Ultra-wealthy win in Senate tax bill, other face hikes
Want to toast the anticipated tax win with champagne or a beer — or maybe you're feeling Shakespearean and prefer to quaff mead from a pewter mug? That would cheer producers of beer, wine, liquor — and mead, the ancient beverage fermented from honey. Tax rates on their sales would be reduced under the
On the other hand, people living in high-tax states, who deduct their local property, income and sales taxes from what they owe Uncle Sam, could lose out from the complete or partial repeal of the deductions. And an estimated 13 million Americans could lose health insurance coverage over 10 years under the
Some winners and losers:
WINNERS
— Wealthy individuals and their heirs win big. The hottest class-warfare debate around the tax overhaul legislation involves the inheritance tax on multimillion-dollar estates.
Then there's the alternative minimum tax, a levy aimed at ensuring that higher-earning people pay at least some tax. It disappears in both bills.
And the House measure cuts tax rates for many of the millions of "pass-through" businesses big and small — including partnerships and specially organized corporations — whose profits are taxed at the owners' personal income rate. That's potential cha-ching for Trump's far-flung property empire and the holdings of his daughter Ivanka and her husband,
— Corporations win all around, with a tax rate slashed from 35 percent to 20 percent in both bills — though they'd have to wait a year for it under the
—
— Beer, wine and liquor producers would reap tax reductions under the
— Companies that provide management services like maintenance for aircraft get an updated win. The
Portman voted for the overall bill. Brown opposed it.
LOSERS
— An estimated 13 million Americans could lose health insurance coverage under the
— People living in high-tax states would be hit by repeal of federal deductions for state and local taxes under the
— Many families making less than
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