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when the trump taxes expire:
Posted on: October 4, 2024 at 15:50:58 CT
90Tiger STL
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https://taxfoundation.org/research/all/federal/2017-tax-cuts-jobs-act-analysis/
would expire.
You think you understand things, but your such a partisan, you never do.
Table 1. Tax Brackets for Ordinary Income Under Current Law and the House Tax Cuts and Jobs Act
Note: Tax brackets are for single tax filers. Brackets differ for married and head of household filers.
Current Law House Tax Cuts and Jobs Act
10% > $0 12% > $0
15% > $9,525 25% > $45,000
25% > $38,700 35% > $200,000
28% > $93,700 39.6% > $500,000
33% > $191,450
35% > $424,950
39.6% > $426,700
Increases the standard deduction from $6,350 to $12,200 for singles, from $12,700 to $24,400 for married couples filing jointly, and from $9,350 to $18,300 for heads of household.
Eliminates the personal exemption. Creates a $300 personal credit, along with a $300 non-child dependent personal credit, in place for five years.
Increases the child tax credit to $1,600, with $1,000 of the tax credit initially refundable. The refundable portion is indexed to inflation until the full $1,600 is refundable. The phaseout threshold for the child tax credit is also increased: for married households, it rises from $110,000 to $230,000.
Retains the mortgage interest deduction, but with a cap of $500,000 of principal on newly-purchased homes. Also retains charitable contribution deductions and the deduction for state and local property taxes, the latter of which would be capped at $10,000; eliminates the remainder of the state and local tax deduction along with other itemized deductions.
Eliminates the individual alternative minimum tax.
Indexes tax brackets and other components using the chained CPI measure of inflation.
Changes to Business Taxes
Reduces the corporate income tax rate from 35 percent to 20 percent.
Eliminates the corporate alternative minimum tax.
Taxes pass-through business income at a maximum rate of 25 percent, subject to anti-abuse rules.
Allows for capital investment, except for structures, to be fully and immediately deductible for five years, and increases the Section 179 expensing limit from $500,000 to $5 million, with an increased phaseout threshold.
Limits the deductibility of net interest expense on future loans to 30 percent of earnings before interest, taxes, depreciation, and amortization for all businesses with gross receipts of $25 million or more.
Restricts the deduction of net operating losses to 90 percent of net taxable income and allows net operating losses to be carried forward indefinitely, increased by a factor reflecting inflation and the real return to capital. Eliminates net operating loss carrybacks.
Eliminates the domestic production activities deduction (section 199), and other business deductions and credits.
Creates a territorial tax system, exempting from U.S. tax 100 percent of dividends from foreign subsidiaries.
Enacts a deemed repatriation of currently deferred foreign profits, at a rate of 12 percent for cash and cash-equivalent profits and 5 percent of all other profits.
would expire.
You think you understand things, but your such a partisan, you never do.
Table 1. Tax Brackets for Ordinary Income Under Current Law and the House Tax Cuts and Jobs Act
Note: Tax brackets are for single tax filers. Brackets differ for married and head of household filers.
Current Law House Tax Cuts and Jobs Act
10% > $0 12% > $0
15% > $9,525 25% > $45,000
25% > $38,700 35% > $200,000
28% > $93,700 39.6% > $500,000
33% > $191,450
35% > $424,950
39.6% > $426,700
Increases the standard deduction from $6,350 to $12,200 for singles, from $12,700 to $24,400 for married couples filing jointly, and from $9,350 to $18,300 for heads of household.
Eliminates the personal exemption. Creates a $300 personal credit, along with a $300 non-child dependent personal credit, in place for five years.
Increases the child tax credit to $1,600, with $1,000 of the tax credit initially refundable. The refundable portion is indexed to inflation until the full $1,600 is refundable. The phaseout threshold for the child tax credit is also increased: for married households, it rises from $110,000 to $230,000.
Retains the mortgage interest deduction, but with a cap of $500,000 of principal on newly-purchased homes. Also retains charitable contribution deductions and the deduction for state and local property taxes, the latter of which would be capped at $10,000; eliminates the remainder of the state and local tax deduction along with other itemized deductions.
Eliminates the individual alternative minimum tax.
Indexes tax brackets and other components using the chained CPI measure of inflation.
Changes to Business Taxes
Reduces the corporate income tax rate from 35 percent to 20 percent.
Eliminates the corporate alternative minimum tax.
Taxes pass-through business income at a maximum rate of 25 percent, subject to anti-abuse rules.
Allows for capital investment, except for structures, to be fully and immediately deductible for five years, and increases the Section 179 expensing limit from $500,000 to $5 million, with an increased phaseout threshold.
Limits the deductibility of net interest expense on future loans to 30 percent of earnings before interest, taxes, depreciation, and amortization for all businesses with gross receipts of $25 million or more.
Restricts the deduction of net operating losses to 90 percent of net taxable income and allows net operating losses to be carried forward indefinitely, increased by a factor reflecting inflation and the real return to capital. Eliminates net operating loss carrybacks.
Eliminates the domestic production activities deduction (section 199), and other business deductions and credits.
Creates a territorial tax system, exempting from U.S. tax 100 percent of dividends from foreign subsidiaries.
Enacts a deemed repatriation of currently deferred foreign profits, at a rate of 12 percent for cash and cash-equivalent profits and 5 percent of all other profits.
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when the trump taxes expire: - 90Tiger STL - 10/4 15:50:58