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CD183: Tax Cuts... For Some of US

Oct 29, 2018

Taxes: We all hate them but we all have to pay them. In December 2017, the Republicans in Congress rushed major changes to our tax policy into law. In this episode, host Jen Briney and her accountant friend, Alexis Claypool, explain the most significant changes to how our tax payments are going to be calculated and how these changes are likely to affect us. You will also learn about a major dingleberry that hitchhiked its way into law attached to this bill. Joe Briney joins Jen for the Thank Yous.

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H.R. 1: An Act to provide for reconciliation pursuant to titles II and V of the concurrent resolution on the budget for fiscal year 2018.

 

Subtitle A - Individual Tax Reform

Part I - Tax Rate Reform

Sec. 11001. Modification of Rates

Married Individuals Filing Joint Returns

Heads of Households

Unmarried Individuals

Inflation Adjustment

Part II - Deduction for Qualified Business Income of Pass-Thru Entities

Sec. 11011. Deduction for Qualified Business Income

Phase-In of Limit for Certain Taxpayers

Qualified Business Income

Exception for specified service businesses based on taxpayer's income

Threshold Amount

Application to partnerships and S Corporations

Part III - Tax Benefits for Families and Individuals

Sec. 11021. Increase in Standard Deduction

Sec. 11022. Increase in and Modification of Child Tax Credit.

Sec. 11027. Temporary Reduction in Medical Expense Deduction Floor.

Special Rules for Use of Retirement Funds with Respect to Areas Damaged by 2016 Disasters

Part IV - Education
Part V - Deductions and Exclusions

Sec. 11042. Limitation on Deduction for State and Local, etc. Taxes

Sec. 11043. Limitation on Deduction for Qualified Residence Interest

Sec. 11045. Suspension of Miscellaneous Itemized Deductions

Sec. 11047. Suspension of Exclusion for Qualified Bicycle Commuting Reimbursement

Sec. 11048. Suspension of Exclusion for Qualified Moving Expense Reimbursement

Sec. 11049. Suspension of Deduction for Moving Expenses

Sec. 11051. Repeal of Deduction for Alimony Payments

Part VI - Increase in Estate and Gift Tax Exemption

Sec. 11061. Increase in Estate and Gift Tax Exemption

Part VII - Extension of Time Limit for Contesting IRS Levy
Part VIII - Individual Mandate

Sec. 11081. Elimination of Shared Responsibility of Payment for Individuals Failing to Maintain Minimum Essential Coverage

Subtitle B - Alternative Minimum Tax

Sec. 12001. Repeal of Tax for Corporations

Sec. 12003. Increased Exemption for Individuals

Subtitle C - Business-related Provisions

Part I - Corporate Provisions

Sec. 13001. 21-Percent Corporate Tax Rate

Part II - Small Business Reforms

Sec. 1301. Modifications of Rules for Expensing Depreciable Business Assets

Part III - Cost Recovery and Accounting Methods

Sec. 13201. Temporary 100-Percent Expensing for Certain Business Assets

Sec. 13202. Modifications to Depreciation Limitations on Luxury Automobiles and Personal Use Property

Part IV - Business-Related Exclusions and Deductions

Sec. 13301. Limitation on Deduction for Interest

Sec. 13304. Limitation on Deduction by Employers of Expenses for Fringe Benefits

Qualified Transportation Fringes

Transportation and Commuting Benefits

Sec. 13306. Denial of Deduction for Certain Fines, Penalties, and Other Amounts

Sec. 13307. Denial of Deduction for Settlements Subject to Nondisclosure Agreements Paid in Connection with Sexual Harassment or Sexual Abuse

Sec. 13308. Repeal of Deduction for Local Lobbying Expenses

Sec. 13311. Elimination of Deduction for Living Expenses Incurred by Members of Congress

Part V - Business Credits

Sec. 13403. Employer Credit for Paid Family and Medical Leave

Termination

Part VI - Provisions Related to Specific Entities and Industries

Sec. 13531. Limitation on Deduction for FDIC Premiums

Part VII - Employment

Sec. 13602. Excise Tax on Excess Tax-Exempt Organization Executive Compensation

Part VII - Exempt Organizations

Sec. 13702. Excise Tax Based on Investment Income of Private Colleges and Universities

Part IX - Other Provisions

Sec. 13802. Reduced Rate of Excise Tax on Beer

Sec. 13804. Reduced Rate of Excise Tax on Wine

Sec. 13807. Reduced Rate of Excise Tax on Certain Distilled Spirits

Subtitle D - International Tax Provisions

Part 1 - Outbound Transactions

Sec. 14101. Deduction for Foreign-Source Portion of Dividends Received by Domestic Corporations from Specified 10-Percent Owned Foreign Corporations

Sec. 14202. Deduction for Foreign-Derived Intangible Income and Global Intangible Low-Taxed Income

Sec. 14211. Elimination of Inclusion of Foreign Base Company Oil Related Income

Part II - Inbound Transactions
Part III - Other Provisions

Title II

Sec. 20001. Oil and Gas Program

Sec. 20003. Strategic Petroleum Reserve Drawdown and Sale

Additional Reading

Resources

Sound Clip Sources

Congressional Record of the 115th Congress; House of Representatives, Wednesday, September 27, 2017.
Congressional Record of the 115th Congress; House of Representatives, Thursday, September 28, 2017.
Congressional Record of the 115th Congress; House of Representatives, Wednesday, October 4, 2017.
Congressional Record of the 115th Congress; House of Representatives, Monday, December 18, 2017.
Congressional Record of teh 115th Congress; House of Representatives, Tuesday, December 19, 2017.

Community Suggestions

See more Community Suggestions HERE.

Cover Art

Design by Only Child Imaginations

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Music Presented in This Episode

Intro & Exit: Tired of Being Lied To by David Ippolito (found on Music Alley by mevio)