Episode Details

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 Click here to contribute a lump sum or set up a monthly contribution via PayPal Click here to support Congressional Dish for each episode via Patreon Send Zelle payments to: Donation@congressionaldish.com Send Venmo payments to: @Jennifer-Briney Use your bank's online bill pay function to mail contributions to: 5753 Hwy 85 North Number 4576 Crestview, FL 32536 Please make checks payable to Congressional Dish Thank you for supporting truly independent media! H.R. 1: An Act to provide for reconciliation pursuant to titles II and V of the concurrent resolution on the budget for fiscal year 2018. Subtitle A - Individual Tax Reform Part I - Tax Rate Reform Sec. 11001. Modification of Rates Married Individuals Filing Joint Returns Heads of Households Unmarried Individuals Inflation Adjustment Part II - Deduction for Qualified Business Income of Pass-Thru Entities Sec. 11011. Deduction for Qualified Business Income Phase-In of Limit for Certain Taxpayers Qualified Business Income Exception for specified service businesses based on taxpayer's income Threshold Amount Application to partnerships and S Corporations Part III - Tax Benefits for Families and Individuals Sec. 11021. Increase in Standard Deduction Sec. 11022. Increase in and Modification of Child Tax Credit. Sec. 11027. Temporary Reduction in Medical Expense Deduction Floor. Special Rules for Use of Retirement Funds with Respect to Areas Damaged by 2016 Disasters Part IV - Education Part V - Deductions and Exclusions Sec. 11042. Limitation on Deduction for State and Local, etc. Taxes Sec. 11043. Limitation on Deduction for Qualified Residence Interest Sec. 11045. Suspension of Miscellaneous Itemized Deductions Sec. 11047. Suspension of Exclusion for Qualified Bicycle Commuting Reimbursement Sec. 11048. Suspension of Exclusion for Qualified Moving Expense Reimbursement Sec. 11049. Suspension of Deduction for Moving Expenses Sec. 11051. Repeal of Deduction for Alimony Payments Part VI - Increase in Estate and Gift Tax Exemption Sec. 11061. Increase in Estate and Gift Tax Exemption Part VII - Extension of Time Limit for Contesting IRS Levy Part VIII - Individual Mandate Sec. 11081. Elimination of Shared Responsibility of Payment for Individuals Failing to Maintain Minimum Essential Coverage Subtitle B - Alternative Minimum Tax Sec. 12001. Repeal of Tax for Corporations Sec. 12003. Increased Exemption for Individuals Subtitle C - Business-related Provisions Part I - Corporate Provisions Sec. 13001. 21-Percent Corporate Tax Rate Part II - Small Business Reforms Sec. 1301. Modifications of Rules for Expensing Depreciable Business Assets Part III - Cost Recovery and Accounting Methods Sec. 13201. Temporary 100-Percent Expensing for Certain Business Assets Sec. 13202. Modifications to Depreciation Limitations on Luxury Automobiles and Personal Use Property Part IV - Business-Related Exclusions and Deductions Sec. 13301. Limitation on Deduction for Interest Sec. 13304. Limitation on Deduction by Employers of Expenses for Fringe Benefits Qualified Transportation Fringes Transportation and Commuting Benefits Sec. 13306. Denial of Deduction for Certain Fines, Penalties, and Other Amounts Sec. 13307. Denial of Deduction for Settlements Subject to Nondisclosure Agreements Paid in Connection with Sexual Harassment or Sexual Abuse Sec. 13308. Repeal of Deduction for Local Lobbying Expenses Sec. 13311. Elimination of Deduction for Living Expenses Incur