Siobhan Hughes
speaker
46 appearances
1 recordings
1 series
first heard Nov 2017
last heard Nov 2017
Siobhan Hughes’s voice in public audio — every appearance, attributed to the second.
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Appearances
That's absolutely right.
The House bill would affect everything from your mortgage interest deduction to your ability to deduct medical expenses to your ability to deduct the taxes that you pay to states and localities.
all of these pieces are in play and they're going to affect different people, partly depending on your personal situation and partly depending on what part of the country you live in.
It's been a huge problem, especially for people who live in urban areas or some expensive suburbs where it's hard to get a home for anywhere less than half a million dollars.
And
While Congress would be increasing the standard deduction, so an additional maybe $6,000 per person would be exempted, that's not enough to make up for the tax breaks that you get from your mortgage interest payments.
So the child tax credit would be increased to $1,600, and it would be available to more people.
It's an important Republican priority.
The big issue is that those tax credits expire.
And so while people at every income level would get a nice bump in their income early in the early years of the tax plan, by the later years when that tax credit's no longer available, some families could end up with a tax increase.
At the same time, from the perspective of liberals, it's a problem because only $1,000 of that $1,600 is refundable, meaning that it's available even to families that do not owe an income tax.
And then it's going to be a problem in the Senate because people like Marco Rubio and Mike Lee really feel that that tax credit should be more generous.
They say it's a tough time right now to have kids and a family, and the tax code should help those groups out.
So pass-throughs are, they can be big or small businesses.
They're organized as partnerships, as corporations, limited liability companies.
And what Congress says it wants to do is apply a special 25% rate to those businesses.
But be careful.
If you are a professional services company, a doctor, an attorney, an engineer, an architect, you don't qualify for that 25% rate.
And then on top of it, anybody who does qualify would have to distinguish between business income and wage income.
You only get to treat about 30% of that as business income.
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