The best way to read the bill published on the website below
is to understand that this download is in sections. The first 555 pages contain the Final
Conference Bill and is difficult and painful to read. The next section is the summary in the table
of contents and it is a good place to start. The next section is the 560 page
“Tax Provisions” section.
This Bill is 555 pages and is full of limits, exceptions
and new rules. I found references in the Bill and noted the pages below.
Every taxpayer should at least look at the table of
contents for this monstrosity to confirm earlier reports on the following.
Child Tax Credit (Page 52 – 54)
State and Local Tax Deduction capped at $10,000 (Page 87)
Mortgage Interest Deduction capped at mortgages of $750,000
and less. Home Equity Loan deduction eliminated. (Page 88)
Personal Loss deduction limited to declared disasters (Page
92).
Limits on Itemized Deductions (Page 93)
Moving Expense Deduction limited to Military (Page 94).
Alimony payment deduction repealed (Page 96).
Increase Estate Tax Exemption from $5 million to $10
million (Page 101)
Eliminates Obamacare Personal Mandate (Page 103)
Private University Endowment Earnings Tax 1.4% required
(Page 308).
Repeals Alternative Minimum Tax (Page 104)
21% Corporate Tax (Page 115)
Anwar Alaska Drilling (Page 497)
I didn’t find anything that told me what the one-time
corporate cash repatriation would be. I had a note that the Senate preferred
a14% or 14.5% Cash Repatriation Tax. The House bill was 12% for cash and 5%
non-cash.
I also had a note that the Senate preferred a 20% Small
Business Tax. The House bill passed with a 25% tax.
Norb
Leahy, Dunwoody GA Tea Party Leader
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