Currently, individuals can deduct most out-of-pocket medical expenses that exceed 10 percent of their annual adjusted gross income—that is, taxable income minus deduction-based deductions. But under the proposed plan, that deduction would be eliminated. For individuals or families with high out-of-pocket medical bills, such as the elderly or the chronically ill, killing the deduction could mean major tax increases.

Even healthy elderly taxpayers face the eliminations of popular tax breaks. The House bill also repeals the 15 percent tax credit for all taxpayers 65 and older, who can cut up to $5,000 from their tax bills as an individual or up to $7,500 for married seniors. The same credit is utilized by taxpayers under 65 who are retired on permanent disability.

Eliminated: Deductions for Personal Casualties

Currently, the Internal Revenue Service allows taxpayers to deduct uninsured losses related to the destruction of their home, household items, and vehicles in a federally declared disaster, or from “any sudden, unexpected, or unusual event” like a sinkhole, theft, flood, fire, or volcanic eruption (it happens!).

Originally Posted by Guest

Currently, individuals can deduct most out-of-pocket medical expenses that exceed 10 percent of their annual adjusted gross income—that is, taxable income minus deduction-based deductions. But under the proposed plan, that deduction would be eliminated. For individuals or families with high out-of-pocket medical bills, such as the elderly or the chronically ill, killing the deduction could mean major tax increases.

Even healthy elderly taxpayers face the eliminations of popular tax breaks. The House bill also repeals the 15 percent tax credit for all taxpayers 65 and older, who can cut up to $5,000 from their tax bills as an individual or up to $7,500 for married seniors. The same credit is utilized by taxpayers under 65 who are retired on permanent disability.

Eliminated: Deductions for Personal Casualties

Currently, the Internal Revenue Service allows taxpayers to deduct uninsured losses related to the destruction of their home, household items, and vehicles in a federally declared disaster, or from “any sudden, unexpected, or unusual event” like a sinkhole, theft, flood, fire, or volcanic eruption (it happens!).

Those should be of concern for Villagers. Heard something about student loans as well? With 4 degree and even more classes taken I still have a little of these but not much. And I worked Summers while getting the two BAs, had three jobs at one time for some of the time I was getting my MA, and also worked my way through law school except during the First Year where that is not allowed.

Republican senators fear it will be difficult to explain to voters why they’re raising the tax rate for low- and middle-income Americans while cutting the tax rate for the wealthiest.

Originally Posted by Guest

Those should be of concern for Villagers. Heard something about student loans as well? With 4 degree and even more classes taken I still have a little of these but not much. And I worked Summers while getting the two BAs, had three jobs at one time for some of the time I was getting my MA, and also worked my way through law school except during the First Year where that is not allowed.

Was that the last time you were employed?

Originally Posted by Guest

Those should be of concern for Villagers. Heard something about student loans as well? With 4 degree and even more classes taken I still have a little of these but not much. And I worked Summers while getting the two BAs, had three jobs at one time for some of the time I was getting my MA, and also worked my way through law school except during the First Year where that is not allowed.

Wow! you educated yourself right into ignorance... smfh..

Originally Posted by Guest

Currently, individuals can deduct most out-of-pocket medical expenses that exceed 10 percent of their annual adjusted gross income—that is, taxable income minus deduction-based deductions. But under the proposed plan, that deduction would be eliminated. For individuals or families with high out-of-pocket medical bills, such as the elderly or the chronically ill, killing the deduction could mean major tax increases.

Even healthy elderly taxpayers face the eliminations of popular tax breaks. The House bill also repeals the 15 percent tax credit for all taxpayers 65 and older, who can cut up to $5,000 from their tax bills as an individual or up to $7,500 for married seniors. The same credit is utilized by taxpayers under 65 who are retired on permanent disability.

Eliminated: Deductions for Personal Casualties

Currently, the Internal Revenue Service allows taxpayers to deduct uninsured losses related to the destruction of their home, household items, and vehicles in a federally declared disaster, or from “any sudden, unexpected, or unusual event” like a sinkhole, theft, flood, fire, or volcanic eruption (it happens!).

It is a proposal not a tax bill.
The proposal doubles the standard deduction.
Interesting SURPRISING FACTS on last nights 11/2/2017 NBR (nightly business report) under our current tax bill, 70-80% of the people who have a morgage do not itemize-that is they get the standard deduction.

The tax percentages are 12%-25%-35%-39%. Under our current tax law the top tax bracket is also 39%. It has been in the past far higher. I assume it will be the same as now. You go through sll the lower tax brackets before your next dollars are taxed at the next higher rate. Since, we do not yet know at what dollar you will go into what rate, YOU ARE OBJECTING TO SOMETHING YOU DO NOT KNOW.

