Tax Reform - Elimination of Itemized deductions..so far so good..

[Hitman]

A source to the process has provided an overview of the White House tax plan. The source cautions that White House may be tweaking some of the elements up until the announcement today:

Personal Tax Reform

• Provide Tax Relief for Middle Income Families
• Simplify the Tax Codes
• Modernize Tax Code to Help Families Struggling with Child and Dependent Care Costs
• Repeal 3.8% Obamacare Tax on Investment Income
• End Alternative Minimum Tax
• Eliminate Itemized Deductions Except Mortgage Interest and Charitable Contributions
• End the Death Tax

 

[Hitman]

President Donald Trump’s tax plan, which will be unveiled Wednesday, calls for a sizable increase to the standard deduction Americans can take when filing taxes, potentially allowing taxpayers to keep more of their income – to the tune of a couple thousand dollars, White House sources told Fox News.

A piece of the proposed tax overhaul would nearly double the standard deductions that both individuals and families can claim on their returns, Fox News reported. Under the proposal, the tax cuts for individuals and married couples filing separately will increase from $6,300 to $12,600. The standard deduction for a married couple filing jointly will jump from $12,700 to approximately $24,000.

White House sources also said the plan would eliminate the marriage penalty.

In addition to raising deductions, the Trump administration will collapse the current seven-tier bracket system into just three tax brackets under the new plan, taxed at rates of 35 percent, 25 percent and 10 percent.

Trump’s previously proposed tax rates were 33 percent, 25 percent and 12 percent.

The president has promised the impending overhaul will be “massive” and “sweeping.”

 

[phatposts]

Pass ayinappudu chooddam le. 

[Hitman]

4 minutes ago, phatposts said:

Pass ayinappudu chooddam le. 

E.O - Pass avvadam, avvaka povadam ledu.. 

[macha]

fiy I dont think anyone >$70 will be benefited at the end we will end up paying 25% taxes... instead of 18%

[BillMarkSteve]

Matter in 2 lines please...

Manaki emina benefit untada ?

[Hitman]

Just now, BillMarkSteve said:

Matter in 2 lines please...

Manaki emina benefit untada ?

You will save between 2 to 5K in taxes going forward.. Jai Tataiah..

[BillMarkSteve]

12 minutes ago, Hitman said:

You will save between 2 to 5K in taxes going forward.. Jai Tataiah..

So federal tax cuts lo savings aa ?

[Hitman]

10 minutes ago, BillMarkSteve said:

So federal tax cuts lo savings aa ?

Yes FED taxes lo..if you want discount in state taxes also... talk to your governor.. 

[BillMarkSteve]

34 minutes ago, Hitman said:

Yes FED taxes lo..if you want discount in state taxes also... talk to your governor.. 

Ok..I will tweet on governor's page right away...

[sarvamangalam]

45 minutes ago, BillMarkSteve said:

Ok..I will tweet on governor's page right away...

best neeku bill

[Quickgun_murugan]

1 hour ago, BillMarkSteve said:

So federal tax cuts lo savings aa ?

yes.. MAGA