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Tax primer: How The GOP Handled Several Thorny Issues

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posted on Nov, 2 2017 @ 06:31 PM
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As the plan stands now, here are some of the answers the questions for those of us who work, have 401K's, and deduct mortgage interest.

Appears we have a choice on either deducting interest or taking the double standard deduction (I assume whichever works best for us).

Highlights:

401(k) retirement plans - no change to the cap amount.


The GOP bill keeps the 39.6 percent top tax rate for couples making over 1 million. The Koch Brothers are pissed.



The 39.6 rate drew criticism from Americans for Prosperity (AFP), a group backed by GOP megadonors Charles and David Koch. AFP President Tim Phillips argued that Republicans succumbed “to the politics of envy.”



Estate tax



The tax bill would repeal the estate tax, though not immediately. The measure first increases the amount that’s exempt from the tax and then eliminates it after 2023.



Mortgage interest deduction



It keeps the mortgage-interest deduction, but fewer people would be likely to take it because the measure also nearly doubles the standard deduction. Additionally, it would lower the cap for new mortgages from $1 million to $500,000 and eliminate the deduction for second homes.

thehill.com...

edit on 2-11-2017 by infolurker because: (no reason given)




posted on Nov, 2 2017 @ 06:58 PM
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originally posted by: infolurker
As the plan stands now, here are some of the answers the questions for those of us who work, have 401K's, and deduct mortgage interest.

Appears we have a choice on either deducting interest or taking the double standard deduction (I assume whichever works best for us).

Highlights:

401(k) retirement plans - no change to the cap amount.


The GOP bill keeps the 39.6 percent top tax rate for couples making over 1 million. The Koch Brothers are pissed.



The 39.6 rate drew criticism from Americans for Prosperity (AFP), a group backed by GOP megadonors Charles and David Koch. AFP President Tim Phillips argued that Republicans succumbed “to the politics of envy.”



Estate tax



The tax bill would repeal the estate tax, though not immediately. The measure first increases the amount that’s exempt from the tax and then eliminates it after 2023.



Mortgage interest deduction



It keeps the mortgage-interest deduction, but fewer people would be likely to take it because the measure also nearly doubles the standard deduction. Additionally, it would lower the cap for new mortgages from $1 million to $500,000 and eliminate the deduction for second homes.

thehill.com...


My understanding is the double deductible is part of the proposal. The interest on mortgages is going to be limited to 500K instead of 1 million.



 
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