tax bill

THE NEW TAX LAW AND YOU: REP. SUSAN DAVIS TO HOLD INFORMATION FORUM ON JAN. 13 AT GROSSMONT COLLEGE

East County News Service

January 11, 2018 (El Cajon) -- Congresswoman Susan Davis will be hosting a tax information forum at Grossmont College on Saturday, January 13 from 9:30 to 11 a.m. at Grossmont College (8800 Grossmont College Drive, El Cajon) in the Griffin Gate Auditorium.

Congresswoman Davis will be bringing together experts to discuss the larger implications of the new tax law and how to navigate the changes.  The event is intended to provide information and answer questions.  Following brief remarks, speakers will be available for a Q&A session and resource tables with helpful information will be present throughout the event.

TAX BILL SIGNED INTO LAW BY TRUMP

 

 

By Miriam Raftery

December 22, 2017 (Washington D.C.) – President Donald Trump has signed into law a final version of a sweeping ta reform bill.   The measure provides huge, permanent tax cuts for corporations and wealthy individuals, also providing temporary tax relief for many other individuals that will take effect in 2019 and expire eight years later.  Many of those cuts will be offset, however, by loss of popular tax deductions and a provision that is expected to raise rates for Affordable Care Act healthcare policies.

Among San Diego’s representatives, only Republican Duncan Hunter voted in favor.  Republican Darrell Issa joined with Democrats Susan Davis, Scott Peters, and Juan Vargas to vote against, as did California’s two Senators, Kamala Harris and Dianne Feinstein.

Here's a summary of what’s in the final bill, including key last-minute changes:

CHARITABLE AND BUSINESS DEDUCTIONS TAKEN AWAY IN TAX BILL

 

Home office deductions and deductions for service businesses, self-employed and independent contractors are also slated for elimination

By Miriam Raftery

December 13, 2017 (Washington D.C.) – Nonprofits are voicing concerns over a provision in the Republican tax bill now in Congress that could harm charities by taking away incentives for the vast majority of Americans to donate to nonprofit organizations.

DEMOCRAT DOUG JONES WINS ALABAMA SENATE SEAT OVER ROY MOORE, NARROWING REPUBLICANS CONTROL OF U.S. SENATE

 

By Miriam Raftery

December 13, 2017 (Washington D.C.) – By a slim 1.5% margin, Democrat  Doug Jones, a prosecutor, won Alabama’s U.S. Senate seat over Roy Moore, a former Alabama Supreme Court Justice.  Moore’s race was marred by allegations from numerous women who claimed sexual improprieties by Moore, including alleged sexual assault of a 14-year-old when he was in his 30s. Moore has denied the allegations.

The victory means Republicans will have only a 51 to 49 majority in the U.S. Senate after Jones is sworn in. If even a single Republican votes with Democrats or is absent, Republicans could only secure passage by having Vice President Mike Pence cast a deciding vote. If two members defect or are absent, key measures such as legislation or judicial appointments could be blocked.

BURNED OUT? ROBBED? ACCIDENT VICTIM? TAX BILL TAKES AWAY DEDUCTIONS FOR PERSONAL CASUALTY LOSSES

 

By Miriam Raftery

December 4, 2017 (San Diego) – If you lose your home or personal property in a natural disaster such as a wildfire or earthquake, or suffer theft, accident or vandalism, you won’t be able to deduct those property losses off your taxes after December. That’s because both the Senate and House versions of the Republicans’ tax bill eliminates these tax breaks.

SENATE APPROVES TAX BILL WITH DEEP, PERMANENT CUTS FOR CORPORATIONS BUT ONLY SMALL, SHORT-TERM CUTS FOR OTHERS

 

Loss of deductions and undercutting Affordable Care Act could eliminate savings for many middle class and low-income families and individuals

By Miriam Raftery

December 4, 2017 (Washington D.C.) --By a narrow 51 to 49 vote, the Senate has approved a sweeping tax overhaul bill that marks the first significant legislative victory for President Donald Trump.  The Tax Cut and Jobs Act is broad, providing major long-term cuts for corporations and wealthy individuals plus short-term tax cuts for millions of other Americans.

But many of the savings for ordinary Americans will be negated, since the bill also takes away numerous tax deductions and eliminates a key provision of the Affordable Healthcare Act Act, meaning premiums will rise and many will lose healthcare, the Washington Post, Forbes and New York Times report. 

A Washington Post analysis finds that 62 percent of Americans will get a tax cut of at least $100 in 2019, but 38 percent will get no tax cuts. Less than half (44 percent) would have cuts of $500 or more—and most of those are wealthy, not middle class or low income families. By 2027, only 16 percent of individuals will still have tax cuts; 84 percent of Americans will have none.  But the cuts for corporations are permanent.

TAX BILL PASSES HOUSE, OPPOSED BY 4 OF 5 SAN DIEGO CONGRESSIONAL MEMBERS: SENATE ADDS HEALTHCARE REPEAL TO TAX MEASURE

 

By Miriam Raftery

Updated with analysis from Forbes Magazine.

November 19, 2017 (San Diego) – House Republicans rammed through passage of a sweeping tax reform measure without holding a single hearing on the 400-page bill and without allowing any input from Democrats.   The measure, hailed as the first major legislative victory for President Donald Trump, was opposed by San Diego’s three Democratic representatives as well as by Republican Darrell Issa, but was supported by Republican Duncan Hunter.