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Taxes Tag

Posted by William A. Jacobson on December 02, 2017 42 Comments
At 1:50 a.m. Eastern Saturday morning, December 2, 2017, the U.S. Senate passed a Tax Reform bill after hours of attempts by Democrats to scuttle the bill. Every Republican except for Bob Corker voted in favor, and all Democrats voted against. The Obamacare Mandate, which survived Supreme Court challenge thanks to Chief Justice John Roberts, was effectively repealed as part of the bill. The repeal takes place by virtue of the penalty being removed. If that provision stays in after conference with the House, the Tax Reform would be a double victory for Trump and Republicans.

Posted by Mary Chastain on November 28, 2017 6 Comments
The senate tax bill conquered its first hurdle when the Senate Budget Committee passed it along party lines, 12-11. This also gives some optimism for it on the senate floor since two GOP senators who had hesitations on it voted yes in the committee: Sen. Bob Corker (R-TN) and Sen. Ron Johnson (R-WI). The Senate could vote on the bill as soon as Thursday, but it should happen by the end of this week.

Posted by Mary Chastain on November 27, 2017 6 Comments
It's a big week in the Senate as the lawmakers will vote on the GOP tax plan. They're hoping to pull it through after two miserable Obamacare repeal attempts this year. Needless to say, they're desperate for a victory. But as I've said over and over, the GOP only has a two-seat majority, which means they cannot afford holdouts. Even though they have a tax plan settled, word on the Hill is that they may make changes in order to rein in members of their party that could foil a victory.

Posted by Fuzzy Slippers on November 25, 2017 14 Comments
Any discussion of tax reform shifts quickly to "tax the rich" with avowed socialist Senator Bernie Sanders (I-VT) and Sanders wannabe Senator Elizabeth Warren (D-MA) at the forefront of the Democrat 2020 presidential hopeful pack.  There are numerous problems with this philosophy, not the least of which is that it's a political slogan not viable economic policy, but that doesn't stop the left. Earlier this year, Seattle passed a "tax the rich" scheme that was immediately challenged.  This week, Superior Court Judge John Ruhl ruled that Seattle does not have the authority to impose such a tax.

Posted by Mary Chastain on November 16, 2017 9 Comments
The GOP-controlled House passed a tax bill that eliminates many popular deductions, but reduces the tax brackets to three instead of seven and doubles standard deductions. It passed 227-205. However, 13 Republicans voted against the bill and no Democrats voted for it. This could spell gloom for it in the Senate, which the GOP holds a two seat majority.

Posted by Mary Chastain on November 14, 2017 22 Comments
Senate Majority Leader Mitch McConnell (R-KY) announced that the Senate's tax bill will have language to repeal the individual mandate in Obamacare. From The Hill:
“We’re optimistic that inserting the individual mandate repeal would be helpful and that’s obviously the view of the Senate Finance Committee Republicans as well,” McConnell said.

Posted by Mary Chastain on November 10, 2017 7 Comments
The House Ways and Means Committee passed its tax reform bill down party lines on Thursday after a week of markups. The House is the next step. The Senate has its own tax bill, which the two chambers will have to reconcile if each approves their own bill. From CNBC:
The House bill, called the Tax Cuts and Jobs Act, cuts the corporate tax rate from 35 percent to 20 percent, while moderately reducing household income tax rates. It changes some popular provisions such as the mortgage interest deduction, but leaves others, like the 401(k) tax benefit, unchanged.

Posted by Mary Chastain on November 07, 2017 10 Comments
SURPRISE! You didn't think the GOP tax reform bill would go off without a hitch, right? Because we all know that the government needs to keep spending so they can't cut too many taxes. The House Ways and Means Committee had a markup session on Monday and reports have emerged that multinational companies like Apple and Ford could possibly pay a 20% tax on any payments they make to offshore affiliates.

Posted by Mary Chastain on November 02, 2017 26 Comments
The House GOP decided to wait a day to release its tax reform bill to smooth out some disagreements. That plan was finally released Thursday and like the framework President Donald Trump's administration released, it reduces the number of tax brackets, eliminates deductions, and reduces the corporate tax rate. But will it be enough to persuade the House Republicans from high-taxed states to pass the bill?

Posted by Mary Chastain on October 31, 2017 19 Comments
Eyes are on tax reform this week as the GOP controlled House plans to release its tax reform bill on November 1, which may include elimination of state and local tax (SALT) deductions along with changes to 401(k) retirement plans. Both have received proper outrage, especially from representatives in high-taxed states. But if the elimination of state and local taxes pass the House, the Senate GOP said they have a unified front on that issue.

Posted by Mary Chastain on October 27, 2017 5 Comments
Despite two massive hurricanes, the GDP, which is the measure of goods and services produced in America, grew to 3% in the third quarter. Experts estimated a growth of only 2.5% because of the natural disasters, but the "increase in inventory investment and a smaller trade deficit" helped offset the slow spending after the hurricanes. The White House economists have also said that if the proposed changes to corporate taxes go through the GDP could jump between 3 and 5 percent in a few years.

Posted by Mary Chastain on October 26, 2017 7 Comments
The GOP-controlled House passed the budget on Thursday by a slim margin of 216-212. With the House and Senate budgets in sync, the lawmakers have activated a procedure that will allow a tax bill pass the Senate without a filibuster. The majority of Republicans that voted no hail from high taxed states since tax writers are toying with the idea to do away with state and local tax deductions.

Posted by Mary Chastain on October 25, 2017 21 Comments
I've been keeping an eye on tax reform and ideas to make changes to 401(k) retirement funds have caught my eye. At first, tax writers wanted to tax your earnings before you place money in the fund. Then over the weekend they floated the idea of changing the pre-tax limit to $2,400 instead of $18,000. Of course this has caused an uproar, which led President Donald Trump to tweet out on Monday that tax reform will not include changes to your 401(k). House Ways and Means Committee Chairman Kevin Brady (R-TX) has said not so fast and the option remains on the table.

Posted by Mary Chastain on October 20, 2017 12 Comments
The Senate passed a 2018 budget on Thursday night, 51-49, with Sen. Rand Paul (R-KY) being the only Republican who voted no. The biggest part of the budget, though, is that it provides a shortcut to tax reform using reconciliation instructions to protects a tax bill that adds up to $1.5 trillion to the deficit from a filibuster. The GOP Congress has failed to repeal Obamacare and they view tax reform as one way to save their butts. President Donald Trump has said he wants to sign something by the end of the year.

Posted by Mike LaChance on October 19, 2017 21 Comments
This was like a trip down memory lane. Let me begin by saying the debate style of Bernie Sanders hasn't changed since the 2016 Democratic primary. I lost track of how many times he said millionaires, billionaires and Koch brothers in the first 30 minutes.
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