Tax Bills

[gayl]

If you're looking for sympathy, I suspect that you have come to the wrong place.

+1

 

[Helena]

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FYI

December 13, 2017

House-Senate Conference Committee on Republican Tax Reform Bill

House and Senate conference committee members meet to discuss reconciling the two GOP tax reform bills passed separately out of each chamber.

Airing LIVE Wednesday, Dec 13 2:00pm EST on C-SPAN3


https://www.c-span.org/video/?438358-1/house-senate-conferees-meet-reconcile-tax-reform-bills


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[explanade]

Actually got an alert that they've reached a tentative deal.

 

[catotx]

Actually got an alert that they've reached a tentative deal.

Any details?

 

[REWahoo]

I saw info that was still mostly speculation. Best guess is details will be released on Friday.

 

[USGrant1962]

An AP article yesterday said the following have been agreed:

• Top rate 37%
• Corp rate 21%
• Some SALT
• Eliminate corporate AMT
• Mortgage deduction limit $750K

This is all based on leaks from the negotiations.

 

[MichaelB]

Does that mean we are speculating on the speculation?

 

[Helena]

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Below is link to info about the tax "agreement"

I wonder if that will cancel the public meeting at 2PM ??


" The agreement was finalized on Wednesday morning, hours before the first and only scheduled public meeting of the congressional conference committee formed to work out the differences between the House- and Senate-passed versions of the bill. "

more at link

https://www.nytimes.com/2017/12/13/us/politics/tax-bill-republicans-deal.html

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[Helena]

An AP article yesterday said the following have been agreed:

• Top rate 37%
• Corp rate 21%
• Some SALT
• Eliminate corporate AMT
• Mortgage deduction limit $750K

This is all based on leaks from the negotiations.

There were several news articles about this yesterday. But none of them said anything about the extra over age 65 deduction which the House bill eliminates and the Senate bill keeps. For some reason the media is not interested in that.

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[donheff]

C-Span is airing the conferees at 2:00 PM today. Maybe they will signal their resolution.

 

[Another Reader]

I think the public show trial was supposed to be today. Maybe they decided that was a bit foolhardy and just got it done. Now all I need to know is whether I have to write checks before December 31st.

ETA: No cable, so no C-Span. Will be looking for the blow by blow from you folks when it's done.

 

[Helena]

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Turmp is giving a speech now saying he will sign a 21% corporate tax rate bill.

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[Helena]

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Fox Business news is confirming they've agreed on a 37% top individual tax rate.

 

[Helena]

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I've noticed the media seldom mentions the lowest tax rate which the House bill raises to 12% but the Senate bill leaves at 10%.

 

[NYEXPAT]

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Fox Business news is confirming they've agreed on a 37% top individual tax rate.

What was it before? Have not had to file a return for years.

 

[SecondCor521]

What was it before? Have not had to file a return for years.

I believe it is 39.6% currently.

 

[USGrant1962]

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I've noticed the media seldom mentions the lowest tax rate which the House bill raises to 12% but the Senate bill leaves at 10%.

Yes, it will be interesting to see if they have 4 brackets, 7 brackets, or something different.

 

[gayl]

Hard to tell what's there: Republicans in House and Senate strike a deal on tax bill - CNNPolitics

Appears:

• FIFO only option
• 37% top rate
• mortgage interest deduction tops out at 750k
• SALT vs Prop Tax discussion
• 21% corporate tax
• ACA?

fed decision 13min

 

[Helena]

There were several news articles about this yesterday. But none of them said anything about the extra over age 65 deduction which the House bill eliminates and the Senate bill keeps. For some reason the media is not interested in that.

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I've noticed the media seldom mentions the lowest tax rate which the House bill raises to 12% but the Senate bill leaves at 10%.

Just now I tried to call Senator John Cornyn's DC office but their main DC number is not connecting to a live person. So I called their Dallas office and was able to speak with an aide to ask him about reconciliation on these two House/Senate differences. All he was able to tell me was Senator Cornyn's has not issued a public statement on that. This might explain why the media is also silent. So why the secrecy ??


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[MichaelB]

The purpose of the thread was to discuss the inner workings of the Senate and House tax bills. They have each been replaced with a final, reconciled tax bill. Once it is released and details available, we will need and have a new tax thread.