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!
Via Reuters.
– 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.BUSINESS
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….
I’d still like to know who changed the Corporate Tax from what Trump wanted(20%) to 21%…
posted 12/20 226pm Texas[Energy Dominance]Time
With everybody screaming their agenda-driven messages at the top of their lungs, I have very little idea what is true. As with Obamacare, we’ll see how it pans out. I lament the need of the Republicans to play Santa Claus and tell us we’ll be getting larger paychecks; what I really want to know is whether America-based business will benefit and grow, and whether the government will stop adding to the endless pile of debt. Spending is just deferred taxes. It’s the spending, stupid!
Maynard… the voice of reason… crying out in a barren land… (in other words, good points Maynard). 😉
So tired of hearing the Republicans crow about their gift to us. Taking less of what was ours to begin with is not a gift. They had better understand they are stewards of our money, and as Tammy pointed out, this must be only the first step of many.
I’M SAFE! IS EVERYONE OKAY????
My greater interest in the Tax bill is, is filing tax forms simpler? Keep hearing that in 2019, tax form will be a simple one page. That better be true. IRS has interim Commissioner and is infected with Swamp creatures. If people can’t understand new tax form, they’ll call IRS and with the Swamp, I expect 80% of responses to be either wrong or I don’t know. Legacy Media & Dems will play that as Armageddon leading into 2020 elections. Trump better realise that GOPe isn’t going to do anything to ensure success. Good intentions isn’t going to result in success either.
Forget the Tax Bill for a moment. For once in his lifetime Orrin Hatch spoke from the heart at the White House Pep Rally this afternoon…
posted 12/20 635pm Texas[Drill Baby Drill~!]Time
But, wait, there’s more!
While I appreciate the effort here, it is up to us, the citizens, to keep the pressure on the Republicans to continue to deliver on the rest of our agenda. I do not want to give them the impression that they are off the hook now just because they finally got their act semi-together on this bill.