A Poll on some of the House Versus the Senate Tax Provisions
We thought we would review some of the tax provisions and see how the readers respond on a poll
Now that we have the Senate and the House tax proposals (although the Senate is not quite yet final), we thought doing a poll on some of the provisions might be of interest to our readers.
SALT Poll
The House proposal raises the ceiling on the deduction from $10,000 to $40,000 and then starts to phase the ceiling back down to $10,000 once income goes over $500,000. Farmers in pass-through entities would continue to have an unlimited PTET deduction.
The Senate proposal keeps the ceiling at $10,000 and will limit the farmer’s PTET at the greater of 50% or $40,000.
Poll:
Section 199A Deduction Poll
The House proposal raises the deduction to 23% from 20% and also eliminates the $50/100,000 phase-out range for SSTB and wage limit, etc. and replaces it with a new calculation.
The Senate proposal retains the current 20% deduction but increases the phase out range by $25/50,000.
Poll:
100% Bonus Depreciation Poll
The House reinstates 100% bonus depreciation effective January 20, 2025, through December 31, 2029. After that date bonus depreciation disappears.
The Senate proposal uses the same reinstatement date but makes 100% bonus depreciation permanent.
Poll:
We can guess how each poll will go, but we will see if our guesses are correct.