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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Nov 03, 2017
Page
1
Republican House leaders unveil legislation that would nearly double the standard deduction and remove the personal exemption threshold, affecting individuals families and businesses. The plan also revisits corporate and small business provisions while offering no changes to 401 k plans.
The plan keeps mortgage and charitable deductions but caps new home mortgage interest at 500000. Child tax credit rises from 1000 to 1600 per child, with an extra 300 credit for parents or non child dependents. Inside: winners and losers in the Republican tax plan, 4A.
A compromise would keep a $10,000 deduction for property taxes but end deductions for other state or local taxes. It doubles the estate tax exemption immediately, imposes a 40 percent rate on very large estates at death, and would repeal the tax after six years. Fewer than 1 in 500 decedents leave estates subject to the tax on average.
The proposal collapses seven brackets into four with 12 percent for individuals up to 67 500 and couples to 90 000, 25 percent up to 200 000 individuals and 260 000 couples, 35 percent to 500 000 individuals and 1 million couples, and 39 6 percent over those thresholds. Washington Post
Sam Clovis of Iowa ends his bid to be USDA chief scientist after disclosures about his knowledge of a 2016 campaign aide meeting Kremlin interests. The move follows scrutiny over his scientific qualifications and ties to Trump campaign activities.
The Gazette reports that in Cedar Rapids Marion Iowa City and Coralville half of 37 mayoral and city council candidates have voted in municipal elections at least 85 percent since 2005 while six have not voted locally since 2005. Profiles from Linn and Johnson counties reveal varied participation with older candidates voting more reliably.
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