Find out what the industry is saying about the tax reform proposals that are working their way through Congress.
Q: The House tax bill would make tuition waivers taxable.
Republicans argue that the provisions in the Tax Cuts and Jobs Act that would lower corporate taxes would stop the flow of companies and jobs overseas. Most families are likely to use the new standard deduction, no longer needing to itemize deductions.
"With the budget deficit and the growing national debt, paying for the tax cuts is the big question, however, that's only a concern if you look at it purely in terms of static modeling, which says if you're raising $100 million a year with a certain tax and then you cut it, you're going to lose $100 million in tax revenue", said Barr.
Q: The House bill would eliminate the estate tax after 2024.
He said that the bill "takes an important step forward toward strengthening parents' ability to choose a school that best suits their child" and called for reversal of the repeal of provisions that aid teachers and students in nongovernment schools.
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Jaitley reiterated the government's commitment to structural reforms and said fiscal prudence will be maintained. Moody's expects GDP growth to moderate to 6.7 per cent in the fiscal year ending in March 2018.
The biggest bottleneck is finding a way to pay for the tax cuts that doesn't hurt the poor or elderly, provides some relief to the middle class, and most importantly, doesn't add $1.7 trillion to the USA national debt over the next decade, a figure that exceeds the limits Republicans agreed to for their reconciliation bill.
Sen. Ron Johnson, R-Wis., announced Wednesday that he would not vote for the Senate tax plan as it stands.
Q: Whose tax cuts should be permanent and whose should be temporary? He said that the rising deficit will likely lead to spending cuts, particularly in programs that aid poor and vulnerable people, much to the chagrin of his committee.
In the proposed measure, Section 1306 would cut deductions associated with charitable contributions for tickets.
"If that deduction goes away, what you will see is a dramatic sea change in the college sports landscape", said Duke athletic director Kevin White. They're going to get an expanded child tax credit. For personal income tax, the current seven brackets are reduced to four, with rates of 12, 25, 35 and 39.6 percent. "Workable tax reform that can be signed into law is more important than flawless tax reform that can't be passed".