If a business sells or separates, requiring ongoing payments - those can be written off and not taxed. But not humans apparently. Huh.
#mepolitics #TaxReform
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Before I switch topics...we should decide BEFORE we rewrite our tax code if businesses are people or not and act accordingly. We should also decide who, what, when, why, and how we tax BEFORE we rewrite our tax code.
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Let's move to moving. I've covered this one before. This is another place that companies can write off an expense necessary to bring in income, but you cannot...and it's effective 12/31/17. Hope you don't have a move planned in January.
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This really limits mobility for people. What do you do if there are no jobs in your town? Or the biggest employer shuts down and you have to choose move or lose your job?
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Sidenote - pro-tip: If you are reading this beast and want to save paper, print out starting on page 524.
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HELOC (Home Equity Line of Credit) deduction is gone. I've covered this before, but to recap, HELOCS are widely used by the middle class to facilitate a lot of life events.
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Common HELOC uses... 1. At purchase between 2 loans to save PMI 2. Emergency repairs 3. College tuition 4. Job loss 5. Buy out after a break up 6. Start businesses 7. Medical bills These are frequently used for hardships or entrepreneurial risk.
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Can't take taxes past 10...more later.
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You know what thios document says to me: I don't always bury a table of contents, but when I do I logically put it on page 510. Also, thank heavens for lasik, because I am not printing out 2 reams of paper for this.
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Replying to @merryws95
Pages 510 on explain the reconciled bill, so really it's not *that* much longer than the Senate bill. It is still a lot of pages to review.
#mepolitics #TaxReform
2:46 PM - 16 Dec 2017
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