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.
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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
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
Exception for specified service businesses based on taxpayer’s income
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 Incurred by Members of Congress
Part V – Business Credits
Sec. 13403. Employer Credit for Paid Family and Medical Leave
Part VI – Provisions Related to Specific Entities and Industries
Sec. 13531. Limitation on Deduction for FDIC Premiums
Part VII – Employment
Sec. 13602. Excise Tax on Excess Tax-Exempt Organization Executive Compensation
Part VII – Exempt Organizations
Sec. 13702. Excise Tax Based on Investment Income of Private Colleges and Universities
Part IX – Other Provisions
Sec. 13802. Reduced Rate of Excise Tax on Beer
Sec. 13804. Reduced Rate of Excise Tax on Wine
Sec. 13807. Reduced Rate of Excise Tax on Certain Distilled Spirits
Subtitle D – International Tax Provisions
Part 1 – Outbound Transactions
Sec. 14101. Deduction for Foreign-Source Portion of Dividends Received by Domestic Corporations from Specified 10-Percent Owned Foreign Corporations
Sec. 14202. Deduction for Foreign-Derived Intangible Income and Global Intangible Low-Taxed Income
Sec. 14211. Elimination of Inclusion of Foreign Base Company Oil Related Income
Part II – Inbound Transactions
Part III – Other Provisions
Sec. 20001. Oil and Gas Program
Sec. 20003. Strategic Petroleum Reserve Drawdown and Sale
- Article: Tax reform eliminates deduction for moving expenses by Brittany Benson, H&R Block, October 24, 2018.
- Article: What are political or lobbying expenses and are they deductible? by Jean Murray, The Balances MB, October 23, 2018.
- Article: What changes has the IRS made to moving expense reimbursement? by Terry Sheridan, Accounting Web, October 3, 2018.
- Article: How the Trump tax law passed: GOP adds sweeteners by The Hill Staff, The Hill, September 28, 2018.
- Article: Repatriated profits total $465 billion after Trump tax cuts – leaving $2.5 trillion overseas by Jeffry Bartash, MarketWatch, September 19, 2018.
- Article: Foreign-derived intangible income deduction: Tax reform’s overlooked new benefit for U.S. corporate exporters by Frank J. Vari, The Tax Adviser, August 2, 2018.
- Article: Will the Tax Act set back private equity? by David Dayen, The American Prospect, July 2, 2018.
- Article: The new tax form is postcard-size, but more complicated than ever by Jim Tankersley, The New York Times, June 25, 2018.
- Article: Four key changes for depreciation deductions by Bobby M. Bragg, Jamison Money Farmer PC, May 29, 2018.
- Article: New: IRS announces 2018 tax rates, standard deductions, exemption amounts and more by Kelly Phillips Erb, Forbes, March 7, 2018.
- Article: New excise tax on excess executive compensation by tax-exempt organizations by Christine Faris and Stephen Sutten, Baker Tilly, January 29, 2018.
- Article: Tax credit aims to boost availability of paid family leave, but will it work? by Michelle Andrews, NPR, January 23, 2018.
- Article: Corporate America celebrated tax cuts by laying off workers by David Dayen, Vice, January 10, 2018.
- Article: Andy Blunt joining in lobbying venture wtih long-time confidant of his father by Chuck Raasch, St. Louis Post-Dispatch, January 10, 2018.
- Article: Bonus tucked into GOP tax bill for those aiming to deduct medical expenses by Michelle Andrews, Kaiser Health News, December 22, 2017.
- Article: Final tax bill includes huge estate tax win for the rich: The $22.4 million exemption by Ashlea Ebeling, Forbes, December 21, 2017.
- Article: Newly passed Tax Cuts and Jobs Act eliminates employers’ commuter benefits deductions by Matt Gerard, NBS, December 21, 2017.
- Article: Beer, wine, and spirits industries toast passage of GOP tax bill by Victor I. Nava, Washington Examiner, December 20, 2017.
- Article: A quick guide to the GOP tax plan, Bloomberg News, December 18, 2017.
- Article: CEOs aren’t waiting for the tax bill to pass – they’ve already started pocketing the windfall by David Dayen, The Intercept, December 18, 2017.
- Article: Have you ever felt sorry for the I.R.S.? Now might be the time by Patricia Cohen, The New York Times, December 18, 2017.
- Article: File your taxes on a postcard? A G.O.P. promise marked undeliverable by Jim Tankersley, The New York Times, December 16, 2017.
- Article: Special giveaways in tax cut bill benefit family members and colleagues of key GOP senators by Lee Fang, The Intercept, December 1, 2017.
- Article: CBO: Senate tax bill would hurt poor by Mallory Shelbourne, The Hill, November 27, 2017.
- Article: Republican plan delivers permanent corporate tax cut by Jim Tankersley, Thomas Kaplan, and Alan Rappeport, The New York Times, November 2, 2017.
- Article: The GOP Tax Bill is out – and now we know why it was secret for so long by David Dayen, The Nation, November 2, 2017.
- Article: BP’s $20.8 billion gulf spill settlement nets $15.3 billion tax write-off by Robert W. Wood, Forbes, October 6, 2015.
- CDC: Alcohol and Public Health
- Govtrack: H.R. 1: Tax Cuts and Jobs Act
- Institute on Taxation and Economic Policy: Who Pays?
- Joint Committee on Taxation Publication: JX-67-17
- OpenSecrets.org: Dan Sullivan
- OpenSecrets.org: Don Young
- OpenSecrets.org: Lisa Murkowski
- OpenSecrets.org: Rep. Mike Kelly
- OpenSecrets.org: Rep. Peter DeFazio
- OpenSecrets.org: Sen. Rob Portman
- OpenSecrets.org: Sen. Roy Blunt
- Treasury.gov: Unified Framework for Fixing Our Broken Tax Code
- Turbo Tax: What Are Standard Tax Deductions?
- USGS: ANWR Maps
Sound Clip Sources
Congressional Record of the 115th Congress; House of Representatives, Wednesday, September 27, 2017.
Congressional Record of the 115th Congress; House of Representatives, Thursday, September 28, 2017.
Congressional Record of the 115th Congress; House of Representatives, Wednesday, October 4, 2017.
Congressional Record of the 115th Congress; House of Representatives, Monday, December 18, 2017.
Congressional Record of the 115th Congress; House of Representatives, Tuesday, December 19, 2017.
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Music Presented in This Episode
Intro & Exit: Tired of Being Lied To by David Ippolito (found on Music Alley by mevio)