oh, did they somehow fix the $1.5 trillion addition to the deficit? lol republicans.

well I presume they fixed none of it going to his bank account like the rest of them were getting.

they probably just flipped him because one of the other R's wants to vote no and he can eat it b/c it doesn't matter or one of the hospitalized ones won't be able to make the vote for it.

Really it's lol us.

Can't wait to read the coverage of what's actually in this ~500 page bill. Definitely a non-zero chance that there's something buried in there that violates some Senate rule, but at this point I'm just wishcasting.

GG predictit money. I'm pretty sure I'm going to get hosed by this bill, too, since my state income, local property, and local income taxes are capped at $10,000.

PSA to all - assuming you pay more than $10k in SALT, you should look into prepaying 2018 taxes so you can claim it as a deduction this year. Some jurisdiction allow prepaying while others do not (luckily mine does).

Wonder if Corker flipping while getting no concession on his concern is because of the possible absentee votes next week for Mccain and other guy. Like Corker only voted no before because his vote was obv not going to stop anything, but if he was the diff between 49 and 50 no way does he actually care enough to piss off his donor overlords.

Maybe they all truly believe that this time cutting taxes on the rich will lead to runaway growth that'll patch up that $1.5 trillion hole.

I mean, they wouldn't just lie about this **** to please their donors would they?

they named it the tax cuts & jobs act. trust me, the jobs will come later, believe me.

How does this work, you go online and make an estimated payment for Q1 2018? I assume you can do that even though you are a wage employee instead of an independent contractor that typically makes estimated payments? And then the SALT tax paid is deductible in the year paid (not the tax year it was made for) so it would be deducted on your 2017 federal return?

Individuals are on the cash basis

If you pay in 2017 to deduct in 2017

How do I prepay property taxes if I usually just pay it as part of my mortgage payment?

My SALT situation is a little different. This year it makes sense for me to itemize but once they jack up the standard deduction next year it won't. Should I just go ahead and prepay alot of state/local tax for 2018 now?

http://docs.house.gov/billsthisweek/...15HRPT-466.pdf

There's the tax bill, giant wall of 1000 page text, a not fun game to play is which page each republican gets rich from. Or make it a bingo where Trump is the free space.

I'm sure more stuff gets out there as smarter people than me read it but divorce lawyers big winners as alimony gets taxed.

Ok, so here's a question on the new tax bill for all of the accountants/tax lawyers posting in this thread:

As I understand it, the SALT deduction is now there, in a limited fashion, as a $10,000 capped deduction for any combination of state and local income taxes and/or property taxes, is that correct?

Assuming that is correct, here is my scenario that I am now trying to figure out:

My wife and I have to file as married filing separately because of student loan forgiveness income based repayment. As I understand it, we must both itemize (that's current law too). We own a home, pay mortgage interest, pay real estate taxes, and obviously pay state income taxes. Previously we would just split the mortgage interest down the middle, split the real estate taxes, down the middle, and then add in our own state income taxes for our standardized deductions. However, taking that approach would now place me over the $10,000 cap, but it would not place my wife over it (who makes far less than me). We live in New York which is not a community property state (I think). As I understand the law, I do not have to split our property tax down the middle for deduction purposes, I can allocate more of it (say 75 percent) to my wife's deductions, and 25 percent to my deductions, so that neither of us go over the 10k cap. Am I correct about this? Thanks in advance, I am getting conflicting answers from this all over the place and I am ashamed to admit that though I am a lawyer, I can't even begin to figure out where to find the correct answer to this.

McCain Described as Increasingly Frail

December 15, 2017 at 11:38 pm EST By Taegan Goddard
https://politicalwire.com/2017/12/15...asingly-frail/

It doesn't matter, Corker, Rubio & Collins are all yesses. Cochran and McCain could drop dead tommorrow and it would still pass 50-48. Every single republican senator is confirmed voting for it now, this turd is passing.

McCain will die doing what he loves most, signing on to terrible legislation

They mean more jobs for Republican politicians that do whatever billionaires tell them to do.

In a similar boat but without the mortgage. My wife and I have a huge income disparity, so that makes it more likely to just file jointly, although I'm a bit concerned about losing my student loan forgiveness plan as well.

for anyone wondering how Corker is magically a yes now...

http://www.ibtimes.com/political-cap...inserted-final

I don't think you have to file jointly. If I'm reading it right, so long as we're not in a community property state, you don't have to equitably distribute the property tax deduction. I'd just love somebody who's actually an accountant to weigh in on this.

If you file a married filing separate return, you could divide up the deduction for property taxes and mortgage interest in whatever way you see fit.

Here is the caveat: You are SUPPOSED to split the deduction evenly if the expense is paid from a joint account. You are also SUPPOSED to deduct only the portion of the expense that you actually paid if the expense was paid from separate accounts. Of course, the IRS won't know how you were SUPPOSED to split the expense on your tax return unless you get audited, which is unlikely in general.

Mother****ers, i just skimmed the actual 1100 page bill and found the section. These *******s made it a 10k capped deduction total, whether you are single or married. I don't even understand the ****ing rationale to build in a disincentive to marriage, but these *******s did it. If you do married filing separately its $5,000 each. This deduction is worthless to married couples who own a home now.

Got to hand it to Corker. This is a believable defense against the GOP giving him a handout

http://www.ibtimes.com/political-cap...-vote-exchange

This might be worth attacking them on... from the right. From the family values right. Disincentivizing marriage could put some heat on them, perhaps enough to change that, losing them some money they likely shifted elsewhere to get a vote.

Every single thing this party is doing seems to have 3 purposes: 1) to say **** you to Obamacare, end it, and get back the taxes for the rich built into the bill; 2) to benefit themselves and their rich friends, even if it is at the expense of everyone else; and 3) to **** over the poor and the elderly - they want to get rid of the poor, the non-whites, and old as soon as possible, along with any and all programs that help them. That appears to be it. Everyone should scream all of this from the rooftops. They are only out for themselves, even if it is to the detriment of the rest of the country. Eventually there will be nothing left but a handful of millionaires with nobody in the middle class, nobody to spend money on businesses, nobody else the rich can pilfer.

They are getting closer and closer to just coming out and saying this is the goal. **** the poor, **** the coloreds, **** women, **** the elderly. White rich guys are all that matter. Paul Ryan would have a wet dream if he could make all of this happen.