g5000
Diamond Member
- Nov 26, 2011
- 127,128
- 70,852
- 2,605
Enough with the monkeys running the zoo around here, and their shit slinging. Let's talk turkey.
Kevin Brady and Paul Ryan will be holding the fiscal reins going forward, and will thus be the real power in Washington.
Here is a summary of their tax reform plan: Forbes: Speaker Paul Ryan And Chairman Kevin Brady Produce A Tax Blueprint To Make America Great Again
Here is their tax plan from their own pen: http://abetterway.speaker.gov/_assets/pdf/ABetterWay-Tax-PolicyPaper.pdf
Here is the analysis by the independent Tax Foundation: Details and Analysis of the 2016 House Republican Tax Reform Plan
Kevin Brady and Paul Ryan will be holding the fiscal reins going forward, and will thus be the real power in Washington.
Here is a summary of their tax reform plan: Forbes: Speaker Paul Ryan And Chairman Kevin Brady Produce A Tax Blueprint To Make America Great Again
- Increases the standard deduction from $6,300 to $12,000 for singles, from $12,600 to $24,000 for married couples filing jointly, and from $9,300 to $18,000 for heads of household.
- Eliminates the personal exemption and creates a $500 non-refundable credit for dependents who are not children.
- Increases the Child Tax Credit to $1,500 per child, limits the refundability of the credit to $1,000, and raises the phaseout threshold for the Child Tax Credit for married households from $110,000 to $150,000.
- Eliminates all itemized deductions besides the mortgage interest deduction and the charitable contribution deduction.
- Eliminates the individual alternative minimum tax.
- Reduces the corporate income tax rate from 35% to 20%.
- Eliminates the corporate alternative minimum tax.
- Taxes income derived from pass-through businesses at a maximum rate of 25%.
- Allows the cost of capital investment to be fully and immediately deductible.
- Eliminates the deductibility of net interest expenses on future loans.
- Restricts the deduction for net operating losses to 90% of net taxable income and allows net operating losses to be carried forward indefinitely, and increased by a factor reflecting inflation and the real return to capital. Does not allow net operating losses to be carried back.
- Eliminates the domestic production activities deduction (section 199) and all other business credits, except for the research and development credit.
- Creates a fully territorial tax system, exempting from U.S. tax 100% of dividends from foreign subsidiaries.
- Enacts a deemed repatriation of currently deferred foreign profits, at a tax rate of 8.75% for cash and cash-equivalent profits and 3.5% on other profits.
- Modifies all business income taxes to be border-adjustable, disallowing the deduction for purchases from nonresidents and exempting export profits and foreign-derived profits from taxation.
Here is their tax plan from their own pen: http://abetterway.speaker.gov/_assets/pdf/ABetterWay-Tax-PolicyPaper.pdf
Here is the analysis by the independent Tax Foundation: Details and Analysis of the 2016 House Republican Tax Reform Plan
- The House Republican tax reform plan would reform the individual income tax and would move towards destination-based cash flow taxation of businesses.
- According to the Tax Foundation’s Taxes and Growth Model, the plan would significantly reduce marginal tax rates and the cost of capital, which would lead to 9.1 percent higher GDP over the long term, 7.7 percent higher wages, and an additional 1.7 million full-time equivalent jobs.
- The plan would reduce federal revenue by $2.4 trillion over the first decade on a static basis. However, due to the larger economy and the broader tax base, the plan would reduce revenue by $191 billion over the first decade.
- Although the plan would reduce federal revenue by $2.4 trillion on a static basis in the first decade, much of the revenue loss is one-time. As a result, the plan will cost much less in subsequent decades.
- On a static basis, the plan would lead to 0.7 percent higher after-tax income for all taxpayers and 5.3 percent higher after-tax income for the top 1 percent. When accounting for the increased GDP, after-tax incomes of all taxpayers would increase by at least 8.4 percent.