Skip to main content

Tax Bill Rollup "The Tax Cut and Jobs Act"

Overview

The GOP has been trying to push a major legislative agenda for the President sometime this year, and after the failure of the health care reform the next major issue is tax reform. This post is a roll up of information on the tax reform.

There are two versions, the House version and the Senate version. The Senate version isn't officially a bill yet.

Rollup and Points

I wanted to do a quick roll up of the current GOP tax bills, of which there are two versions, the House and the Senate version. The latter link gives a nice comparison of the differences between the two bills. The NPR article on the Senate only version is here. We should note that the Senate's version isn't officially a bill yet.

The CBO has done a score on the House version which would add $1.7 trillion to the deficit over the next 10 years. The Hill has an article on that here.

The House version also makes the corporate tax cuts permanent and reduces the corporate tax rate to 20% from 35%. A New York Times article covers the House version here and here. I have found this and the CNBC article linked later on to be the most useful.

I found the House version interesting as it is the first time the law would be going after money off-shore by companies. According to the NYT article linked above, there are about $2.5 trillion that is held off-shore.

The Wall Street Journal has a somewhat live coverage page highlighting items as they become available here.

The useful GovTrack.us has a page on the House bill here, known as "H.R.1 Tax Cuts and Jobs Act."

CNBC has a breakdown of winners and losers here on the bill. As always, draw your own conclusions. On first glance, it appears that middle class folks will get a bigger tax break, but as the article explains, that may not be the case for lower middle class with more children.

What Happens Next

As of this writing, the thought for the House version is that it may be brought to a vote on Thursday, 2017-11-16; based on the information from the WSJ page linked above.


Labels:

Comments

Post a Comment

Popular posts from this blog

Protesting and Kneeling during the National Anthem

(Note: I did this as a Facebook post; I'm just re-posting here for historical reasons.) I’m going to go ahead and note right off that you and I are probably not going to see eye to eye on this issue. That’s okay; I’ve no intention of trying to “win” a discussion or anything; only to share concerns and thoughts. Civilized discussion I feel has really taken a turn for the worst lately, and I’d like to try and make effort and be civilized especially given the strong emotions both sides have on the issue. To my actual concerns: I empathize with the feeling that people have about the National Anthem; the actions of sacrifice. I do. I don’t think anyone who is protesting and kneeling has any intent of trivializing the men and women who’ve served. I’ve shared an article on my wall that gives the side of Kaep and Reid on why they started what they started. Here’s the thing about protesting: the intent is to cause people to take notice. People protest in all sorts of ways and in all s...
Post a Comment
Read more

Bizarre Videos Online on YouTube targeting kids

I woke up this morning to this Reddit thread here over bizarre videos being put up on YouTube targeting kids which links to a Verge article here which in turn links to a New York Times article here and a Medium.com blog post here over the matter. I decided to write 60 Minutes to see if they would do a story on this. Below is what I wrote: ---- To 60 Minutes, I was wondering if you would produce a story on inappropriate videos being targeted toward children on social media sites, specifically on YouTube. There was a recent The Verge article here that gives links to other articles here (Medium.com) and here (New York Times) that give an overview over this phenomenon. Given this, it stills seems that while YouTube claims that they will be working on improving this problem, it seems that simply just flagging the videos still does no good or re-writing algorithms. There was a recent Reddit thread here that discusses the problem, and a few of the commenters have pointe...
Post a Comment
Read more