Ok, I just saw a reference that this proposal both:
- eliminates the estate tax
- keeps the step-up in basis that occurs with an inheritance

I've got to run to class right now, but that's absolutely criminal. There will be billions and billions of dollars in capital gains that will go completely untaxed forever.

It's probably an oversight. Send an email to Ryan's office and I am sure they will fix it.

Yep

Also carried interest stays and 25% pass thru (Koch) rate

This is larceny

Also deductions for medical expenses and student loans are gone.

But at least churches will be able to endorse political candidates!

So a millionaire's son inherits millions, pays 0 in tax, while student borrowers get a tax increase? Sounds legit let's push this thing through.

I get that they want to make the tax code simpler so it's easier for people to file and they always have this "you can file your taxes on a postcard!" standard that they brag about. But why not make it so people don't have to file at all?

And honestly if all you're doing is filling out a 1040ez with no income other than from a job then it takes literally about 5 minutes to do and the size of the paper that it's printed on seems pretty irrelevant.

The postcard thing was yet another lie, that's not happening.

Here is the real question: will the GOP be able to trot out A SINGLE ACTUAL PERSON WHO HAD TO SELL A FARM TO PAY TAXES???

Cause I can trot out some pretty politically toxic people who are getting hundreds of millions from this nonsense

This isnt a tax cut. Its a tax increase! Unless your a C corporation.

Ding ding ding. Also its not simpler, its arguably more complicated this way.

If only I could

Seriously, don't be too concerned. Whatever hey pass will change a lot eventually.

Interist on student loan debt is a killer. This will add thousands of dollars to the already shy high cost of becoming a doctor. I don't see how that stays. It's also really another tax cut for the wealthy as there kids don't borrow money for school.

That can't be right. Trump said $4,000. They already lost $2800? Lol.

Have you ever filed taxes? Have you ever paid student loans?

Student Loan Interest deduction caps at $2500 a year.
Income > $60k does not qualify for any deduction.

It's a maximum of a $625/year (25% tax bracket) or $375/year (15% tax bracket) benefit.

The donor class doesn't take out student loans.

Shocking news, media is terrible at reporting this, pretty sure I saw NYT roll with a "top rate not going down" headline. WAAF

So personally I have the following:

2017: Net benefit: +$1478 (if substituting GOP plan for current law)
2018: Net benefit: +$1001 (estimated)
2024: Net benefit: +$2602 (debt snowball finished)

It's a bit of a yawner. As you may have known, the awval threshold(TM) was $2000/year. So pretty disappointed here. Although, feeling fortunate that I've dodged the 401k bullet. Very impressed with the increased 15% tax bracket all the way up to $90k taxable. Would really like to see further increase of the child tax credits up to the Rubio amount of $2000. Currently don't have children, but trying. Also enjoy the increased phaseout levels.

Senate is going to axe the estate tax plan removal. Pretty sure the Senate is going to double the estate tax free threshold (up to $10MM per couple) but it's not going to be gone like the House plan.

Large mortgage, upper middle class taxpayers of CA, NY, NJ and IL are going to get boned hard on this tax plan though due to the SALT deduction loss.

Because it's true?

Is it the worst possible tax bill that House GOPers could have come up with?

No, it is not.

Does it check some terrrrrrrrrible boxes. Yes.

Let's hope the Senate to moderate the estate tax cuts, increase the child tax credit, and restore "some" of the SALT deductions.

Going to be hilarious to see Southern California GOP congresscritters vote for this abortion and then watch their angry constituents vote them the **** out and turn their districts blue

Inflation helps people who are in debt and hurts people who have lots of money. That's why the government works so hard to prevent it and the media fear mongers about it. If tomorrow the government printed enough money to give to every middle class and below enough to pay off their debts the average American would be far better off then they are today.

Do your numbers include the economic collapse that comes from GOP tax plans several years down the road?

Orange County voters trying to choose between dogwhistle racism vs. avoid a massive tax hike.