GOP nears Senate OK of tax bill after flurry of final deals

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GOP nears Senate OK of tax bill after flurry of final deals
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Eliminating deductions for state and local taxes. The GOP has called these deductions favoritism for people who live in high-tax states. In fact, ending deductibility of state and local taxes would tax income that has already been taxed away from a taxpayer. It is, quite simply, double taxation. Repealing the Alternative Minimum Tax, which assures that wealthy people who hire accountants to find all the obscure ways to avoid taxes cannot escape taxation altogether. Repealing it would save Trump millions. Extending the "pass-through" provision to non-corporate businesses, including some 500 entities Trump owns. It would allow the owners of these businesses to pay taxes at 25 percent, instead of 39.9 percent. This provision would allow Wall Street fund managers, among other very wealthy people, to pay a lower tax rate than many middle-class Americans pay. Ending the deductibility of large medical expenses.Taxing waived tuition for college students, ending deductibility for student loan payments, and even di ...

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