The House and Senate are expected to vote on the GOP tax bill today, and unless something goes terribly, terribly wrong, it’s expected to pass. The new plan changes our current seven brackets (10%, 15%, 25%, 28%, 33%, 35% and 39.6%) to 10%, 12%, 22%, 24%, 32%, 35%, and 37%.
The Tax Cuts & Jobs Act lets you keep more of your hard-earned money, meaning less of your paycheck will go to Washington. Period. pic.twitter.com/eBI303t0Ar
— Paul Ryan (@SpeakerRyan) December 16, 2017
I realize tax stuff is generally a bore to go through, but Jamie Dupree listed some highlights in a digestible way:
+ Standard deduction almost doubled $6,350/$12,700 to $12,000/$24,000
+ State and local taxes change will only allow you to deduct up to $10,000 for sales, income and property taxes – this is a big change for those who itemize.
+ Mortgage interest deduction limit lowered to $750,000 from $1 million. No change for current mortgages (they are grandfathered in).
+ Zeroes out the individual mandate tax penalty in 2019 under the Obama health law – note the date – not in 2018. Still in effect next year.
+ Does not change tax exemption on reduced tuition awards for graduate students, and employer tuition aid at colleges and universities.
+ Alternative Minimum Tax lives on for individuals, but the exemption limit is increased.
+ Federal estate tax is not abolished, but the plan doubles the amount of the inheritance exemption.
+ Corporate tax rate lowered to 21% – original plan was 20%.
+ Almost all business tax changes are permanent in the GOP bill.
+ Almost all individual tax changes in the bill expire after 2025 (8 years).
Liberals are convinced we’re all going to die. That’s their thing lately. When in doubt, say that Republican policies are going to kill people. (Seriously. Type “tax plan die” in Twitter’s search and read the tweets. It’s insanity.)
The liberals whining about this tax bill probably don’t know anything about it.
Cue Sarah Sanders.
A typical family of four earning $73,000 per year will get a $2,059 tax cut next year under our plan. It's very simple to @POTUS: that $2,059 belongs to an American family who worked hard to earn it – not Washington politicians or bureaucrats.
— Sarah Sanders (@PressSec) December 19, 2017
A typical family of four earning $45,000 per year will get a tax cut of $1,379 next year under our plan. Democrats will vote against it anyway because they care more about big government than working families
— Sarah Sanders (@PressSec) December 19, 2017
@RESISTAllDayOK doesn’t think an extra $120 is a good thing, apparently.
YOU'RE kidding right? That's 120 a month . You're an idiot.
— RESIST🐶AllDay🆗️ (@RESISTAllDayOK) December 19, 2017
As you can see, she’s mocking Sarah for championing the fact that Americans will get to keep more of their own money. $120 a month means nothing to her. Wait a minute– is she suggesting we need BIGGER cuts? I can get on board with that, @RESISTAllDayOK!
$120/month would go a long ways towards helping pay for my disabled son’s prescription meds. #OutOfTouchLibtards
— Seth Fuller ⛳️🏌 (@sfuller94) December 19, 2017
When you are struggling to put food on table or gas in your tank, $120/mo makes a big difference. But hey, bet you support tax increases that would equal that or more and think it’s no big deal for ppl to cut back to send more to corrupt DC?
— Joe (@JoeC1776) December 19, 2017
If you can’t use an extra $120 a month, then give it to someone who can use it.
— Roger_G21 (@RogerGinn) December 19, 2017
No no no. She’d rather the government just take it so it can be generous FOR her. She’s probably incapable of being generous on her own.
$120/month would be half of our car payment each month. That would help a lot.
— BoraxCrossbowman (@BoraxCross) December 19, 2017
Clearly, you’ve never had to support a family on $45,000 a year. Be careful. Your privilege is showing.
— Conservative Annie (@ConservativeAn4) December 19, 2017
I would be happy with 120 a month and I'm not hurting for money. I would imagine someone struggling would LOVE to have that money. Just goes to show how rich elitist liberals think.
— RockNRollMom26 (@thundermom26) December 19, 2017
But my favorite reaction goes to this guy.
It'd pay for your avocado toast habit
— Cheesetrader (@cheesetrader1) December 19, 2017
For the win, man. Love it.
h/t Twitchy