Author Topic: Did house republicans just add a 15.3% tax on rental income?  (Read 1369 times)

freedcorporateslave

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Did house republicans just add a 15.3% tax on rental income?
« on: November 17, 2017, 12:01:02 PM »
Concerned about the all talk of property tax exemptions I googled to see how the republican tax plan will affect me and came up with this:

https://www.nolo.com/legal-encyclopedia/how-the-republican-tax-plan-affects-landlords.html

Am I reading into this correctly that if the house bill becomes law all my rental income will now be taxed at an additional 15.3%?

dandarc

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Re: Did house republicans just add a 15.3% tax on rental income?
« Reply #1 on: November 17, 2017, 12:53:16 PM »
Wow - sure looks like it.  Hadn't heard about that one before.

Quote
(3) APPLICATION TO RENTAL INCOME.—Section 1402(a) is amended by striking paragraph (1).

That paragraph seems to be the one currently excluding rental income from self-employment tax.

rab-bit

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Re: Did house republicans just add a 15.3% tax on rental income?
« Reply #2 on: November 17, 2017, 12:55:53 PM »
I also read it the same way. I looked for some other news articles on this but only found this so far related to farm rental income:

https://www.dtnpf.com/agriculture/web/ag/news/world-policy/article/2017/11/06/tax-bill-subject-farm-rental-self-2

So the farmers lobbies will be all over this as well.
« Last Edit: November 17, 2017, 12:58:33 PM by rab »

rab-bit

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Re: Did house republicans just add a 15.3% tax on rental income?
« Reply #3 on: November 17, 2017, 01:09:23 PM »
Update: this newer article from the same source as my post above states that the Senate bill does not have that change and also says that it was removed from the House bill before the vote:

https://www.dtnpf.com/agriculture/web/ag/news/livestock/article/2017/11/13/senate-bill-several-major-compared

So hopefully we're safe from that.
« Last Edit: November 17, 2017, 01:17:16 PM by rab »