{"id":52954,"date":"2017-11-17T07:08:29","date_gmt":"2017-11-17T07:08:29","guid":{"rendered":"https:\/\/www.biphoo.com\/bipnews\/?p=52954"},"modified":"2017-11-17T07:08:29","modified_gmt":"2017-11-17T07:08:29","slug":"latest-estimate-shows-senate-tax-plan-would-leave-low-income-households-with-higher-tax-bills","status":"publish","type":"post","link":"https:\/\/www.biphoo.com\/bipnews\/business\/latest-estimate-shows-senate-tax-plan-would-leave-low-income-households-with-higher-tax-bills.html","title":{"rendered":"Latest estimate shows Senate tax plan would leave low-income households with higher tax bills"},"content":{"rendered":"<h2 style=\"text-align: justify\"><span style=\"font-size: 18pt\"><strong><span style=\"font-family: Arial, Helvetica, sans-serif;color: #000000\">Latest estimate shows Senate tax plan would leave low-income households with higher tax bills<\/span><\/strong><\/span><\/h2>\n<p style=\"text-align: justify\"><span style=\"font-family: Arial, Helvetica, sans-serif;font-size: 14pt;color: #000000\">Latest estimate shows Senate tax plan would leave low-income households with higher tax bills:<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-family: Arial, Helvetica, sans-serif;font-size: 14pt;color: #000000\">The Senate&#8217;s latest tax plan would lavish billions of dollars in tax cuts on the wealthiest Americans but leave those at the bottom of the income ladder with higher taxes.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-family: Arial, Helvetica, sans-serif;font-size: 14pt;color: #000000\">That&#8217;s what the latest estimate shows from the Joint Committee on Taxation, released Thursday as the House was set to vote on a separate version of a tax overhaul.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-family: Arial, Helvetica, sans-serif;font-size: 14pt;color: #000000\">Under the Senate plan, all income groups would get big tax cuts early in the coming decade, according to the committee&#8217;s estimates.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-family: Arial, Helvetica, sans-serif;font-size: 14pt;color: #000000\">But by 2021, households making $10,000 to $30,000 would see their taxes go higher than if Congress did nothing.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-family: Arial, Helvetica, sans-serif;font-size: 14pt;color: #000000\">The increases are due in part to the phaseout of the tax cuts for individuals beginning in 2025. And in order to stick to Senate rules limiting the 10-year impact on the federal deficit, all income groups would see their taxes jump in the final year of the plan.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-family: Arial, Helvetica, sans-serif;font-size: 14pt;color: #000000\">But the committee&#8217;s estimate also looked at the impact of the repeal of the Affordable Car Act&#8217;s individual mandate that requires households to buy health insurance. And if lower-income households choose not to buy insurance, many will lose government tax credits that help them cover the cost of insurance premiums.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-family: Arial, Helvetica, sans-serif;font-size: 14pt;color: #000000\">&#8220;Without those credits, they see an overall uptick in their tax liability,&#8221; said Senate Finance Committee Chairman Orrin Hatch, R-Utah. &#8220;Nothing in our (bill) will impact the availability of premium subsidy credits.&#8221;<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-family: Arial, Helvetica, sans-serif;font-size: 14pt;color: #000000\">Here&#8217;s how the tax cuts would be distributed out over the next decade, according to the Joint Committee on Taxation.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-family: Arial, Helvetica, sans-serif;font-size: 8pt;color: #000000\">Source:https:\/\/www.cnbc.com\/2017\/11\/16\/senate-tax-plan-leaves-low-income-households-with-higher-taxes-analysis.html<\/span><\/p>\n<div class=\"fb-background-color\">\n\t\t\t  <div \n\t\t\t  \tclass = \"fb-comments\" \n\t\t\t  \tdata-href = \"https:\/\/www.biphoo.com\/bipnews\/business\/latest-estimate-shows-senate-tax-plan-would-leave-low-income-households-with-higher-tax-bills.html\"\n\t\t\t  \tdata-numposts = \"10\"\n\t\t\t  \tdata-lazy = \"true\"\n\t\t\t\tdata-colorscheme = \"light\"\n\t\t\t\tdata-order-by = \"social\"\n\t\t\t\tdata-mobile=true>\n\t\t\t  <\/div><\/div>\n\t\t  <style>\n\t\t    .fb-background-color {\n\t\t\t\tbackground: #ffffff !important;\n\t\t\t}\n\t\t\t.fb_iframe_widget_fluid_desktop iframe {\n\t\t\t    width: 630px !important;\n\t\t\t}\n\t\t  <\/style>\n\t\t  ","protected":false},"excerpt":{"rendered":"<p>Latest estimate shows Senate tax plan would leave low-income households with higher tax bills Latest estimate shows Senate tax plan would leave low-income households with higher tax bills: The Senate&#8217;s latest tax plan would lavish billions of dollars in tax cuts on the wealthiest Americans but leave those at the [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":52961,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[30053,30054,30039,103151],"class_list":["post-52954","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-business-updates-usa-news","tag-current-business-updates-usa","tag-latest-business-updates-usa-news","tag-latest-estimate-shows-senate-tax-plan-would-leave-low-income-households-with-higher-tax-bills"],"_links":{"self":[{"href":"https:\/\/www.biphoo.com\/bipnews\/wp-json\/wp\/v2\/posts\/52954","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.biphoo.com\/bipnews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.biphoo.com\/bipnews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.biphoo.com\/bipnews\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/www.biphoo.com\/bipnews\/wp-json\/wp\/v2\/comments?post=52954"}],"version-history":[{"count":0,"href":"https:\/\/www.biphoo.com\/bipnews\/wp-json\/wp\/v2\/posts\/52954\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.biphoo.com\/bipnews\/wp-json\/wp\/v2\/media\/52961"}],"wp:attachment":[{"href":"https:\/\/www.biphoo.com\/bipnews\/wp-json\/wp\/v2\/media?parent=52954"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.biphoo.com\/bipnews\/wp-json\/wp\/v2\/categories?post=52954"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.biphoo.com\/bipnews\/wp-json\/wp\/v2\/tags?post=52954"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}