Current homeowners won't see their mortgage interest deductions disappear, either.
In the Tax Cuts and Jobs Act, private universities could face a 1.4 percent excise tax on large endowments - investment funds made up of private donations to the universities. The National Federation of Independent Business agrees. The widely anticipated tax-reform bill includes hundreds of structural changes to the tax code, a summary of which is available here. The tax reform provision appears to be a sideways attempt at something similar. It never has happened because it can't happen.
The results have been devastating: slow economic growth coupled with severe cutbacks in education spending and other vital services. That's likely to be the most optimistic estimate. The non-profit, non-partisan Tax Foundation estimates that "Kavya and Nick" who earn $85,000 a year might see a $1,072 benefit while "Olivia and Richard" who earn $1 million might see $59,130, which, even on a percentage basis, is about eight times better than their middle class brethren (a 9.09 percent after tax income boost for the rich compared to 1.44 percent for the not).
He points out the Senate has been unable to find enough votes to pass any health care legislation. The bill would also end federal tax credits for electric vehicles, but would extend credits for a variety of residential and commercial energy technologies to 2022. But that will cost money - so if a future extension of these tax credits will be expected and necessary, then Republicans are being misleading when they characterize this tax package as growing the budget deficit by only $1.5 trillion.
Unlike the debut of the House's first health care bill in March, most GOP members, representing a variety of constituencies and interests, seemed to agree that the plan was a half-decent start.
But will real estate sales and homebuilder lobbies push back further, and will they succeed?
The groups have all been pushing hard for tax reform.
The Republicans tax proposal also kills the student loan interest deduction and the medical expense deduction. "Why are you certain that this will be different?"
Outside actors may have an impact on us, too.
Our own changing lives.
There is also a question of priorities.
But one of the more interesting developments is that Democrats are endeavoring to tie Kansas Governor Sam Brownback's monumental failed experiment in supply-side economics-which, by the way, always fail, but rarely so spectacularly-in that state around the necks of the Republican leadership in the House.
"Today is a good day for the American people", Meadows tweeted Thursday afternoon. We will make the tax code simpler and fairer.
Changing tax rules over time.
If the plan goes through, and lawmakers don't limit how the companies can spend the money _ requiring them to invest in the US, say, or create jobs here _ CFRA's Kessler expects that a "substantial amount" is going to be allocated once more to stock buybacks and dividend payments.
In the meantime, consider the possibilities.
For example, New Yorkers making between $75-$100,000 will have to pay taxes on $10,000 more in income.
Compare that number to line 43 on your 2016 tax return. Already Sen. Chuck Grassley (R-IA), a powerful ally of the wind industry, has called for amendments to reverse cuts to the PTC, and Sen.
Avoid rash or unnecessary decisions, and remember that maximizing flexibility is always the best strategy. In much of the industrialized world, domestic corporations are taxed on their domestic income alone (a so-called territorial tax system). This would hit downstate New York and New Jersey the most where housing is expensive.
For the oil and gas industries, the tax bill calls for the end of some small tax breaks, including a tax credit for marginal wells.