The US Senate passed its tax bill late yesterday (link). The final vote was 51 to 49, with one Republican and all Democrats voting against it. Another Washington Post article describes the major provisions.
The provisions are much like I described here. Two things I didn't mention there are the alternative minimum tax (AMT) -- the threshold is raised -- and the bill repeals the individual mandate from the Affordable Care Act. It reduces estate taxes. Deficit concerns curtailed prior efforts to eliminate estate taxes (in 2025) and the AMT.
A major change is reducing the corporate tax rate from (mostly) 35% to 20%. The Senate bill has this starting in 2019. The House bill has it starting in 2018. This and other provisions need to be reconciled with the earlier House-passed version before being sent to President Trump. Republican leaders still aim to get a final bill on Trump’s desk before Christmas.
Hi Merlin, thanks for all your posts on the tax reform. I wanted to add my own disgust to that Pelosi remark you mentioned earlier concerning plunder. It's not just her, and you hear that whole bizarre outlook everyday. I can't help but wonder if it isn't a dishonest way of speaking when it comes from intelligent people. I mean all the talk about reductions in taxes on the rich being called "giveaways" and reductions in government benefits or purchases as being called "plunder". // I also wanted to be sure you saw the following note, in an entirely different area. I don't know if this program gives you notices of comments on your posts far back. http://merjet46.blogspot.com/2017/07/how-we-know-7-higher-level-concepts_15.html?showComment=1509813901735#c7984466872905500813
ReplyDeleteYou're welcome, Stephen. Yes, I get an e-mail notification anytime anybody posts a comment to this blog.
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