\"_blank\" rel=\"noopener wikipedia\">tax rates<\/a> and modify policies, credits, and deductions for individuals and <a class=\"zem_slink\" title=\"Business\" href=\"http:\/\/en.wikipedia.org\/wiki\/Business\" target=\"_blank\" rel=\"noopener wikipedia\">businesses<\/a>.<\/strong><\/p>\n<p><strong>With respect to individuals, the bill:<\/strong><\/p>\n<ul>\n<li><strong>replaces the seven existing <a class=\"zem_slink\" title=\"Tax bracket\" href=\"http:\/\/en.wikipedia.org\/wiki\/Tax_bracket\" target=\"_blank\" rel=\"noopener wikipedia\">tax brackets<\/a> (10%, 15%, 25%, 28%, 33%, 35%, and 39.6%) with four brackets (12%, 25%, 35%, and 39.6%),<\/strong><\/li>\n<li><strong>increases the <a class=\"zem_slink\" title=\"Standard deduction\" href=\"http:\/\/en.wikipedia.org\/wiki\/Standard_deduction\" target=\"_blank\" rel=\"noopener wikipedia\">standard deduction<\/a>,<\/strong><\/li>\n<li><strong>repeals the deduction for personal exemptions,<\/strong><\/li>\n<li><strong>establishes a 25% maximum rate on the business income of individuals,<\/strong><\/li>\n<li><strong>increases the child tax credit and establishes a new family tax credit,<\/strong><\/li>\n<li><strong>repeals the overall limitation on certain itemized deductions,<\/strong><\/li>\n<li><strong>limits the mortgage interest deduction for debt incurred after November 2, 2017, to mortgages of up to $500,000 (currently $1 million),<\/strong><\/li>\n<li><strong>repeals the deduction for state and local income or sales taxes not paid or accrued in a trade or business,<\/strong><\/li>\n<li><strong>repeals the deduction for medical expenses,<\/strong><\/li>\n<li><strong>consolidates and repeals several education-related deductions and credits,<\/strong><\/li>\n<li><strong>repeals the alternative minimum tax, and<\/strong><\/li>\n<li><strong>repeals the estate and generation-skipping transfer taxes in six years.<\/strong><\/li>\n<\/ul>\n<p><strong>For businesses, the bill:<\/strong><\/p>\n<ul>\n<li><strong>reduces the corporate tax rate from a maximum of 35% to a flat 20% rate (25% for personal services corporations),<\/strong><\/li>\n<li><strong>allows increased expensing of the costs of certain property,<\/strong><\/li>\n<li><strong>limits the deductibility of net interest expenses to 30% of the business&#8217;s adjusted taxable income,<\/strong><\/li>\n<li><strong>repeals the <a class=\"zem_slink\" title=\"Tax credit\" href=\"http:\/\/en.wikipedia.org\/wiki\/Tax_credit\" target=\"_blank\" rel=\"noopener wikipedia\">work opportunity tax credit<\/a>,<\/strong><\/li>\n<li><strong>terminates the exclusion for interest on <a class=\"zem_slink\" title=\"Private Activity Bond\" href=\"http:\/\/en.wikipedia.org\/wiki\/Private_Activity_Bond\" target=\"_blank\" rel=\"noopener wikipedia\">private activity bonds<\/a>,<\/strong><\/li>\n<li><strong>modifies or repeals various energy-related deductions and credits,<\/strong><\/li>\n<li><strong>modifies the taxation of foreign income, and<\/strong><\/li>\n<li><strong>imposes an excise tax on certain payments from domestic corporations to related foreign corporations.<\/strong><\/li>\n<\/ul>\n<p><strong>The bill also repeals or modifies several additional credits and deductions for individuals and businesses.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>This is the summary from Thomas.gov of the tax bill that passed the Senate last night. H.R.1 \u2014 115th Congress (2017-2018) Introduced in House (11\/02\/2017) Tax Cuts and Jobs Act This bill amends the Internal Revenue Code to reduce tax &hellip; <a href=\"https:\/\/www.rightwinggranny.com\/?p=32064\">Continue reading <span class=\"meta-nav\">&rarr;<\/span><\/a><\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[685,287,3357,11269,542,4923,134,3415,11270,11271,1947,11263],"class_list":["post-32064","post","type-post","status-publish","format-standard","hentry","category-uncategorized","tag-alternative-minimum-tax","tag-child-tax-credit","tag-donald-trump","tag-hearth-tax","tag-income-tax","tag-internal-revenue-code","tag-patient-protection-and-affordable-care-act","tag-republican-party-united-states","tag-standard-deduction","tag-tax-brackets","tag-tax-rate","tag-united-states-congress-joint-committee-on-taxation"],"_links":{"self":[{"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=\/wp\/v2\/posts\/32064","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=32064"}],"version-history":[{"count":1,"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=\/wp\/v2\/posts\/32064\/revisions"}],"predecessor-version":[{"id":32065,"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=\/wp\/v2\/posts\/32064\/revisions\/32065"}],"wp:attachment":[{"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=32064"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=32064"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=32064"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}