They have proposed cutting the mortgage deduction from a maximum of 1 million to 500 thousand. If, you have a million dollar mortgage IT WILL COST YOU. From you post it does not seem like that is the case for YOU. I doubt there are many people in the villages with a million dollar mortgage.

The bill PROPOSES raising the place where you pay the DEATH TAX from the current 5 million to 11 million and in 6 years to zero. I'm not sure what my view is on this. It is being sold as a way to prevent the forced breaking up of businesses and farms. For me, I don't understand or perhaps care what difference there is between inheriting a 5 million dollar business or 5 million dollar farm compared with five million in cash. Actually, it would be far easier to understate the fair market value of a business or a farm.
If, you are in the position of worrying about a five million dollar estate-YOU REALLY SHOULD SEE AN ATTY TO AVOID THIS OPPRESSIVE 50% TAX.

My view on taxes is truly simple and has been so throughout history. PEOPLE WANT BUT WHEN YOU PULL BACK THE CURTAIN THEY WANT SOMEONE ELSE BUT THEM TO PAY.

Due to our CURRENT high tax rates we have companies filling out PAPERS so that they are incorporated in places like grand Cayman islands and paying taxes there while they do business in the US

Originally Posted by Guest

Currently, individuals can deduct most out-of-pocket medical expenses that exceed 10 percent of their annual adjusted gross income—that is, taxable income minus deduction-based deductions. But under the proposed plan, that deduction would be eliminated. For individuals or families with high out-of-pocket medical bills, such as the elderly or the chronically ill, killing the deduction could mean major tax increases.

Even healthy elderly taxpayers face the eliminations of popular tax breaks. The House bill also repeals the 15 percent tax credit for all taxpayers 65 and older, who can cut up to $5,000 from their tax bills as an individual or up to $7,500 for married seniors. The same credit is utilized by taxpayers under 65 who are retired on permanent disability.

Eliminated: Deductions for Personal Casualties

Currently, the Internal Revenue Service allows taxpayers to deduct uninsured losses related to the destruction of their home, household items, and vehicles in a federally declared disaster, or from “any sudden, unexpected, or unusual event” like a sinkhole, theft, flood, fire, or volcanic eruption (it happens!).

.

You are clearly a democrat-that is fine but at least admit that you would object to anything the republicans do.

You mention in your last paragraph deducting for uninsured losses. First of all, if you are counting on this. If, you are in the highest tax bracket and suffer an uninsured loss of say 10,000 you could only deduct 3900 and that is if you are in the highest tax bracket. YOU must decide if you want to gamble-SELF INSURE-or pay the price of INSURANCE. If, you have a mortgage, the lender will insist you have fire, and sink hole. I don't think they would believe you want volcano insurance BUT?

Taxes credit and tax deductions are also known as income redistribution schemes. Paul is going to make up for Peter's $7500 tax credit for buying an electric car.

Mortgage interest deductions only allow realtors and home builders to raise the asking prices of home.

state and local deductions allow those states to continue to raise taxes and cause taxpayers in other states to make up the deficit created by the deduction

Why we can't get to a simplified tax system with no carve outs is no surprise all one has to do is look toward K Street.

Personal Best Regards:

https://www.forbes.com/sites/erikshe.../#6742a1c758aa

Actual U.S. Corporate Tax Rates Are in Line with Comparable Countries | Center on Budget and Policy Priorities

CORPORATETAXRATESDONTRAISEWAGES.jpg

Originally Posted by mellincf

Currently, individuals can deduct most out-of-pocket medical expenses that exceed 10 percent of their annual adjusted gross income—that is, taxable income minus deduction-based deductions. But under the proposed plan, that deduction would be eliminated. For individuals or families with high out-of-pocket medical bills, such as the elderly or the chronically ill, killing the deduction could mean major tax increases.



Even healthy elderly taxpayers face the eliminations of popular tax breaks. The House bill also repeals the 15 percent tax credit for all taxpayers 65 and older, who can cut up to $5,000 from their tax bills as an individual or up to $7,500 for married seniors. The same credit is utilized by taxpayers under 65 who are retired on permanent disability.



Eliminated: Deductions for Personal Casualties



Currently, the Internal Revenue Service allows taxpayers to deduct uninsured losses related to the destruction of their home, household items, and vehicles in a federally declared disaster, or from “any sudden, unexpected, or unusual event” like a sinkhole, theft, flood, fire, or volcanic eruption (it happens!).

Show me a republican lawmaker, I’ll show you a lying scumbag. The middle and lower income folks have been suckered into voting republican by using racial dividing points. ( I ain’t gonna be in any party with the spics and darkies) Meanwhile they’re picking your pockets, giving what they stole to the rich and laughing.
BTW, how’s that promised manufacturing well paying factory job hunt been doing ? Been made any offers yet ?


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