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Posted by: thepinetree on 11/02/2017 07:49 AM Updated by: thepinetree on 11/02/2017 07:49 AM
Expires: 01/01/2022 12:00 AM

House GOP Tax Plan Summary

Washington, DC...The GOP has released their tax plan. A few light details are below...

Lowers Rates for Individuals and Families
The framework shrinks the current seven tax brackets into three – 12%, 25% and 35% – with the potential for an
additional top rate for the highest-income taxpayers to ensure that the wealthy do not contribute a lower share of
taxes paid than they do today.

Doubles the Standard Deduction and Enhances the Child Tax Credit
The framework roughly doubles the standard deduction so that typical middle-class families will keep more of their
paycheck. It also significantly increases the Child Tax Credit.
Eliminates Loopholes for the Wealthy, Protects

Bedrock Provisions for Middle Class
To provide simplicity and fairness the framework eliminates many itemized deductions that are primarily used
by the wealthy, but retains tax incentives for home mortgage interest and charitable contributions, as well as tax
incentives for work, higher education, and retirement security.

Repeals the Death Tax and Alternative Minimum Tax (AMT)
The framework repeals the unfair Death Tax and substantially simplifies the tax code by repealing the existing
individual AMT, which requires taxpayers to do their taxes twice.
Creates a New Lower Tax Rate and Structure for Small Businesses
The framework limits the maximum tax rate for small and family-owned businesses to 25% - significantly lower
than the top rate that these businesses pay today.

To Create Jobs and Promote Competitiveness, Lowers the Corporate Tax Rate
So that America can compete on level playing field, the framework reduces the corporate tax rate to 20% – below
the 22.5% average of the industrialized world.

To Boost the Economy, Allows “Expensing” of Capital Investments
The framework allows, for at least five years, businesses to immediately write off (or “expense”) the cost of new
investments, giving a much-needed lift to the economy.

Moves to an American Model for Competitiveness
The framework ends the perverse incentive to offshore jobs and keep foreign profits overseas. It levels the playing
field for American companies and workers.

Brings Profits Back Home
The framework brings home profits by imposing a one-time, low tax rate on wealth that has already accumulated
overseas so there is no tax incentive to keeping the money offshore.

Comments - Make a comment
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Deficit Increase without Protest
Posted on: 2017-11-02 08:10:05   By: Anonymous
I am baffled as to where are the fiscal conservatives when this tax "reform" plan will increase the national deficit.

[Reply ]

    Re: Deficit Increase without Protest
    Posted on: 2017-11-02 08:50:33   By: Anonymous
    This flier is a propaganda piece if I've ever seen one.
    Current lowest rate is 10% so all those will now get to pay 2% more. Those making more, who were previously paying up to 35% will have their rate lowered to 25%. Who benefits? Those making he most money. Who makes up the difference? Those making the least amount of money.

    Doubling the standard deduction does nothing for anyone who itemized in order to benefit from deductions of property taxes, state income taxes, mortgage interest. What they didn't say and I can't tell if it is retained or not . . . Does the plan still allow individuals to deduct their state income tax from their federal income tax? If no, individuals will pay taxes 2 times on their income. Increase!

    Those family-owned businesses? Guess who has a family-owned business? Donald Trump for one.

    Corporations in the US are reaping in huge profits. None of those profits have gone to create jobs or increased wages. They have gone into bonuses for top management and stockholder dividends. US corporations don't need a tax break. They don't need a change in rules so they can write off improvements as an expense. Another give-away by the GOP to its major donors.

    So . . . better either contact your Congress persons and let them know you don't want to pay more taxes starting in 2018, and have trillions of $s added to the national debt. Either that or post your contact number as a comment so we can send you a bill for our increased taxes and you can pay our share as well.

    [Reply ]

      Re: Deficit Increase without Protest
      Posted on: 2017-11-02 09:57:24   By: Anonymous
      Agree. Nice analysis.

      And, John, if you're going to just post Republican talking points without any balance, then I think you should rename the site or just go completely honest and call it

      [Reply ]

        Re: Thou Dost Protest Too Much
        Posted on: 2017-11-02 11:18:26   By: Anonymous
        This plan is a great solution to the long delayed income tax problem.

        The plan would reduce the number of income tax brackets, raise the child tax credit and preserve popular retirement savings plans.

