WTF Community

Day 287

Updated 11/2/2017 10:08 AM PDT

1/ House Republicans unveiled the Tax Cuts and Jobs Act, which reduces the number of tax brackets from seven to five, maintains the top tax rate at 39.6%, raises the standard deduction from $6,350 to $12,000 for individuals and from $12,700 to $24,000 for married couples. The bill reduces the corporate tax rate from 35% to 20%, repeals the state and local income taxes, limits the property tax deduction to $10,000, and expands the child tax credit from $1,000 to $1,600. Pre-tax contributions to 401(k) and IRA would be preserved. Homeowners can keep their mortgage interest deduction, but the bill caps the deduction for new mortgages of $500,000 or more, while also repealing the estate tax in 2024. The bill is estimated to cost $1.51 trillion over a decade, but lawmakers must keep the cost of the bill to $1.5 trillion if they want to pass it along party lines and avoid a filibuster by Democrats. (NBC News / New York Times / Wall Street Journal)


This is a companion discussion topic for the original entry at https://whatthefuckjusthappenedtoday.com/2017/11/02/day-287/
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Would “cut cut cut” be the precursor to “Death of a thousand cuts?” And on a serious note, does the CBO look at and evaluate this like other budget issues? I hope they’re getting right on it.

Just when I think I’ve picked up the pieces of my exploded brain for the last fucking time during one fucking day!

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:thinking:

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Important context – the fundraising agreement has already been reported on, when Brazile is saying she "found it"and so was Bernie’s.

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#deletehisaccount :smirk:

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OMG :joy: :joy: :joy: :joy:

Their response is 10x better than it actually happening!

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I didn’t think it could get better than it already had, but it totally did :joy:

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@mouseam :joy::joy::joy::joy::joy::joy:

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