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Plans for Tax Reform to Face Key Senate Vote

by Matthew Person on October 16, 2017

Plans for Tax Reform to Face Key Senate Vote

The Republican push for a broad tax overhaul faces a big hurdle this week as senators must approve a budget bill which would clear the way for tax reform to pass the Senate with just GOP support. If at least 50 of the 52 Senate Republicans vote for the budget bill later this week, it will be an early victory for the process, though that won’t assure the tax package will pass sometime in the upcoming months.

For those who have not been following the proposes changes, the key part of the Republican tax reform plan isn’t the individual or even the corporate tax rates. The big news is that the proposed change doubles the standard deduction and provides significant relief and simplicity for most taxpayers.

The plan also calls to double the standard deduction for federal tax filers to $12,000 for individuals and $24,000 for married couples. Personal exemptions are being eliminated and consolidated into bigger standard deduction.

Other changes include repeal of the Alternative Minimum Tax, lower Capital Gains Tax, Repeal of Inheritance Tax, Cutting of the Corporate Tax Rate, and preservation of deductions for Mortgages and Charities.

The number of tax brackets will also change. For individuals the number of brackets is reduced from seven to three: 10 percent, 25 percent and 35 percent.

Republicans Unveil Sweeping Changes to America’s Tax Code

September 28, 2017

Big changes are coming to our tax code. Yesterday, Wednesday September 27th, Republicans revealed their proposed changes which include changes to tax brackets, corporate tax rates, and pass-through business tax rates. According to Senate Majority Leader Mitch McConnell “This framework is focused on supporting American jobs, on making taxes fairer and on growing families’ paychecks.” […]

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Louisiana Department of Revenue Grants Filing Extensions to Those Affected by Hurricane Harvey

September 26, 2017

The Louisiana Department of Revenue has released Revenue Information Bulletin No. 17-015 which grants filing extensions to taxpayers whose homes, principal places of business, or critical tax records are located in any of the disaster areas declared by the president as a result of Hurricane Harvey. Affected Parishes For Louisiana Declared disaster areas include the […]

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GOP Days away from Nation’s Biggest Tax Law Rewrite in Years, here are 4 of the Biggest Questions

September 18, 2017

The GOP is closing in on a massive legislative rewrite for taxes which is set to be revealed on September 25th. The Trump administration has thus far kept the details tightly under wraps, and everyone is wondering “Will these changes be tax reform, or tax cuts?”. After the big reveal, bipartisan talks will begin to […]

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Governor Edwards Urges Congress to Ease Restrictions on Benefits to Flood Victims

September 7, 2017

Governor John Bel Edwards has asked Congress to ease a restriction on benefits that victims of floods would receive from the Federal Government to help with rebuilding their homes. In a letter, The Governor told congress that the restriction has caused problems for Louisiana as we have tried to recover from the widespread flooding in […]

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2017 Louisiana Second Amendment Weekend Sales Tax Holiday: September 1-3

August 28, 2017

The 2017 Louisiana Second Amendment Weekend Sales Tax Holiday will take place from Friday, September 1 through Sunday, September 3. Act 453 of the 2009 Regular Session of the Louisiana Legislature enacted the “Annual Louisiana Second Amendment Weekend Holiday Act” that provides an exemption from state and local sales and use taxes on individuals’ purchases […]

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Millions in Louisiana tax refunds unclaimed: Check For unclaimed cash Before September 6th

August 25, 2017

The Louisiana Department of Revenue has sent out 9,500 letters to taxpayers urging them to claim the refunds before they are transferred to the state treasurer’s office. The total amount of unclaimed refunds is $8.6 million according to the state. The letters are dated July 21, 2017, however taxpayers have until September 6 to claim […]

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Govenor Edwards, House Speaker Barras to meet ahead of Louisiana ‘Fiscal Cliff’

August 15, 2017

Louisiana Governor John Bel Edwards is set to meet this week with House Speaker Taylor Barras. During this meeting they will undoubtedly discuss the so-called Louisiana “Fiscal Cliff” which represents a drop, scheduled for next year, where temporary taxes collide with tax revenues to create an estimated $1.5 billion shortfall. Governor Edwards is hoping to […]

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Flood Damage, Tax Returns, and Homeowners Insurance

August 7, 2017

The last thing on people’s mind following extreme adverse weather is their tax returns – filing taxes can be confusing enough, but accounting for storm damage and dealing with homeowners insurance can truly create a headache. Estimating Lost Property Value The biggest issue for people who suffered property loss is determining how much the value […]

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