House version or Senate version

[GrayHare]

IIRC keeping the medical deduction as the Senate version does is projected to add $1 trillion something to the debt over 10 years. I gather that means the Senate version does not increase taxes, or reduce deductions, elsewhere to make up the difference.

 

[Beststash]

I hope nothing passes. I see no benefit for America in either plan as it exists today and the tweaks will probably make them even worse.

 

[REWahoo]

Uh oh....

 

[gayl]

i hope nothing passes. I see no benefit for america in either plan as it exists today and the tweaks will probably make them even worse.

+10,000,000

 

[Dog]

Did a rough estimate using our 2016 tax filing knowing our income will be the same. We come out ahead with the House bill. Haven’t looked at the senate version yet.

 

[MarieIG]

Of the two, prefer House, although I would pay more taxes under House.

 

[Another Reader]

I have no idea what the final law will be. My objective for the rest of the year is to figure out or at least make an educated bet what expenses should be paid this year for the tax deductions that may or may not be in place next year. I will probably pay the second installment of the property tax and the remaining estimated state income tax in December.

 

[scrabbler1]

I hope nothing passes. I see no benefit for America in either plan as it exists today and the tweaks will probably make them even worse.

Definitely agree. In a 3-page letter I sent to my member of congress and two senators last month, I outlined 13 items I want to see in tax reform including some items I asked not to see changed. Of those 13, only 2 of them have been followed in the two tax reform proposals. That's a pretty poor rate. Doing nothing would avoid the 11 bad things I spelled out while not following 1 of them, with the 13th being neutral.

 

[Alan]

Thanks for the interesting discussion.

After discussion the moderator team has decided that there should be no more threads on tax bills until something has passed both chambers and is in reconciliation.