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Afternoon Note

Tax Plan Revealed

By Charles Payne, CEO & Principal Analyst
11/2/2017 1:36 PM
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Tax Brackets

12%

25%

35%

39.6%

Married

$90,000

$260,000

<$1,000,000

>$1,000,000

Single

$45,000

$200,000

<$500,000

>$500,000

 

Tax Cuts & Jobs Act

Proposed

Current

Corporate Rate

20%

35%

Pass-Through

25%

39.6%

Pass-Through Deductions

Immediate

Over Time

Repatriation (cash)

12%

35%

Mortgage Deduction*

$500,000

$1,000,000

Estate Tax

$11,000,000

$5,490,000

SALT 

$10,000

No Cap

Child Tax Credit

$1,600

$1,000

Family Tax Credit

$300

NA

Standard Deduction (couple)

$24,000

$12,700

Standard Deduction (single)

$12,000

$6,530

Capital Gains/Dividends

23.8%

23.8%

                                                       *Existing mortgages unaffected

Eliminates/Repeals:

Maintains:

Already, major industries from small businesses (NFIB) and homebuilders (NAHB) are voicing opposition to the GOP tax bill described above.  I still think it’s a shame the GOP didn’t push dynamic scoring and cut taxes across the board.  I think it’s a big mistake.  Moreover, repatriation taxes should be much lower to bring back overseas profits. 


Comments
how about not taxing any social security benefits

richard swanson on 11/2/2017 2:05:24 PM
It really hurts NY NJ and California resident s

W

Pj on 11/2/2017 2:20:08 PM
 

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