Job Creation First, Tax Reform Second In House Tax Bill

The Devil Is in the Details Differences That Could Doom the Tax Bill iStock

Some local organizations are anxious about a loss of income from charitable donations if the Republicans' proposed Tax Cuts and Jobs Act is passed.

Estate tax exemption: roughly doubled to$11.2 million for individuals and $22.4 million for married couples.

Slaughter and dissenting voters, including several New York City-area Republicans, said they their opposition was triggered because the bills would - counter to Collins' estimations - raise taxes on middle-class households. The bill would also lower the corporate tax rate, which is now the highest in the industrialized world.

Preserves the home mortgage interest deduction for existing mortgages and maintains the home mortgage interest deduction for newly purchased homes up to $500,000 - providing tax relief to current and aspiring homeowners. However, the credit would have a short shelf life and would expire after five years.

In a statement November 17, Bishop Dewane cited findings by the nonpartisan congressional Joint Committee on Taxation that show the bill's raising of taxes on the working poor beginning in 2023 while giving simultaneous tax cuts to the highest-income Americans is problematic.

SADC Tells Zimbabwe to End Coup Peacefully, Calls for a Leaders Summit
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Offer rejected, college strike continues at Sheridan College's Mississauga and Brampton campuses
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Saudi-led airstrikes destroy air navigation system of Yemen's capital airport: spokesman
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Recharacterizations: Although most retirement plan rules would remain intact, the House bill repeals the rule allowing a taxpayer to recharacterize a Roth IRA back into a traditional IRA. Additionally, the plan lowers the tax rate on small businesses to the lowest it has been since WWII.

Individual tax brackets: The House bill reduces the number of tax brackets from seven to four, with a top rate of 39.6 percent.

For instance, this bill doubles the child tax credit and the standard deduction for both individuals and families.

Julia Lawless, communications director for Senate Finance Committee Chairman Orrin Hatch (R-UT), told Focus: "Chairman Hatch has been a strong advocate of this [orphan drug tax credit] initiative, which is why the mark [modified 15 November] does not repeal the orphan drug tax credit, but rather makes modifications to it". "Today we give hope to middle-income families and Main Street job creators in Texas and across the country that a brighter future is on the horizon - a future where you can keep more of what you earn, start that new business, find that next job, and get that long-overdue raise".

It's still too early for your clients to take action based on these provisions, but the proceedings should continue to be monitored closely.

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