Tax items in reconciliation bill

[kathyc2]

https://taxfoundation.org/research/all/federal/big-beautiful-bill-house-gop-tax-plan/

Under the title of bill, you can download to Excel the "cost" of items. 

 

[JimTaxes]

Limit the value of itemized deductions to 35 cents on the dollar?  what does not mean

[kathyc2]

33 minutes ago, JimTaxes said:

Limit the value of itemized deductions to 35 cents on the dollar?  what does not mean

Those in 37% rate are limited to taxable income reduction from itemized at a 35% rate.  Scored at ~1.5B per year.

Also included is bringing back Pease, scored at ~18B per year.

[JimTaxes]

4 minutes ago, kathyc2 said:

Those in 37% rate are limited to taxable income reduction from itemized at a 35% rate.  Scored at ~1.5B per year.

Also included is bringing back Pease, scored at ~18B per year.

thank you!

[jklcpa]

This didn't even make it out of committee in the House and why I've always had a policy of not discussing any legislation until it passes.

[kathyc2]

Whatever...  Just go ahead and delete it then.

[jklcpa]

1 hour ago, kathyc2 said:

Whatever...  Just go ahead and delete it then.

Sorry, I didn't mean the forum shouldn't discuss it. I meant that "I" personally don't because it will change.

I heard that the main objections were to the amount it would increase the deficit and debt, the SALT limitation, and by implication, probably the overall limitation on itemized deductions.

Like I said, it didn't make it to the House floor, and Republican senators were already voicing strong objections, so that we know that it would not pass it it's current form there either.