Thursday, December 21, 2017
Political Mayhem Thursday: Done Deal
So, the Republican tax bill is done-- now it is certain to become the Republican tax law. In case you missed it, here are some of the key provisions:
1) The corporate tax rate is cut from 35% to 21%.
2) The inheritance tax is lifted for nearly everyone.
3) Lower taxes on private jets.
4) People with an income over $1.5 million per year are allowed to fill their yachts and jets with money from the US treasury on two designated days a year ("Trump Days").
5) "Pass-through" businesses will be taxed at the capital gains rate.
6) The individual exemption will be replaced with a much larger standard deduction.
7) The standard exemption will be eliminated in favor of a much larger individual deduction.
8) Taxes on cat owners, Washington Nationals fans, and intellectual property lawyers will double.
9) The deduction for State And Local Taxes (SALT) is eliminated.
10) Tax on salt is doubled.
11) The individual mandate tax under the Affordable Care Act is eliminated.
12) All tax credits under the Affordable Cat Act are eliminated.
13) Business owners can expense their thingees at the new whats-it rate.
14) Frontier Airlines is eliminated.
15) Both the Arctic Wildlife Refuge in Alaska and the city of Falls Church, Virginia are opened to oil drilling, strip mining, and factory hog-slaughtering operations.
16) The Pancake House excise tax is tripled.
17) The Fancy Beer surcharge is imposed nationally.
18) In 2025, indentured servitude will again be allowed for individuals making less than $300,000/year.
19) Police authorized to go door-to-door seizing citizen's vinyl records.
20) Tax system is simplified as rates are amended from 10%, 12%, 29%, 16%, and 39.6% to 14%, 11%, 35%, 22.3%, and 16%.
1) The corporate tax rate is cut from 35% to 21%.
2) The inheritance tax is lifted for nearly everyone.
3) Lower taxes on private jets.
4) People with an income over $1.5 million per year are allowed to fill their yachts and jets with money from the US treasury on two designated days a year ("Trump Days").
5) "Pass-through" businesses will be taxed at the capital gains rate.
6) The individual exemption will be replaced with a much larger standard deduction.
7) The standard exemption will be eliminated in favor of a much larger individual deduction.
8) Taxes on cat owners, Washington Nationals fans, and intellectual property lawyers will double.
9) The deduction for State And Local Taxes (SALT) is eliminated.
10) Tax on salt is doubled.
11) The individual mandate tax under the Affordable Care Act is eliminated.
12) All tax credits under the Affordable Cat Act are eliminated.
13) Business owners can expense their thingees at the new whats-it rate.
14) Frontier Airlines is eliminated.
15) Both the Arctic Wildlife Refuge in Alaska and the city of Falls Church, Virginia are opened to oil drilling, strip mining, and factory hog-slaughtering operations.
16) The Pancake House excise tax is tripled.
17) The Fancy Beer surcharge is imposed nationally.
18) In 2025, indentured servitude will again be allowed for individuals making less than $300,000/year.
19) Police authorized to go door-to-door seizing citizen's vinyl records.
20) Tax system is simplified as rates are amended from 10%, 12%, 29%, 16%, and 39.6% to 14%, 11%, 35%, 22.3%, and 16%.
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My accountants at Dewey Cheatem & Howe are on top of this! I have declared myself a sovereign person. I no longer practice intellectual property law. Now I am a Law Doctor in the field of intangibles.
As for Mining, my kids are psyched for the possibility of a giant tunnel with heavy equipment in the side yard.
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As for Mining, my kids are psyched for the possibility of a giant tunnel with heavy equipment in the side yard.
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