Dec 9 2014

6 Important Ways Republicans Want to Change Your Taxes

taxes money 500x200

In the wake of the GOP’s victories in last month’s midterm elections, Republican lawmakers are newly empowered to work on overhauling the nation’s byzantine tax system.

1. Cheaper medical devices

Incoming Senate Majority Leader Mitch McConnell and top Republicans have been clear: They want the Medical Device Tax to go.

The Medical Device Tax was included in Obamacare to pay for its expansion of health care coverage. Medical supply manufacturers benefited from the added business from the law, but they want to get rid of the tax. It imposes a 2.3 percent sales tax on all kinds of medical devices, including everything from CT scanners to replacement joints and even to hypodermic needles.

2. Lower rates

If there’s one thing that post-George H.W. Bush Republicans stand for, it’s lower tax rates.

Ryan’s goal, as stated in his past budgets, is to reduce tax rates for individuals and businesses to 25 percent. Currently, those rates are 39.6 percent and 35 percent, respectively.

3. More expensive mortgages

One of the tax preferences likely to be on the chopping block when Republicans move to lower rates is the deduction for mortgage interest payments.

The mortgage interest deduction is one of the biggest and most claimed tax breaks in the code, accounting for $93 billion in foregone revenues in 2013, according to the JCT. Although it’s also one of the most popular breaks, would-be tax reformers likely would have to face the prospect of limiting it.

4. Higher tax bills, if you live in a blue state

The likeliest losers in a GOP reform effort would be higher earners in high-tax, high-spending blue states.

People in those states claim the greatest deductions of state and local taxes. Those deductions are highly likely to be in GOP crosshairs during a tax-reform effort.

5. Bigger breaks for having more kids

If Sens. Mike Lee of Utah and Marco Rubio of Florida have their way, families would see serious tax savings for having more kids.

The two reform-minded senators have proposed boosting the Child Tax Credit from $1,000 to $2,500, applicable to both income and payroll taxes. In Lee’s original version of the plan, the credit would cover children through the age of 16, making it worth up to $40,000 per child.

6. Simpler tax returns

“Americans should be able to do their taxes on 2 sheets of paper,” House Speaker John Boehner tweeted in October.

Republicans want to shorten the tax code and simplify its provisions, reducing the need for regular people to worry about whether they understand their own tax returns.

The average American taxpayer spends 13 hours managing and filing his taxes, according to the Internal Revenue Service.

Read the full article at the Washington Examiner.


sponsored links


Nov 20 2014

Great idea…

1424525_10151800125254296_458371187_n


Nov 1 2014

Taxes…

irs1


Oct 14 2014

Facts about Social Security…

1622636_10152091811531704_1491862713_n


Oct 9 2014

And you thought King George was bad…

1382388_376786109121240_114589082_n


Oct 6 2014

Calvin Coolidge: Taxes…

10486666_294449134091935_2850874907437085366_n


Oct 1 2014

Taxes are collected at gunpoint…

untitled.2014.09.27.13


Sep 13 2014

100 Years of Income Tax…

100-years


Aug 28 2014

Never blame the taxes

liberal-logic-101-962


Aug 1 2014

The Tax Cut/Entitlement Cycle.

liberal-logic-101-895b


Jun 30 2014

“Temporary” Taxes…

10369570_620816954693176_4374613462106051_n


Jun 19 2014

Death and Taxes…

irs-cartoon-3


Jun 16 2014

“Government Funded”…

1964817_704213239638808_951414249_n


May 23 2014

318,000 Federal Employees Owe $3.3 Billion in Back Taxes

backtaxes_cartoon

From workers in Congress and at the White House to active duty troops, more than 318,000 federal employees and retirees owe just over $3.3 billion in back taxes, the Internal Revenue Service said Thursday.

Those behind in their tax payments include 714 of the roughly 17,000 people working for the House and Senate, the agency said. IRS officials said the data used to compile the report did not indicate whether any of those delinquent taxpayers were members of Congress.

In addition, 36 of the nearly 1,800 people who work at the White House and its various agencies owe taxes, according to the IRS. The IRS provided no further breakdown of exactly where those delinquent taxpayers worked.

The giant Department of Veterans Affairs, facing investigations about patients dying while awaiting medical care, has almost 15,000 workers who owe nearly $146 million in back taxes. Those numbers exceeded comparable figures for any other civilian agency.

Read the full story at the Associated Press.


May 21 2014

Overtly Racist Group Gets $250,000 DOJ Grant.

ProgressivesToday 500

Translation: Eric Holder is taking money from white people at gun point to reward groups that teach hatred toward white people.

Beyond Diversity Resource Center, based in New Jersey, is listed as a partner organization for the White Privilege Conference which was held in Madison, Wisc. in March.

One of the “pitfalls” listed on the Center’s pamphlet, published by the website Progressives Today, is that white people “ask stupid questions”.

The diversity group, which claims that it “works to build a society that honors individuals because of their cultural differences”, wrote on the pamphlet that whites “benefit financially off the backs of people of color.”

White people “are arrogant”, they “say something stupid” and “get too friendly too fast,” the diversity center’s pamphlet claims.

In fiscal year 2011, the center received a $250,000 grant from the Office on Violence Against Women, which falls under the DOJ.

Read the full article at The Daily Caller.