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Reply to "Republican Tax Bill - the final Bill"
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[quote=Anonymous]It looks like the House and Senate struck a deal and rather than reviving the old threads about the House and Senate version, I think we should begin a new one on the version they now have after conference. A couple of things look good The Student loan deduction survived and it looks like they got rid of the House's attempt to tax graduate students who receive tuition waivers. Their SALT deduction "compromise" will be woefully inadequate for high tax states like CA, NY, NJ, MA etc. The compromise is to allow taxpayers to deduct upto $10,000 in state and local taxes including property and state income taxes. This will help some middle class families but it won't be enough for many UMC families in these states. The reporting is that Trump heard from many of his wealthy friends in the tristate area who complained about the SALT deduction going away and so he got them a decrease in the top marginal tax rate which went from 39.6% in the House version to 37%. That should definitely help people who earn over a $1 million deal at least partially with the loss of full SALT deductibility. https://www.washingtonpost.com/business/economy/republicans-reach-compromise-tax-plan-expanding-tax-cuts-for-the-wealthy/2017/12/13/4f9ca66c-e028-11e7-bbd0-9dfb2e37492a_story.html?hpid=hp_rhp-top-table-main_tax-bill-1245pm%3Ahomepage%2Fstory&utm_term=.6e45def113e9[/quote]
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