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Trying to predict tax bill winners and losers? Think again

“Q: So you don’t think technology companies, for example, will struggle because they’ll get a smaller tax cut?” reports foxbusiness.com. As a Republican-backed tax cut bill makes its way through Congress, some investors are scouring the market for potential winners and losers: companies they think will benefit the most, and those who’ll be left out.The top corporate tax rate would fall to 21 percent from 35 percent if the bill passes in its current form.Technology companies have lagged, as they already pay taxes at relatively low rates. Source: foxbusiness.com Share This:

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Republicans reach final deal on taxes: 21 percent corporate rate, lower rate for wealthy

“Although the corporate tax rate would be one percentage point higher than promised, corporations would have the advantage of the rate becoming effective in 2018” writes Susan Ferrechio for washingtonexaminer.com. In settling for a slightly higher corporate tax rate, negotiators defied the warnings of Florida Sen.Republicans compromised on the original goal of a 20 percent corporate rate to free up revenue to dedicate to more tax relief for high-income individuals.Marco Rubio, who had said that revenues from a higher corporate rate should be dedicated to expanding the child tax credit. Source:…

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The 11 worst places to buy a home if Trump’s tax plan passes

“Below, check out the top 11 worst places to buy a home if Trump’s tax plan passes, based on where the largest share of homeowners pay more than $10,000 in property taxes” writes Tanza Loudenback for businessinsider.com. House and Senate Republicans came to a preliminary agreement Wednesday on their final tax bill. For each metro, we also calculated the minimum home value at which the annual property tax bill would be at least $10,000.Under the current tax system, there is no cap on the amount of property taxes a homeowner…

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Final tax bill includes 21 percent corporate tax rate, lowers rate for wealthy individuals

“On the plus side for corporations, however, the corporate tax rate will become effective in 2018” writes Susan Ferrechio for washingtonexaminer.com. Republicans compromised on the original goal of a 20 percent corporate rate to free up revenue to dedicate to more tax relief for high-income individuals.The tax bill agreed to by Senate and House Republicans Wednesday would set a corporate tax rate of 21 percent, while lowering the top individual rate to 37 percent, lower than envisioned in either chamber’s original bill, according to a GOP lawmaker.Toward that same goal,…

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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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FIFO: Complicating the tax code

“FIFO would deprive shareholders of the ability to choose which of their shares they want to sell when calculating the capital gains tax” writes Meghan Milloy for washingtonexaminer.com. The Tax Cuts and Jobs Act makes significant progress toward its goal of reducing taxes for American families and businesses, simplifying the tax code, and encouraging a more competitive tax environment for job creators.Further, this change creates a number of problems that disproportionately affect long-term retail investors.This change is intended to prevent investors from avoiding capital gains taxes by selecting securities to…

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Americans are about to lose a tax deduction worth over $500 billion every year — here’s what to do now before Trump’s tax plan goes into effect

“The most common deduction was for taxes paid, which includes the SALT deduction and the property tax deduction” writes Elena Holodny for businessinsider.com. There are two kinds of property taxes, depending on the property’s mobility: To get the property tax deduction, you have to itemize your deductions.The state and local tax deduction (SALT) also has two parts: Just like with the property tax deduction, many of those who benefit from this deduction live in states like New York, New Jersey, and California.To get the property tax deduction, you have to itemize…

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Trump: ‘Days away’ from giving America ‘giant tax cut for Christmas’

“The top tax rate currently applies to income above $470,000 for married couples, though lawmakers are completely reworking the tax brackets” writes Associated Press for suntimes.com. Trump was making a pitch Wednesday for the tax plan, which is unpopular with many.Negotiators also agreed to set the corporate income tax rate at 21 percent.Trump has asserted that the plan will lower tax rates for individuals and spur job growth, helping American families.In a flurry of last-minute changes, negotiators agreed to cut the top tax rate for individuals from 39.6 percent to…

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House and Senate GOP leaders reach deal on tax package, sources say

“The top tax rate currently applies to income above $470,000 for married couples, though lawmakers are completely reworking the tax brackets” writes Marcy Gordon for sun-sentinel.com. Negotiators agreed to bump it up to 21 percent to help offset revenue losses from other tax breaks, the aides said.Among the other tax breaks, negotiators agreed to eliminate the alternative minimum tax for corporations, a big sticking point for the business community, the aides said. Source: sun-sentinel.com Share This:

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Would you pay a ‘climate tax’ on red meat?

“A tax on red meat is becoming increasingly likely in many countries, according to a report from Farm Animal Investment and Risk Return (FAIRR), a livestock investment education group” writes Kari Paul for marketwatch.com. To offset damage their production causes to the environment, beef would have to be taxed at 40% and milk at 20%, a previous study from Oxford University found.The U.N. called for a tax on meat in 2016, but others say the American tax system is already heavy-handed and the government risks alienating more people from the…

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