CD183: Tax Cuts... For Some of US

Congressional Dish

Taxes: We all hate them but we all have to pay them. In December 2017, the Republicans in Congress rushed major changes to our tax policy into law. In this episode, host Jen Briney and her accountant friend, Alexis Claypool, explain the most significant changes to how our tax payments are going to be calculated and how these changes are likely to affect us. You will also learn about a major dingleberry that hitchhiked its way into law attached to this bill. Joe Briney joins Jen for the Thank Yous. Please Support Congressional Dish - Quick Links to contribute a lump sum or set up a monthly contribution via to support Congressional Dish for each episode via Patreon Send payments to: Send payments to: @Jennifer-Briney Use your bank’s online bill pay function to mail contributions to: Please make checks payable to Congressional Dish Thank you for supporting truly independent media! . Modification of Rates Part II - . Deduction for Qualified Business Income Part III - . Increase in Standard Deduction . Increase in and Modification of Child Tax Credit. . Temporary Reduction in Medical Expense Deduction Floor. Part IV - Part V - . Limitation on Deduction for State and Local, etc. Taxes . Limitation on Deduction for Qualified Residence Interest . Suspension of Miscellaneous Itemized Deductions . Suspension of Exclusion for Qualified Bicycle Commuting Reimbursement . Suspension of Exclusion for Qualified Moving Expense Reimbursement . Suspension of Deduction for Moving Expenses . Repeal of Deduction for Alimony Payments Part VI - . Increase in Estate and Gift Tax Exemption Part VII - Part VIII - . Elimination of Shared Responsibility of Payment for Individuals Failing to Maintain Minimum Essential Coverage . Repeal of Tax for Corporations . Increased Exemption for Individuals Part I - . 21-Percent Corporate Tax Rate Part II - . Modifications of Rules for Expensing Depreciable Business Assets Part III - . Temporary 100-Percent Expensing for Certain Business Assets . Modifications to Depreciation Limitations on Luxury Automobiles and Personal Use Property Part IV - . Limitation on Deduction for Interest . Limitation on Deduction by Employers of Expenses for Fringe Benefits . Denial of Deduction for Certain Fines, Penalties, and Other Amounts . Denial of Deduction for Settlements Subject to Nondisclosure Agreements Paid in Connection with Sexual Harassment or Sexual Abuse . Repeal of Deduction for Local Lobbying Expenses . Elimination of Deduction for Living Expenses Incurred by Members of Congress Part V - . Employer Credit for Paid Family and Medical Leave Part VI - . Limitation on Deduction for FDIC Premiums Part VII - . Excise Tax on Excess Tax-Exempt Organization Executive Compensation Part VII - . Excise Tax Based on Investment Income of Private Colleges and Universities Part IX - . Reduced Rate of Excise Tax on Beer . Reduced Rate of Excise Tax on Wine . Reduced Rate of Excise Tax on Certain Distilled Spirits Part 1 - . Deduction for Foreign-Source Portion of Dividends Received by Domestic Corporations from Specified 10-Percent Owned Foreign Corporations . Deduction for Foreign-Derived Intangible Income and Global Intangible Low-Taxed Income . Elimination of Inclusion of Foreign Base Company Oil Related Income Part II - Part III - . Oil and Gas Program . Strategic Petroleum Reserve Drawdown and Sale Additional Reading Article: by Brittany Benson, H&R Block, October 24, 2018. Article: by Jean Murray, The Balances MB, October 23, 2018. Article: by Terry Sheridan, Accounting Web, October 3, 2018. Article: by The Hill Staff, The Hill, September 28, 2018. Article: by Jeffry Bartash, MarketWatch, September 19, 2018. Article: by Frank J. Vari, The Tax Adviser, August 2, 2018. Article: by David Dayen, The American Prospect, July 2, 2018. Article: by Jim Tankersley, The New York Times, June 25, 2018. Article: by Bobby M. Bragg, Jamison Money Farmer PC, May 29, 2018. Article: by Kelly Phillips Erb, Forbes, March 7, 2018. Article: by Christine Faris and Stephen Sutten, Baker Tilly, January 29, 2018. Article: by Michelle Andrews, NPR, January 23, 2018. Article: by David Dayen, Vice, January 10, 2018. Article: by Chuck Raasch, St. Louis Post-Dispatch, January 10, 2018. Article: by Michelle Andrews, Kaiser Health News, December 22, 2017. Article: by Ashlea Ebeling, Forbes, December 21, 2017. Article: by Matt Gerard, NBS, December 21, 2017. Article: by Victor I. Nava, Washington Examiner, December 20, 2017. Article: , Bloomberg News, December 18, 2017. Article: by David Dayen, The Intercept, December 18, 2017. Article: by Patricia Cohen, The New York Times, December 18, 2017. Article: by Jim Tankersley, The New York Times, December 16, 2017. Article: by Lee Fang, The Intercept, December 1, 2017. Article: by Mallory Shelbourne, The Hill, November 27, 2017. Article: by Jim Tankersley, Thomas Kaplan, and Alan Rappeport, The New York Times, November 2, 2017. Article: by David Dayen, The Nation, November 2, 2017. Article: by Robert W. Wood, Forbes, October 6, 2015. Resources CDC: Govtrack: Institute on Taxation and Economic Policy: Joint Committee on Taxation Publication: OpenSecrets.org: OpenSecrets.org: OpenSecrets.org: OpenSecrets.org: OpenSecrets.org: OpenSecrets.org: OpenSecrets.org: Treasury.gov: Turbo Tax: USGS: Sound Clip Sources Community Suggestions See more Community Suggestions . Cover Art Design by Only Child Imaginations Music Presented in This Episode Intro & Exit: by (found on by mevio)