2017 Tax bill update

I use this blog to track items missed by the 2017 new tax bill, which were approved by GOP congressmen and senators without even reading the whole bill. Check back to see any new update.

•  Sports ticket turbulence: The GOP’s new tax law axes the deduction that can be taken on donations made to secure college sports season tickets.
• Thousands rush to prepay property taxes before end of 2017: Homeowners are lining up in droves at local tax collection offices, hoping for one last chance to take advantage of a major tax deduction before it is wiped out in the new year.
• Rubio: GOP tax bill ‘probably went too far’ to help corporations. corporations are planning to funnel the savings into benefits for executives, board members and shareholders.
• Goldman takes $5B hit. Bank to report loss in 4Q, but will soon benefi from it.

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New GOP tax bill

It appears that people taking standard deduction and having more dependents would save more. Unfortunately, the chart shows tax “cut” as “positive” numbers on the right side and tax “increase” as “negative” numbers on the left side. This is the only major problem of the article’s infographic. People would normally read increase towards right and decrease towards left.

Reference: Looking beyond ‘typical’