Average family will save $1,182 under Trump tax plan

superbeets · Nov 2, 2017

[h=2]Average family will save $1,182 under Trump tax plan claim Republicans - but they take ax to deductions including state and local taxes, student loans and mortgage interest[/h][FONT=Arial, Helvetica, sans-serif]

[/FONT]

Capitol Hill Republicans rolled out the Tax Cuts and Jobs Act Thursday, a tax package that if passed would finally provide President Trump with his first big legislative win. 'With this plan the typical family of four will save $1,182 a year on their taxes,' House Speaker Paul Ryan, a Republican from Wisconsin, pledged during a roll-out press conference on Capitol Hill, suggesting that money could go toward 'a year's worth of gas for your car' or the family phone bill 'depending on how much data your kids use.'

superbeets · Nov 2, 2017

[h=1]Trump's massive tax shake-up revealed: Republicans claim it will save average family $1,182 - but it abolishes state and local tax and student loan deductions and takes the ax to mortgage interest perk[/h]

House Republicans rolled out their tax plan Thursday with House Speaker Paul Ryan saying it would save $1,182 for the average family of four
Republicans are also cutting the corporate tax rate - lowering it from 35 to 20 percent - and using popular deductions to pay that bill
On the chopping block are deductions for student loan interest, medical expenses, along with state and local tax

superbeets · Nov 2, 2017

[h=3]TAX REFORM: WHAT IT MEANS FOR YOU[/h]

New tax brackets for every filer
State and local income tax deduction ABOLISHED
But $10,000 cap on state and local property tax deduction is allowed
Mortgage interest relief for new homebuyers will only be on $500,000
Student loan interest exemption ABOLISHED
Child tax credit up from $1,000 to $1,600
Estate tax exemption doubled from $5.49 million for single filers and $11 million for couples
$401k allowances: No change

superbeets · Nov 2, 2017

Capitol Hill Republicans rolled out the Tax Cuts and Jobs Act Thursday, a tax package that if passed would finally provide President Trump with his first big legislative win.
'With this plan the typical family of four will save $1,182 a year on their taxes,' House Speaker Paul Ryan, a Republican from Wisconsin, pledged during a roll-out press conference on Capitol Hill.
Ryan suggested the money could go toward 'a year's worth of gas for your car' or the family phone bill, 'depending on how much data your kids use,' he said with a chuckle.
At the White House later, President Trump sold it like this: 'We are working to give the American people a giant tax cut for Christmas.'
'We are giving them a big beautiful Christmas present in the form of a tremendous tax cut,' he said.
However, at the heart of the GOP's plan is to slash the corporate tax rate from 35 to 20 percent and pay for that by killing a number of deductions, including that Americans now can subtract what they pay to local municipalities and their states when filing their federal taxes.
The bill puts Americans into five tax brackets at zero, 12 percent, 25 percent and 35 percent tax rates, with top earners continuing to pay 39.6 percent of their income.
'The Tax Cuts and Jobs Act will simplify the code so you can file your taxes on a form the size of a postcard,' Ryan said, a pledge Republicans have been making for months as they attempted to roll out a tax package, which had already been delayed this week.

superbeets · Nov 2, 2017

The Republicans' tax plan put Americans in five tax brackets, with individuals filers not paying taxes on the first $12,000 they make

superbeets · Nov 2, 2017

+3

House Speaker Paul Ryan rolled out the GOP's tax plan Thursday on Capitol Hill pledging that it would save, on average, Americans $1,182 per typical family of four

+3

President Trump applauded the GOP's tax reform efforts from the White House on Thursday as he boasted about the company Broadcom moving its headquarters to the United States

+3

House Speaker Paul Ryan held up a postcard and pledged that tax reform would lead to most Americans being able to file their taxes on just that

That top rate hits single filers who make $500,000 and more, and joint filers who make more than $1 million.
Individual filers don't pay taxes on the first $12,000 they make. It used to stand at $6,350.
For joint filers, the first $24,000 of income will not be taxed, if the GOP plan becomes law.
The popular retirement savings plan, 401(k)s ended up not being touched, though as of Wednesday, House Ways and Means Chairman Kevin Brady, a Republican from Texas, had wanted them on the table.
Tax deductions would be capped at $500,000 on new mortgages. The current tax code's cap is $1 million.
This could impact Americans living in large, high-cost cities including San Francisco, New York, Boston and Washington, D.C. – cities that didn't vote for President Trump in last year's presidential election.
However, the bill would allow people to deduct the first $10,000 of local property tax from their federal tax bill.

