Early Saturday morning, the United States Senate passed the most sweeping tax reform
in decades, which will bring a significant tax cut to both the working class and big
business.
The vote was close – 51 to 49 – with only one Republican voting against the GOP-sponsored
bill.
Fox News reports on what the reform will mean for you.
The U.S. Senate voted just before 2 a.m. ET Saturday to pass a sweeping tax overhaul worth
roughly $1.4 trillion, putting the Trump White House a big step closer to its first major
legislative victory – and many Americans closer to a tax cut.
The vote was 51-49, with Republican Bob Corker of Tennessee the only member of the GOP to
side with the Democrats in opposition.
The bill is still not yet finalized.
Saturday's vote means the Senate and House have passed similar tax reform plans, but
negotiators from both chambers will start meeting Monday to agree on a single piece
of legislation that both chambers must approve before it is sent to President Donald Trump
for his signature.
Here's how the latest legislation would affect you:
What deductions can I claim under the Senate bill that just passed?
The Senate bill does away with federal deductions for state and local income and sales taxes,
but allows deductions of up to $10,000 in local property taxes.
The legislation originally eliminated federal deduction for all state and local taxes, but
the property tax exemption was later added at the insistence of Sen. Susan Collins, R-Maine,
who said she was "delighted" about the change.
What about personal deductions?
Like the House bill, the Senate bill nearly doubles the standard deduction level to $12,000
for individuals (up from $6,350) and $24,000 for couples (up from $12,700).
Any other deductions I could claim?
The Senate bill retains the current limit for the home mortgage interest deduction to
interest paid on the first $1 million of the loan.
(The House bill reduces the limit to $500,000 for new home purchases.)
The Senate version also preserves the deduction for medical expenses not covered by insurance
(the House bill does not), but ends deductions for moving expenses and tax preparation.
Why does the Senate bill allow deducting medical expenses not covered by insurance?
Because the Senate bill also repeals ObamaCare's individual mandate, while the House bill does
not.
If ObamaCare's mandate is repealed, thousands of people are expected to drop their health
insurance, raising the cost for those who decide to keep it.
And the personal exemption?
The Senate and House bills both eliminate the $4,050 personal tax exemption.
Will the tax brackets change at all?
The Senate bill keeps seven tax brackets, but reduces them to 10, 12, 22, 24, 32, 35
and 38.5 percent.
(The current brackets are 10, 15, 25, 28, 33, 35, and 39.6 percent.)
The House measure condenses seven brackets to four: 12, 25, 35 and 39.6 percent.
I own a small business.
What would this mean for me?
The Senate bill allows owners of so-called "pass-through" businesses (that is, businesses
that aren't incorporated) to deduct 23 percent of their earnings, and then pay at their personal
income tax rate on the remainder.
This issue was a key concern of Sens. Ron Johnson, R-Wis., and Steve Daines, R-Mont.,
both of whom announced this week that they would support the bill.
What about corporate tax rates?
Like the House bill, the Senate bill cuts the current 35 percent rate to 20 percent,
but the Senate bill calls for a one-year delay in dropping the rate.
When will tax reform take effect?
President Trump and congressional Republicans have vowed to make tax reform law before the
end of the year.
If that happens, most of the provisions would come into force on Jan. 1.
Will tax reform affect my returns for this year?
The changes will not have any impact on your taxes for 2017, which are due to the IRS by
April 17, 2018 (you get an extra 48 hours to file because the traditional April 15 due
date falls on a Sunday).
So when will the differences in the bills be hashed out?
The House will vote on a motion to go to conference on the tax bills on Monday evening.
The Senate is expected to vote on a similar measure soon after.
Congress is scheduled to adjourn for its Christmas break on Dec. 15, but House Speaker Paul Ryan
has said he will keep the House in session beyond that date if necessary to get tax reform
passed.Just when you thought you heard all you could about sexual assault allegations
these past few weeks, a BOMBSHELL was just dropped involving the queen of media, Oprah
Winfrey.
