Key Republican Holdouts Are Now Backing The Tax Bill

Posted December 18, 2017

He said he made a decision to support the bill now because the country is "better off with it" than without it.

President Trump promised delivery of an early Christmas present to America's middle class: The new GOP tax cut package, expected to be wrapped up this week.

Personal exemptions, which in 2017 reduce taxable income by $4,050 each for taxpayers, spouses and dependent children.

The plan eliminates personal exemptions and a slew of itemized deductions but almost doubles the standard deduction in a bid to make tax filing simpler and to reduce rates. For individuals, the amount goes from $6,350 to $12,000. The cap would apply to any combination of property and either income or sales taxes.

Remain deductible for those who itemize, and the current limitation of 50% of income is increased to 60%. Before the expanded credit was circulated, Rubio had noted the legislation would double the child tax credit to $2,000 but only about half of that figure would be refundable to millions of working-class families. Value of the credit begins to decrease when family income exceeds $400,000.

For residences bought from January 1, through December 25, 2025, the plan caps the deduction for mortgage interest at $750,000 in loan value. For those who still do, they may see changes on mortgage interest deductions.

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Changes to the individual tax code are effective January 1. Two of the most significant changes from either original bill are the income tax rates paid by wealthy individuals and how generous the Child Tax Credit is.

Taxpayers could still experience new rates this winter because the Internal Revenue Service says it could have information out by February on how workers could adjust withholding from their paychecks. Ultimately, the top rate was cut from its current level of 39.6% to 37%, as opposed to the 38.5% rate that appeared in the Senate Bill.

Exemption is doubled so no estate worth less than almost $11 million would be taxed.

The legislation guts a deduction in place since the first income tax.

Rubio had previously pushed to offset the cost of increasing child tax credit refundability with a slightly higher corporate tax rate. The Senate bill would lower the threshold to $2,500. Assets held by US corporations overseas would face a one-time "deemed repatriation" tax of 8% on fixed assets and 15.5% on cash.

And while Obama and Senate Democrats slowed down to let Brown join the final vote on the ACA, a move Trump himself praised as "very smart" at the time, Republicans have responded to Jones' upset of Roy Moore by hitting the accelerator.

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Health insurance mandate: The insurance requirement under the Affordable Care Act (ACA), the law known as Obamacare, is abolished.

"I can't in good conscience support it unless we are able to increase the refundable portion of it", Rubio told reporters Thursday afternoon before echoing the statements on Twitter. This would have enabled Evangelical megachurches to donate to political candidates, while also empowering billionaire donors to start using nonprofit public advocacy "charities" as tax-exempt super-PACs.

Student loan interest would continue to be deductible. Deductions for medical expenses that lawmakers once considered eliminating would be retained.

It also changes the tax system for American households, temporarily lowering rates and creating new limits on deductions that are expected to lower the taxes of most Americans but could still lead millions to owe the government more.

No longer deductible unless covered by specific federal disaster declarations.

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