IRS Building on Constitution Ave. in Washington, DC (presented at WindermereSun.com)
Dear Friends & Neighbors,
IRS Building on Constitution Ave. in Washington, DC (presented at WindermereSun.com)
(Please click on red links & note magenta)
House Speaker Paul Ryan and fellow Republicans unveil their long awaited tax plan, Tax Cuts and Job Acts, below:
This bill represents the biggest transformation of the U.S.tax codes for over thirty years, aiming to reduce corporate tax from 35% to 20%, to decrease the number of individual income tax brackets, and to repeal the estate tax by 2024.The House Republican leaders must have heard our voice: There are now some variations from the previous proposed GOP tax plan. They began to roll out a tax bill on Thursday, Nov. 2, 2017, that contains much changes for business and individual tax rates, including a measure to cut the corporate tax rate from 35% to 20% (rather than the previously mentioned 15%). The bill will include “no changes” to the 401(k) retirement plans and will not repeal the Obamacare individual mandate.It will cut individual tax rates for millions of Americans, but not for earners at the top (taxpayers with adjusted gross incomes of about $1 million and higher). The maximum tax rate is capped at 39.6%.
The bill would cap the mortgage-interest deduction on new home sales at $500,000 rather than the current $1 million for couples filing jointly (according to the House Ways and Means Committee). The plan also limits the deductibility of local property taxes to $10,000 while eliminating the deduction for state income taxes. Another provision is taxing large university endowment income at 1.4%, applying to schools with assets of more than $100,000 per student (it would exempt small schools).
The bill would also impose a tax of as much as 12% on multinational companies’ accumulated offshore earnings. Estate tax would be phased out over years.
Currently the GOP hopes to be able to pass the complex measure in the House by Thanksgiving and signed before Christmas.
Primary authors of the bill were the staff of the House Ways and Means Committee, led by chairman Kevin Brady. The details of how the tax overhaul will be paid for are buried in the fine prints of the bill. Much will be discussed in weeks to come. Keep your eyes and ears open. We will keep you updated.
Gathered, written, and posted by Windermere Sun-Susan Sun Nunamaker
More about the community at www.WindermereSun.com
I am a mother/wife/daughter, math professor, solar advocate, world traveler, yogi, artist, photographer, sharer of knowledge/information, and resident of Windermere, FL. I've worked professionally in applied math, engineering, medical research, and as a university math professor in IL and FL for about 20 years. My husband and I loved Disney and moved down to Central Florida initially as snowbirds. But we've come to love the warmth and friendly people offered by this community and decided to move down to Windermere, FL full time in 2006. I am now spending time sharing information/ knowledge online, promoting understanding of math and solar energy (via http://www.sunisthefuture.net ), and developing Windermere Sun (http://www.WindermereSun.com) as an online publication, sharing and promoting Community ABC's (Activities-Businesses-Collaborations) for healthier/happier/more sustainable living. In the following posts, I'll be sharing with you some of the reasons why Windermere has attracted us to become full-time residents of Central Florida region. Please feel free to leave your comments via email at "Contact Us" in the topbar above or via info.WindermereSun@gmail.com.
~Let's help one another~
Windermere Sun-Susan Sun Nunamaker
Founder/Owner/Editor/Producer of Windermere Sun
email: info.WindermereSun@gmail.com
Twitter: @WindermereSun
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Dear Friends & Neighbors, (Please click on red links & note magenta) For updated global info & data on COVID-19, please click HERE. For updated global data & graphs on COVID-19, please click HERE....
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