NY, NJ Republicans show early opposition to tax bill

Pictured: Puppets of the Privileged

ㅤ”House Republicans from New York and New Jersey came out in opposition to the GOP’s long-awaited tax-reform bill on Thursday, citing the proposed elimination of the popular state and local tax deduction.”

ㅤô¿ô …Per-capita federal funding of the big blue states is currently double that of other states.

Full story at The Hill, image from thehill(.com) • new jersey, new york, new york city, property taxes, salt, state and local tax deduction, tax break, tax cut, tax cuts, tax deductions, tax plan, tax rate, tax reform, taxes, taxpayer funds • Go here to reblog this post (browser only).

Trump applauds House GOP tax bill: ‘We are just getting started’

ㅤ”I applaud the House Ways and Means Committee for introducing the Tax Cuts and Jobs Act, which is another important step toward providing massive tax relief for the American people,’ the President said in a statement shortly after lawmakers announced the specifics of the long-awaited tax bill.
ㅤ’My tax reform priorities have been the same since day one: bringing tax cuts for hardworking, middle-income Americans; eliminating unfair loopholes and deductions; and slashing business taxes so employers can create jobs, raise wages, and dominate their competition around the world,’ the President said.”

Full story at The Washington Examiner, image from trbimg(.com) • congress, donald trump, economy, house of representatives, house republicans, household income, jobless claims, jobs, labor force, middle class, middle-income, potus, president, tax break, tax cut, tax cuts, tax plan, tax rate, tax reform, taxes, taxpayer funds, the hill, workforce, working class • Go here to reblog this post (browser only).

Wealth gap grows after recession as minorities struggle to recover

ㅤ”Most Americans are still struggling to recover wealth lost during the worst recession in modern history, but those on the higher end of the economic spectrum are rebounding much faster, according to new government data.
ㅤThe rising inequality is most pronounced along racial lines. White households, especially wealthier whites, have recovered well. Black and Hispanic households are taking far longer to recover, however, fueling a growing chasm between those with financial means and those without.”

Full story at The Hill, image from thehill(.com) • african american, black, economy, household income, jobless claims, jobs, labor force, middle class, racism, tax break, tax cut, tax cuts, tax plan, tax rate, tax reform, taxes, taxpayer funds, workforce, working class • Go here to reblog this post (browser only).

GOP releases details of plan to cut corporate, individual taxes

“For individuals & families…
ㅤ• The new individual income tax rates are 0 percent, 12 percent, 25 percent, and 35 percent.
ㅤ• The standard deduction goes from $6,350 to $12,000 for individuals and $12,700 to $24,000 for married ocuples.
ㅤ• Special-interest deductions that complicate taxes are eliminated so the form can be ‘as simple as a postcard.’
ㅤ• The bill establishes a new Family Credit, which includes expanding the Child Tax Credit from $1,000 to $1,600, and gives a credit of $300 for each parent and non-child dependent.
ㅤ• The bill preserves the Earned Income Tax Credit.
ㅤ• The deduction for charitable donations is continued.
ㅤ• The home mortgage deduction is maintained for current mortgages, but is capped for new homes at $500,000.
ㅤ• It allows people to write off state and local property taxes up to $10,000
ㅤ• The bill doesn’t touch 401(k)s or Individual Retirement Accounts.
ㅤ• The Alternative Minimum Tax is repealed.
ㅤ• The exemption for the Estate Tax is doubled and the tax will be repealed in full in six years.”

Full story at The Washington Examiner, image from washingtonexaminer(.com) • congress, house of representatives, house republicans, mortgage deduction, property taxes, salt, standard deduction, state and local tax deduction, tax break, tax cut, tax cuts, tax deductions, tax plan, tax rate, tax reform, taxes, taxpayer funds, the hill • Go here to reblog this post (browser only).

Tax reform bill doesn’t include repeal of Obamacare mandate, sources say

ㅤ”The President touted the idea in a tweet on Wednesday, and the concept is still being toyed with in the Senate Republicans’ version of tax reform.”

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Republican Tax Plan Cuts Middle Class and Corporate Taxes, Leaves Retirement Savings Safe

ㅤ”Here are the highlights.”

Full story at Breitbart, image from breitbart(.com) • congress, house of representatives, house republicans, tax break, tax cut, tax cuts, tax plan, tax rate, tax reform, taxes, taxpayer funds, the hill • Go here to reblog this post (browser only).

Democrats are lying about the GOP tax plan, says Washington Post fact checker

ㅤ”The Washington Post’s fact-checker said Thursday that Democrats aren’t telling the truth when they say the Republican tax plan would raise taxes on most middle-class families.
ㅤIn an early Thursday morning story, fact-checker Glenn Kessler gave Democrats four Pinocchios for making that claim. According to the Post, four Pinocchios are reserved for claims that are ‘whoppers.'”

ㅤô¿ô …A democrat is often a liar. But always a jackass.

Full story and video at The Washington Examiner, image from washingtonexaminer(.com) • democratic party, democratic socialists, democrats, tax break, tax cut, tax cuts, tax plan, tax rate, tax reform, taxes, taxpayer funds • Go here to reblog this post (browser only).