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BREAKING NEWS

On Page 254 of Republican Tax
Reform Plan
A line item that puts the screws to military veterans

November 13, 2017




CLICK TO ENLARGE

 Chronicle staff

(NATIONAL)  --  Congresswoman Katherine Clark who represents the people of the 5th District of Massachusetts tweeted on Nov. 11th: "Buried on page 254 of the #GOPTaxScam, Republicans propose getting rid of a program that helps veterans find work when they come home."

See photo at right.

And what exatly is that program? It's called the Work Opportunity (Tax) Credit, and it encourages businesses to hire veterans. Under the GOP tax reform plan, hammered out in secret with no public hearings, that program would be eliminated.

"So too would the New Markets Tax credit, which encourages investment in poor area," says a report by Politico. "The bill is loaded with sure-to-be contentious ideas affecting broad swathes of the economy. It would delete a long-standing deduction for people with high medical bills — including those with chronic conditions. People would have to live longer in their homes, under the bill, to qualify for tax-free treatment of capital gains when they sell their houses.'

And there's more. The plan would also kill long-standing tax breaks for adoptions, and for student loan interest costs. Private universities would face a new 1.4 percent tax on their investment earnings from their endowments.

Politico notes that the National Association of Home Builders has said the legislation “eviscerates” housing tax benefits, and “abandons middle class taxpayers,' and the National Association of Realtors has already started lobbying against the proposal, running online ads in tax writers’ districts which say, “Don’t let tax reform become a tax increase for middle-class homeowners."






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