        The proposal also moves forward in repealing the alternative minimum tax, an extra tax that some have to pay on top of their regular income tax.

        As part of that reform package, the GOP aims to permanently lower the corporate tax rate to 20 percent.The House bill, would also slash the number of income tax brackets from seven to four: 12 percent, 25 percent, 35 percent and 39.6 percent.

        The bill seeks to raise the child tax credit to $1,600 from its current maximum of $1,000. It's also preserves popular retirement savings plans like 401(k)s and Individual Retirement Accounts.

        Under current law, taxpayers can put a specified amount in 401(k) retirement savings plans without paying taxes upfront. The amount workers can contribute to a 401(k) rises to $18,500 next year, up from $18,000 in 2017. People age 50 and older can tack on a so-called catch-up contribution of $6,000.

        The GOP bill would also allow taxpayers to write off up to $10,000 in state and local property taxes.

        But the plan would cut a popular mortgage interest deduction in half. While it would maintain the current deduction of $1 million in mortgage debt for current homeowners, that cap would be slashed to $500,000 for newly purchased homes.

        Those persons buying a home mortgage over $500,000~ or paying state and local taxes more than $10,000~, they can afford the higher rate.
        Very fair to the middle class.

        Thank you President Trump for keeping your promises.
        Making America Great Again.

        [Reply ]

          Re: Thou Dost Protest Too Much
          Posted on: 2017-11-02 20:12:37   By: Anonymous
          For those buying a home mortgage over $500K, very fair - do you actually live here in CA? This is a significant blow to CA and other areas where real estate runs higher than, let's say, Kansas.

          [Reply ]

            Re: Thou Dost Protest Too Much
            Posted on: 2017-11-03 08:40:24   By: Anonymous
            Many Democrats argue that you shouldn't get rid of state and local tax deductions because some people in high tax states might pay more. Around 30% currently itemize deductions and a much smaller percentage have over $24,000 in itemized deductions and most of those would be defined as "rich." I would love to see Pelosi and Schumer go around the country telling people in Mississippi, Tennessee, Florida, Texas, and other low tax states that they should pay more Federal income taxes than people in California and New York even when those people could make more money. That certainly doesn’t sound fair to me and Democrats are all for fairness, aren’t they?

            [Reply ]

          Re: Thou Dost Protest Too Much
          Posted on: 2017-11-02 20:26:09   By: Anonymous
          Guess you're not planning on selling your modest Arnold home eventually to anyone outside of the area who would be very much affected. In case you haven't been paying attention, the Route 4 market is primarily made up of second home or vacation home buyers. They're not going to pay your 350K unless there's a deduction since they're starting over at the tax base.

          [Reply ]

            Re: Thou Dost Protest Too Much
            Posted on: 2017-11-02 20:27:20   By: Anonymous
            Agreed. And for the record, very few homes in this area are purchased by locals.

            [Reply ]

        Re: Deficit Increase without Protest
        Posted on: 2017-11-02 11:39:52   By: thepinetree
        Editor's note: Yes, the posted graphic is a puff piece. Was looking for a more traditional summary or meaty press release but that is what they had released this morning. Final bill will no doubt have some significant changes well.

        [Reply ]

          Re: Deficit Increase without Protest
          Posted on: 2017-11-03 07:09:13   By: Anonymous
          Thanks for the clarification.

          [Reply ]

No Subject
Posted on: 2017-11-02 08:42:41   By: Anonymous
Repealing the inheritance tax only helps those with an estate of over 5 million since there is no estate tax under that amount so it only helps rich families.
The fact that there are less levels of tax only could help low income families when we know what level of income is to be charged what % of tax.
Corporate taxes will be lowered so corporations will make more money. Anyone that thinks that will help the low and middle class is crazy.
All in all, sounds like a good tax plan for the higher income people

[Reply ]

    Posted on: 2017-11-02 10:17:22   By: Anonymous
    They also knocked out the Alternative Minimum Tax (AMT), which was put in the code to make sure the very rich could not use deductions to pay no tax at all. In the one year of Trump's tax returns we got to see (2005, I think) almost all the tax he paid was due to the AMT. Without that, he would have paid almost nothing.

    The AMT did need adjustment because it was not indexed for inflation and was hitting some middle class families who had unusual medical expenses or other deductions. But that was a reason to reset it to kick in at incomes over say $500,000 or even $1 million, not to scrap it altogether. And what could be more fair than a rule that assures that even the very, very rich with lots of tax lawyers still have to pay a significant income tax?