superbeets · Nov 2, 2017

The legislation creates a new 'family credit' that bumps the child tax credit from $1,000 to $1,600. It also includes a $300 for parents and non-child dependents to help families with everyday expenses.
The Wall Street Journal reports that the student loan interest deduction and the medical expense reduction are also being cut.
The wealthy will also benefit by the GOP's plan to repeal the estate tax, which hits inheritance.
The Republicans have tried to sell that provision by pointing out that it impacts family farms.
Rep. Kristi Noem, a Republican from South Dakota, was on hand on Capitol Hill Thursday to make that point.
Noem's father, a farmer, had died in an accident and then her family was hit by the estate – or as Republicans call it the 'death' – tax.
'When he was killed, about a month later, we got a bill in the mail from the IRS that said we owed death taxes,' she said, noting how unfair it was that, 'Because you had a tragedy now you have to pay again.'
In the plan, the estate tax will be phased out by doubling the exemption and then repealing the tax in whole after six years.
At the White House Thursday, President Trump was meeting first with GOP Senators and then would meet with Republican House leaders and also GOP members of the House Ways and Means Committee, the group tasked with writing the House bill.
The president put out a statement shortly after the tax package's debut, applauding the efforts of the House's Ways and Means Committee.
'The special interests will distort the facts, the lobbyists will try to save their special deals, and some in the media will unfairly report on our efforts,' Trump said.

superbeets · Nov 2, 2017

'But my administration will work tirelessly to make good on our promise to the working people who built our nation and deliver tax cuts and reforms – the rocket fuel our economy needs to soar higher than ever before,' he said.
Democrats have responded fiercely to the plan, though if the entire Republican caucus embraces the bill, none of the opposition party's votes are needed.
'Today they have started to unveil a tax bill designed to plunder the middle class in order to put into the pockets of the wealthiest 1 per cent, more money,' said House Minority Leader Nancy Pelosi at a press conference before the whole plan was revealed.
For Republicans in high-tax states, killing the state and local tax, or 'SALT,' deduction will likely be the hardest pill to swallow.
Pelosi already targeted California Republicans at her presser today.
'The Republicans from California have gone straight down the line like lemmings to the sea to vote against the interests of their constituents, against the interests of our states,' Pelosi said.
'Our colleagues have gone off this deep end. We want to pull them back,' she declared.

Dave007inVegas · Nov 2, 2017

While I applaud any tax reduction I don't think $1,182 is going to be life changing for anyone.
MHO is much ado about nothing.

Willie99 · Nov 2, 2017

Dave007inVegas said:
While I applaud any tax reduction I don't think $1,182 is going to be life changing for anyone.
MHO is much ado about nothing.

it's the 1.5 trillion dollars being put back into the economy that's most important

NFLTrends · Nov 2, 2017

Dave007inVegas said:
While I applaud any tax reduction I don't think $1,182 is going to be life changing for anyone.
MHO is much ado about nothing.

Hopefully it works out a lot better than the last presidents promise of "ACA will save average Americans $2500 a year" and him and his wifes promise that our health insurance will cost about the same as "Your average monthly cell phone bill"....

Dave007inVegas · Nov 3, 2017

Willie99 said:
it's the 1.5 trillion dollars being put back into the economy that's most important

In the big scheme of things you're correct. I'm just saying it's being
portrayed as a big windfall for the average tax payer when in reality it's
chump change. Now if it were a grand a month instead of a grand over a year
then you would be able to do something with it. Your average tax payer won't
even notice it.

GasMan · Nov 3, 2017

$1182 ??? LOL ! ! ! !

That's nothing compared to what the average family saved under Obamacare.

Don't these Repubwicans understand anything??

Dave007inVegas · Nov 3, 2017

NFLTrends said:
Hopefully it works out a lot better than the last presidents promise of "ACA will save average Americans $2500 a year" and him and his wifes promise that our health insurance will cost about the same as "Your average monthly cell phone bill"....

The ACA was the biggest legislative screw up in the history of the country.
This tax package isn't law yet so I'll hold judgement until it is.
There is plenty of time for Congress to screw this up and it wouldn't
surprise me if they did.

Now the ACA was a huge deal for all the wrong reasons. This tax bill
won't be as huge as everyone thinks it will be. It will undoubtedly
put more money in the taxpayers pockets. It will also increase the
government coffers but that only means they'll have more money to piss away.

Righting the ship is still along way away.

Average family will save $1,182 under Trump tax plan

Search

superbeets

New member

superbeets

New member

superbeets

New member

superbeets

New member

superbeets

New member

superbeets

New member

superbeets

New member

superbeets

New member

Dave007inVegas

Life's a bitch, then you die!

Willie99

Conservatives, Patriots & Huskies return to glory

NFLTrends

New member

Dave007inVegas

Life's a bitch, then you die!

GasMan

Member

Dave007inVegas

Life's a bitch, then you die!

Forum statistics

Share this page