You HAVE heard of Oprah Winfrey before, right?
You know the sanctimonious liberal that had a popular talk show on television blabbering
for an hour about topics none of us cared about before launching it into a billion dollar
empire.
Yep, that's the one.
For decades, Oprah has crafted a persona of a caring and nurturing woman who supports
women making it big in the media world, but that is not who she truly is.
As it turns out, Oprah has some nasty skeletons in her closet that she has kept hidden to
keep up her squeaky-clean image to make a presidential bid in 2020.
However, someone just opened that closed closeted door, and the truth has come out about her
sex scandal that will destroy any chance of her running for president for good.
Oprah Winfrey has touted herself as a champion for women and minority causes aligning herself
with liberal elitists like Barack Obama and Hillary Clinton.
Oprah has always been a favorite of the left since she parrots the talking points they
want her to say and lulls the modern housewife into voting for progressive agendas under
the guise of empowerment.
However, these liberal women may change their opinion of Oprah after it was discovered that
she helped Harvey Weinstein in procuring potential victims, and has kept it a secret all these
years.
In a new stunning report, British actress Kadian Noble has charged the talk show queen
of failing to warn her about Weinstein's sexual deviancy and even prodded Noble to
speak with him to advance her career.
Noble claims that Winfrey also went as far as to say that she could trust Weinstein and
even praised the serial rapist alongside former supermodel Naomi Campbell knowing full well
that he would sexually assault her.
Here is more from Page Six:
An aspiring actress says Harvey Weinstein used Oprah Winfrey and Naomi Campbell to dupe
her into thinking he would help her with her career — only to use her for sex.
British actress Kadian Noble said Tuesday she was head-over-heels impressed when she
first met Weinstein at an event in London because he was hanging out with model Campbell
and had megastar Oprah "swinging off his arm."
"I thought, obviously, this man has something amazing in store for me," she said during
a teary-eyed press conference in Manhattan to discuss the sex trafficking lawsuit she
filed a day earlier against Weinstein in Manhattan federal court.
Instead, Weinstein used promises of career advancement to lure the actress to his hotel
room in Cannes, France, where he forced himself on her, she said.
"I felt completely played," she said.
Noble is the latest in a long line of actresses and models who claim Weinstein either forced
himself on them or coerced them into sex with promises of career advancement.
"Mr. Weinstein denies allegations of non-consensual sex," his spokeswoman said.
"Mr. Weinstein has further confirmed that there were never any acts of retaliation against
any women for refusing his advances."
After meeting Weinstein in London, Noble said she thought nothing of bringing her "show
reel" to his hotel room when she saw him again in Cannes in February 2014.
Once inside the hotel room, however, "he didn't seem that interested in my show reel,"
Noble said.
Instead, he began touching her while discussing hooking her up with a modeling agency in London.
"He said, 'I need to know you really like me,'" Nobel said.
"'I have all the information we need.
I just need to know you really like me.'"
The incident ended in the bathroom, where he "forced" Noble to perform sex acts
in front of the bathroom mirror, she said.
Afterward, Weinstein failed to help her with her career as promised, she said.
She blames him for destroying her acting dreams and said she has since reported her case to
the NYPD.
Noble's lawsuit claims that Weinstein's practice of luring aspiring actresses to his
casting couch with promises of career advancement makes him no better than a seedy sex trafficker.
Her lawyer, Jeff Herman, said he is hoping for "millions of dollars" in damages.
"The jury will decide what they think her damages call for," Herman said at the same
press conference.
But it will be "significant," he said.
"It will go into the millions of dollars."
It is incredibly sad to hear that another innocent woman was deceived by these horrible
predators in Hollywood.
Noble's career is shattered and her all her dreams are gone while Oprah sits on top
of an empire built on deception.
Of course, it is Weinstein's fault for what he did to this woman, but Oprah was equally
complicit and should have to pay the price for destroying a life.
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