The Democrat Drama Queens, er, party members would have you believe that the GOP tax bill is one part Hiroshima at the moment the atomic bomb hit, one part toxic 100% fatal anthrax, and one part End of the World As We Know It.
And now, for Reality: 🙂 Click through for all the details!
– The U.S. House of Representatives gave final approval on Wednesday to a sweeping, debt-financed tax bill in a midday vote. It now will go to President Donald Trump to sign into law, although the timing of that was unclear.
The Senate approved the bill early on Wednesday.
Here are the key parts of the bill, representing the biggest overhaul of the U.S. tax code in more than 30 years.
CORPORATE TAX RATE: Cuts corporate income tax rate permanently to 21 percent from 35 percent, as of Jan. 1, 2018.
PASS-THROUGHS: Creates a 20 percent deduction for the first $315,000 of qualified business income for joint filers of pass-through businesses such as partnerships and sole proprietorships. For income above that threshold, the legislation phases in limits, producing an effective marginal tax rate of no more than 29.6 percent.
CORPORATE ALTERNATIVE MINIMUM TAX: Repeals the 20 percent corporate alternative minimum tax, set up to ensure profitable corporations pay at least some tax….
CAPITAL EXPENSING: Allows businesses to immediately write off, or expense, the full value of investments in new plant and equipment for five years, then gradually eliminates this 100 percent expensing over five years beginning in year six. Also makes changes to permit for more expensing by small businesses….