    Killing the AMT is an even bigger gift to the rich than abolishing the estate tax. For one thing, you don't have to die to benefit from having no AMT.

    [Reply ]

      Posted on: 2017-11-02 11:28:18   By: Anonymous
      The AMT is just an additional tax and needs to go. This tax plan is a good one and long overdue.

      The legislation seeks to revamp the tax code in a major way for the first time since 1986, incorporating long-sought goals of congressional Republicans to keep more money in the pockets of individuals and families and boost incentives for businesses by closing loopholes.

      The bill would also increase the standard deduction so single filers earning up to $12,000 and joint filers earning up to $24,000 would pay no income tax.

      The measure includes an increase in the child tax credit from $1,000 to $1,600 per qualifying child. The child tax credit expansion is part of a new family credit that also includes a $300 credit for each parent and non-child dependent to help with everyday expenses.

      The mortgage interest deduction is maintained in full for existing mortgages, but future homebuyers would only be able to deduct interest paid on the first $500,000 of the total cost of their mortgage.

      Retirement incentives for 401(k)s and IRAs are also maintained.

      Nothing but positives for the middle class.

      [Reply ]

        Posted on: 2017-11-03 07:39:04   By: Anonymous
        You clearly understand this well enough to know you are not being truthful.

        The AMT is not an "additional tax." It is an alternative tax that was put in place to prevent high income individuals from gaming the various loopholes in the IRS code to reduce their tax burden to an amount far smaller than their fair share. It is a relatively simple calculation that limits or removes many deductions and loopholes and tells the taxpayer he owes an amount commensurate to his actual income. If the calculated alternative minimum tax is higher than the tax calculated by your clever tax accountant, then you pay the higher amount. Having the AMT in place is a big factor in assuring TAX FAIRNESS. It stops high earners from gaming the system.

        The AMT did need to be adjusted for inflation because it was catching some middle class earners such as those in high tax states earning $100,000-$200,000. They were not gaming the system and should not have been subject to the AMT. That could have been an easy fix while leaving the AMT in place for people like Trump who are otherwise able to shelter an income of $100+ million with almost no tax. Again, look at his returns from 2005 - he paid significant tax ONLY because of the AMT.

        The bottom line for the Republican tax plan is this: It is a large and clear win for corporations and those who own a lot of stock in corporations (mostly rich people). It is also a clear win for high earners and rich people because it abolishes both the estate tax and the AMT. Those are the biggest changes in terms of who benefits and almost all of those benefits goes to the rich. Those are also the changes that have the largest effect on increasing the deficit.

        Some genuinely lower or middle class taxpayers will see a small benefit (estimates are $1000/year) but some will actually see their tax go up. This is particularly likely if you live in a high tax state such as CA or if you have high medical expenses relative to your income that you would normally itemize and deduct from your adjusted income. It is also going to hurt middle class Californians who own a house with a market value above $500,000 (e.g., nearly all houses in Palo Alto, and several S. CA cities). When you want to sell that house, your buyer pool will be smaller because the buyer will not be able to deduct mortgage interest beyond the first $500,000 in principal. If you're a builder of expensive homes, you have the same problem.

        So the truth is this: It's a mixed and at most small benefit for middle and lower class citizens. It's a big gift to the rich.

        And if you think a cut in corporate taxes is going to cause corporations to raise the wages they pay their workers, you're VERY gullible. The only workers who will see increased pay are the CEO and others in the executive hierarchy. Corporations are already sitting on a ton of cash and they clearly are not increasing wages for regular workers. Wages are not set based on the corporate bank account.

        [Reply ]

          Posted on: 2017-11-09 10:57:58   By: Anonymous
          Well stated.

          Corps were given a tax gift, I believe under Reagan. Corps did not put the money back into the businesses, nor increase wages or hire additional workers. They paid top executives larger bonuses because their bonuses are based on year-end profits, and paid higher dividends again because profits were higher.

          It must be evident to all that when congressional GOP personnel state these tax plans truly only benefit the richest in our society and corporations, at the expense of lower and middle income families, the authors are challenged to support these changes

          Neither plan is 'reform'. Both are 'reallocation'. One GOP Senator suggested a 'reform' related to how 1099 wage earners were being taxed. He outlined his proposal which seemed to me as a lay person to make total sense. The response? 'That's not the direction we're going with this plan.'

