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Garrick McFadden @electgarrick
, 15 tweets, 7 min read Read on Twitter
If you want to play along, here is the actual Full Text of Tax Plan aka #GOPTaxScam I am going to start reading and commenting follow if you want thread 1/? docs.house.gov/billsthisweek/…
If you acquire a new home, you can only deduct $750,000 in interest, compared to $1,000,000.00 before. This could impact many homes in California, NY, and in a lot of urban areas that vote Democrat. #TrumpTax Plan 2/?
The #StudentLoan interest deduction will remain. Because they did not repeal all of the #EstateTax they just raised the exemption from 5 million to 10 million. #GOPTaxPlan 3/?
Another good thing is that employers will still be able to pay for employees to go to school. These payments will not be treated like income. #TrumpTaxScam 4/?
The medical expense deduction remains. They actually lower the threshold from 10% of AGI to 7.5% for all ages. This level exists for two years and then will return back to 10%. 5/?
The actually raised the corporate tax rate from 20% to 21%. The original rate was 35%. They also did not plug any of the loopholes that business use to avoid paying this rate. #GOPTaxPlan 5/?
The tax plan gets rid of the #ACA individual mandate. This is now #TrumpCare, because the markets will implode. #GOPTaxPlan 6/?
The whistleblower attorney fee awards and other parts of it still remain intact, which is good, but they just gutted the #ACA. 7/?
Another bright spot is that expenses advanced in contingency fee court cases like a car accident case or a medical malpractice case still remain tax deductible. 8/?
Employer provide child care deductions are not going away. At least the #GOP failed at making it harder for families to obtain affordable childcare, but we must do something to fix this problem. 9/?
Just pure commentary, but this bill is not as awful as the original version of the @GOPHouse bill. However, that is like saying getting stung by 20 killer bees is better than getting stung by 200. The #GOPTaxPlan is cruel and will harm our country. Ok back to the bill. 10/?
The tax credit that employers use to confront their bias and hire our brothers and sisters with #disabilities does not get repealed. #CripTheVote 11/?
Also the tax credit that small business use to make their buildings compliant with the #ADA will not be repealed. Now we have to stop #HR620 #ADAPTandRESIST 12/?
The new #GOPTaxPlan protects the #JohnsonAmendment. The separation of church and state remains intact. 13/?
The new #GOPTaxBill does not reduce or eliminate the credit that homeowners use to make their homes #Green. #AZ06 can be the capital of #SolarPower and this credit helps us reach that goal 14/?
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