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Factor hanging in balance for Americans

“Correction: An earlier version of this article said the original House tax bill had been introduced in October” writes Josh Barro for aol.com. Running the tax cuts for fewer years reduces the official cost of the bill.The bill will make taxes simpler for many individual income taxpayers by greatly reducing the number who itemize deductions.Seven percent was the Tax Policy Center’s estimate of what share of taxpayers would face a tax increase in 2019 under the version that passed the Senate last month.The tax cuts for middle-income families are eroded over time…

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The GOP tax reform is the Christmas gift we’ve all been waiting for

“The new tax code will cut income taxes for just about everyone, including a yearly tax break for the average middle-class family of up to $2,000” writes Nan Hayworth for washingtonexaminer.com. And he knows that tax cuts are the most powerful way to help them.Folks in graduate school, paying off medical bills, supporting causes important to them, or looking to buy their first home all will find a friend in the new tax code.The next generation of workers and earners will find relief they have a friend in the new…

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Why GOP tax plan could mean cuts in state and local services

“It’s a tax provision that could prove costly for schools, police forces, drug treatment centers and other state and local public services” writes Josh Boak for sun-sentinel.com. Even as Republicans in Congress decided to cap the state and local tax deduction for households at $10,000, their tax bill will continue to allow corporations to deduct their state and local taxes as a business cost.But many middle class families in those states face disproportionately high housing costs and depend on deducting their state and local taxes.Allowing up to $10,000 of state…

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Disappointment over Oracle results triggers downgrade, price cuts

“MacMillan said they are trimming cloud estimates again, following cuts they made two weeks ago” writes Markets Reporter for marketwatch.com. In a note, Monika Garg and a team of analysts said they are lowering their cloud estimates for fiscal years 2018, 2019 and 2020.With that, they cut Oracle to sector perform from outperform and lowered their price target to $51 a share from $53.That selling extended from late Thursday when the company reported that second-quarter growth in the cloud didn’t hit Wall Street targets, nor did its third-quarter outlook.Analysts were…

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GOP considers shortening duration of tax cuts for families as a way to fund changes to tax plan

“Many of the corporate tax cuts would be locked in permanently, while most of the tax cuts for households and families were designed to expire after 2025” reports washingtonpost.com. Having the tax cuts for individuals expire a year earlier could trigger even more complaints, but Democrats lack the votes to block the tax overhaul.Under a tax overhaul bill passed by the Senate earlier this month, tax cuts for all American households would expire at the end of 2025.As GOP negotiators seek to reconcile the House and Senate tax bills, they…

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Democrats say Trump to seek federal pay freeze and cuts to domestic security

“After proposing a 1.9 percent federal pay raise for next year, President Trump will urge a pay freeze for federal employees and call for cuts to domestic security programs in fiscal 2019, according to reports released by Senate Homeland Security and Governmental Affairs Committee Democrats” reports washingtonpost.com. If you believe federal employees are over compensated, then no other rational is needed.Federal employees dodged a bullet this year, with the flop of proposed cuts to their retirement and health benefits, but they shouldn’t put away the flak jackets yet.Federal employees had…

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Support from Conservative Freedom Caucus boosts tax bill

“The package would give generous tax cuts to corporations and the wealthiest Americans, and more modest tax cuts to low- and middle-income families” writes The Associated Press for seattletimes.com. Corporate tax cuts would take effect in January, allowing businesses to immediately write off the full cost of capital investments.Congressional Democrats, who were excluded from crafting the tax package, have been united against it.Scrapping the individual mandate would provide them with more than $300 billion for deeper tax cuts while also undermining the Obama law.The business tax cuts would be permanent,…

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The Latest: Breaks for college students back in tax bill

“She notes that any wage growth would likely stem from the low unemployment rate, rather than the tax cuts” reports foxbusiness.com. She says the potential for greater consumer spending and capital investments from tax cuts has been reflected in part by rising stock prices.The Republican goal is to deliver to President Donald Trump the first major rewrite of the U.S. tax system in more than three decades.President Donald Trump is explaining how the tax-overhaul plan working its way through Congress would cut tax bills for middle-class families.President Donald Trump is…

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Trump: Americans could start seeing tax cuts in February

“We’re very close to voting,” Trump said earlier Wednesday, during a meeting with bicameral tax reform conferees” reports washingtonexaminer.com. President Trump delivered his final pitch for tax reform in remarks from the White House on Wednesday, during which he claimed Americans could see “bigger paychecks” as soon as February if congressional Republicans pass their tax bill next week.But McConnell and Ryan have signaled that they intend to move forward quickly to help the White House fulfill its promise to deliver tax cuts by Christmas.It was not immediately clear whether the…

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Will the new tax plan mean the end of Social Security and Medicare as we know them?

“That means that with tax reform just days away from becoming law, retirees and soon-to-be-retirees should be on notice” writes Elizabeth Kelly for marketwatch.com. Some guess that targeted low-income security programs, like the Supplemental Nutrition Assistance Program, will be the first hit.While there has been much talk about how the historic $1.5 trillion in pending tax cuts will spur the economy and drive new job growth, the real legacy of tax reform may be to end Social Security and Medicare as we know it. Source: marketwatch.com Share This:

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