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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Sep 28, 2017
Page
1
The White House outlined more specifics on its tax plan aimed at a $20 trillion debt issue. Congress must work out how to fund the plan and its potential impact on individuals and households.
The proposal would cut the top individual rate from 39.6 to 35 percent, raise the standard deduction to 12000 for singles and 24000 for married couples, shrink seven brackets to three with a possible fourth for the wealthy, end state tax deductions, repeal the 4050 personal exemption, boost the child tax credit to 1000, offer 500 credits for non child dependents, eliminate unspecified itemized deductions but keep mortgage interest and charitable deductions.
The plan would allow full expensing of capital investments for at least five years and partially limit the business tax deduction for debt interest payments. It retains credits for research and development and low income housing. Most pass through businesses would face at most a 25 percent rate instead of the owner's personal rate.
Proposals call to cut the corporate tax rate from 35 percent to 20 percent and end the corporate alternative minimum tax. They seek a territorial system that stops taxing overseas profits at the corporate rate, plus a one time repatriation of overseas assets at lower rates. A new minimum global tax would apply to overseas profits of firms operating in tax havens.
Trader Joe’s confirmed a Coralville location at 920 Ponseti Way will open on Oct 6 with a 7:55 a.m. grand ceremony and 8 a.m. official start. The 13,000 square foot store features murals of local landmarks and is Iowa River Landing’s latest tenant, joining West Des Moines as Iowa’s second Trader Joe’s.
As elections begin under a law, Iowa public employee bargaining units must hold end of contract votes to decide if they should continue representing workers. About 34 000 workers across 500 elections start a two week period in October with 120 000 workers later involved. Ken Sagar of the Iowa AFL CIO says the process will be a long haul as units shift to require a majority of all eligible voters to approve certification.
The Gazette issue details a weekly page from 2017 with local notices and brief items. It lists community updates and short news briefs featuring local organizations and residents.
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