At the beginning of 2017, some changes were made. The Medicare changes in 2017 for the Part A hospital inpatient deductible was $1,316 versus $1288 in 2016. Part A deductibles are “per event” deductibles, not an annual one.
What are the Medicare changes for 2017?
Apr 28, 2018 · April 28, 2018 / in 2017 Tax Reform, Other Law Topics / by TibbsLawOffice. 2017 Tax Reform: What you need to know about Medicare Tax. These videos are designed to educate viewers on the 2017 Tax Reform. These videos are not to be construed as legal advice. ...
Who benefits from the 2017 tax law?
Jul 01, 2017 · The Medicare changes in 2017 for the Part B premium were $134 versus just under $122 in 2016. Most people just turning 65 or becoming eligible for Medicare will pay $134 per month unless they are high-income earners, where they will be subject to IRMAA, or an income …
Are Medicare Part D plans being merged in 2017?
Jun 05, 2017 · The changes to premiums, deductibles and copayments are relatively modest. According to Medicare.gov: Part A premium – $411 to $413; Hospital deductible – $1,288 to …
How effective is IRS enforcement under the 2017 tax law?
Jan 01, 2017 · Tax Changes January 1, 2017* Healthcare: Limits have increased for tax-deferred Medical Savings Accounts for the self-employed. The maximum deductible amount for out-of …
What tax law was passed in 2017?
The Child Tax Credit (CTC) and Earned Income Tax Credit (EITC) are provisions of the tax code that lift the living standards of millions of working families. A growing body of evidence also links income from these tax credits to better infant health, improved school performance, higher college enrollment, and projected increases in earnings in adulthood for children in families that receive them. [17] The 2017 tax law could have substantially helped low- and moderate-income households by boosting these tax credits in ways that would benefit them, but instead it:
What should the 2017 tax law have done?
The 2017 tax law should have placed top priority on raising the living standards of low- and moderate-income households, given decades of stagnant working-class incomes and growing income inequality. The share of after-tax income flowing to the bottom 60 percent fell by 3.8 percentage points between 1979 and 2015, while the share flowing to the top 1 percent rose by 5.6 percentage points. [15] And looking at the “working class” — a racially and geographically diverse group often defined as families with working-age adults in which no one has a college degree — real working-class median income rose by only about 3 percent from 1979 to 2015. [16]
How much did the CTC increase?
[18] The law increased the maximum CTC from $1,000 to $2,000 per child — but denied that full increase to millions of children in low-income working families.
What is the 20 percent deduction for pass through income?
The deduction effectively means that certain pass-through income will face a lower tax rate than wages and salaries, creating an incentive for high-income individuals to reclassify their salaries as pass-through income.
What is the tax cut for multinational corporations?
Cutting corporate taxes. The 2017 tax law cuts the corporate tax rate from 35 to 21 percent and shifts toward a territorial tax system, in which multinational corporations’ foreign profits largely no longer face U.S. tax. These tax cuts overwhelmingly benefit wealthy shareholders and highly paid executives. One-third of the benefits from cutting corporate rates ultimately flow to the top 1 percent, TPC estimates — assuming that the cost of those tax cuts are ultimately paid for, but without incorporating estimates of who ends up paying. [5]
What is the tax cut for married couples?
Cutting individual income tax rates for those at the top. The law cuts the top individual income tax rate from 39.6 percent to 37 percent for married couples with over $600,000 in taxable income. By itself, this will give a couple with $2 million in taxable income a $36,400 tax cut. The law also weakens the Alternative Minimum Tax, which is designed to ensure that higher-income people who take large amounts of deductions and other tax breaks pay at least a minimum level of tax. The law raises both the amount of income that’s exempt from the AMT and the income level above which this exemption begins phasing out, delivering another tax cut to affluent households.
What percentage of the tax cuts did white households get?
So, while the highest-income white households make up just 0.8 percent of all households, they receive 23.7 percent of the total tax cuts from the 2017 tax law, far more than the 13.8 percent that the bottom 60 percent of households of all races receives, the Institute for Taxation and Economic Policy estimates. [4]