          Trump said he would get rid of 'loop holes'. He said in his campaign he'd used many of them to avoid paying taxes. I'd love to have someone tell me what 'loop holes', if any, either tax plan closes. Seems it opened up another with the repeal of the AMT.

          [Reply ]

        Re: Get Real
        Posted on: 2017-11-09 10:45:18   By: Anonymous
        How many people do you know in CA who can live on $1000 a month as a single person, or $2000 as a 2 income family?

        [Reply ]

No Subject
Posted on: 2017-11-02 08:44:25   By: Anonymous
Also buried in there is the provision to remove the tax deduction when one purchases a home, a primary motivation for many. This does not bode well for first time buyers or those ready to sell.

[Reply ]

    Posted on: 2017-11-02 11:21:31   By: Anonymous
    The plan would cut a popular mortgage interest deduction nearly in half.
    But it would maintain the current deduction of $1 million in mortgage debt for current homeowners, that cap would be slashed to $500,000 for newly purchased homes.

    Those persons buying a home mortgage over $500,000~ , they can afford the higher rate.
    Very fair to the middle class

    [Reply ]

      Posted on: 2017-11-02 20:14:32   By: Anonymous
      Travel thirty miles out of Calaveras County and you couldn't be more mistaken. This is very bad news for first time buyers as well as you if you're planning on selling your home eventually to a bay area transplant.

      [Reply ]

        Re: WHAT?
        Posted on: 2017-11-03 16:06:12   By: Anonymous
        Only a sucker buys a $150,000 home inflated by greed to $750,000.
        Only in New York and Liberal areas of California.

        [Reply ]

          Re: WHAT?
          Posted on: 2017-11-09 11:09:39   By: Anonymous
          I lived in a fairly conservative part of CA. I sold my basic 3 bdrm, 2 bath 1100 square foot house for over $500,000. Young family bought it as their first 'house'. Four years later that house is worth $650,000. Why? Because it is a 'neighborhood' with good schools, local parks, close to shopping and entertainment, easy commute to good job opportunities, recreational activities are almost unlimited.

          I guess if you want to pay $175,000 for the same house, you can find it in South Dakota or Iowa. Employment opprtunities are not the same. Weather is much harsher.

          What one pays is based on the market which is governed by multiple factors. It is not about being 'liberal' or 'conservative'.

          [Reply ]

      Posted on: 2017-11-02 20:37:02   By: Anonymous
      Except for some of our own smart and talented children who worked hard in school, went on to college and further training and chose to create a life outside of here. Essentially, the good ones who went elsewhere because of the lack of good jobs here. This logic only supports dead-end retirees, not those who care about or have a sense of community. And it certainly is no incentive for any talent to return.

      [Reply ]

      Posted on: 2017-11-03 08:07:32   By: Anonymous
      No deduction whatsoever for the purchase of second or vacation homes either. Last time I checked, that's about 70% of the Arnold real estate market (and to whom many of you sell your homes). One may think this doesn't affect you but the ramifications throughout the real estate industry will be huge, especially in states where real estate is more expensive.

      [Reply ]

Posted on: 2017-11-02 08:54:49   By: Anonymous
EVERYONE needs to send an email to their federal representatives to let them know this is not a plan we support.

I can guarantee you McClintock will vote for this plan because he votes very everything Trump puts on the table. Our senators are another matter. They could vote either way. Let them know they need to vote NO on the House plan. (We don't know what the Senate version yet looks like.)

[Reply ]

    Posted on: 2017-11-02 09:06:23   By: Anonymous

    [Reply ]

      Posted on: 2017-11-02 11:29:14   By: Anonymous
      Me Too!
      President Trump, Making America Great Again.

      [Reply ]

      Posted on: 2017-11-09 11:21:31   By: Anonymous
      I am retired and thus on a fixed income from my pension and social security. I do anticipate an increase in my federal tax with the House plan.

      Since you like this plan, please post your name and address as a response so I can send you a bill for the increase I anticipate under Trump's 'reform' package. I'm sure you're willing to cover the added burden to be incurred by retired persons like myself.

      [Reply ]

    Posted on: 2017-11-02 10:05:50   By: Anonymous
    Yes, McClintock will vote for it even though he is in a state where many middle class families will see their taxes go up. Even here in Calaveras County many of us will be hurt by losing the deductibility of state income taxes. There are also parts of his district where people buy houses with mortgages greater than $500,000. Those houses just became worth less to their present owners because when they go to sell them, the buyers will not be able to fully deduct mortgage interest.

    And after railing against the national debt when Obama and the Democrats raised it to save the auto industry and to stimulate the economy in the depths of the Great Recession, McClintock will now vote to raise it further for the great good of giving a tax break to the wealthy. The man has no honor.

    [Reply ]

      Posted on: 2017-11-02 11:33:33   By: Anonymous
      So you're worried about losing the deductability of state income taxes?
      Stop voting for Tax and Spend California Democrats.

      The only states this will hurt is blue states where Democrats run amok with your taxes.
      Make California Great Again and kick the Democrat outta Sacto.

      [Reply ]

        Posted on: 2017-11-02 18:05:25   By: Anonymous
        Only way to make America Great Again
        (Which it always was by the way)
        Is to get rid of Trump and McClintock that is Trumps bitch and cares nothing for the people he is elected to serve
        LOCK them up
        Lets get representative that work for the working class not the rich and their ignorant supporters

        [Reply ]

        Posted on: 2017-11-03 07:46:04   By: Anonymous
        Yes, let's aspire to be a low tax state like Mississippi where people are trapped in poverty and the education system, libraries and infrastructure are of third world quality.

        Of course, Oliveira has left the 3rd district in a third world state with unrepaired roads and bridges, but that's a problem we can fix at the next election.

        [Reply ]

          Posted on: 2017-11-03 16:10:03   By: Anonymous
          Why aspire?
          Jerry Brown and his Democrat cohorts have already turned California into a HIGH tax state where people are trapped in poverty and the education system, libraries and infrastructure are of third world quality.

          Democrats, turning wealth into poverty since their Civil War loss.

          [Reply ]

        Posted on: 2017-11-03 08:02:23   By: Anonymous
        Current local and state tax deductions force taxpayers in low tax states to subsidize tax crazy states like California, Illinois, and New York where government employee unions are raping the treasuries.

        Now quit crying and get rid of the tax and spend fools in Sactown.

        [Reply ]

Posted on: 2017-11-02 09:30:23   By: Anonymous
Classic GOP - everything they do is for themselves and the rich - making it sound as though it benefits the middle and lower classes - actually the ones who will be paying the rich's share to make up their windfall. Classic GOP BULL!!!

[Reply ]

    Re: SUCH BULL!
    Posted on: 2017-11-02 10:08:39   By: Anonymous
    Jim Hightower had a good line - When a Republican is telling you about trickle down, look at your own leg because he's peeing on it. That's the only trickle down you'll be getting.

    That's not an exact quote, but it conveys his thought on this.

    [Reply ]

      Another Loss
      Posted on: 2017-11-02 10:29:28   By: Anonymous
      This "tax reform" bill will not pass, just as all the other tRump proposals have failed, this one will too.
      Another loss for the liar, clueless self promoter, using his office to gain more wealth.
      It should surprise no one that it will balloon the national debt, now the Republicans say it's ok because of all the new jobs, higher wages...yeah, right, when has this ever happened?

      Strike Three, You're Out!

      [Reply ]

        Re: Another Loss
        Posted on: 2017-11-02 12:09:20   By: Anonymous
        LET'S HOPE!!!

        [Reply ]

          Re: Another Loss
          Posted on: 2017-11-02 18:06:54   By: Anonymous
          Don't just hope get out there and help us get rid of this POS

          [Reply ]

No Subject
Posted on: 2017-11-02 20:23:17   By: Anonymous
Those of you buying into this make America great again crap are just plain silly. I haven't paid taxes in years because I lost a lot in business and investments during the recession. Still, have several million to last into my retirement. Somehow I still have credits to be used two or three years out into the future. Yet your kids will no longer be able to deduct their first home. And all this talk about reducing the rates for corporate America simply means that other countries will slash theirs further to compete. Eventually the price you pay for that Walmart shirt or Costco salsa will remain the same, maybe more. What is a given is that I will continue to do better under a Republican administration. All such bread and circus. When will you ever understand that anything the GOP does is about making the rich richer? Please pull yourselves away from the altar of FOX News and try to do some independent reading - or at least a news source not owned by big business.

[Reply ]

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