Economy & Business

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The AMT is a flashpoint between the two tax bills

Dec 4, 2017

So now we have two GOP tax plans that must now become one. Among the variations between the House and Senate bills is the individual alternative minimum tax. That’s the idea that there should be some minimum tax rate so the wealthy can't deduct or exempt their way out of taxes entirely. Doing away with the AMT, as it's known, was part of Republicans push to simplify the tax code. But on Friday, the Senate added a version of it back into their plan. What’s going to happen now? 

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How many tax brackets do we need?

Dec 4, 2017

The GOP has promised its tax plan would ultimately create a simpler tax system for individuals. Key to that is a reduction in the number of tax brackets from the current seven. The House bill does that, taking them to four and lowering the rates. The Senate, though, sticks with seven, albeit at slightly lower rates. How would those two approaches shake out for taxpayers – and what might a compromise look like?

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Now that the House and Senate have passed their versions of the tax bill, Republicans are going to start negotiating which items will be included in the final plan. Both the House and Senate would increase the child tax credit and make folks with higher incomes eligible. Critics say lower-income families would be largely left behind. The House would raise the current $1,000 child tax credit to $1,600, and the Senate would raise it to $2,000. But the proposed changes would help upper-income families more than those in low-income brackets.

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12/04/2017: What's another $1 trillion?

Dec 4, 2017

We get down to the differences between the Senate and House versions of the tax bill, and debt created is one of those differences. Also included is the number of tax brackets, the alternative minimum tax and the amount of the child tax credit. Plus, Marketplace’s Dan Gorenstein is in Boston looking at how to woo investors to a working-class neighborhood in order to create a healthy, mixed-income community, and Kai Ryssdal figures out how to tell the difference between real and fake Nikes with Eddy Lu, CEO of GOAT, an online sneaker resale marketplace that specializes in authenticity.

Trying to deliver on President Donald Trump’s promise of gifting America tax reform this Christmas, the U.S. Congress has so far passed two different tax bills. Now, they have a month to reconcile the two versions — House and Senate — into a final bill.

Power Pinch

Dec 4, 2017

At Planet Money, we love big projects. We bought a toxic asset. We made a T-shirt. We're trying to launch a satellite into space. Doing this stuff means we can't always keep up with the news as much as we'd like. So we're launching a new show. It's the Indicator: Planet Money's quick take on a number, or a term, or a story in the news.

House and Senate Republicans have now passed two different versions of a sweeping tax overhaul. Their next step is to iron out differences between the two bills, so the final product can be sent to the president to be signed into law.

The family of a 19-year-old food delivery worker was not eligible for any kind of worker's compensation last month after their son was struck and killed by a dump truck.

It's a short word, but one that can cause a lot of confusion — taxes.

Early Saturday morning, Senate Republicans passed their version of the tax bill, which means that the House and Senate must now reconcile their respective plans if Congress is to pass major tax reform this year.

There's a lot in the bills — which come to hundreds of pages — to understand. Tax reform will have an enormous effect on individuals, businesses both big and small and, ultimately, the U.S. economy.

How do you raise the standard of living in the poorest neighborhoods in the country?

That’s what community developers, typically nonprofits that build and finance affordable housing, have tried to do over the last few decades. And yet, despite more than $100 billion going into affordable housing and commercial projects every year, many of these communities remain stuck in poverty. A big part of the problem is a lack of cash, specifically the kind of private investment that attracts new residents and jobs.

The Ground Beneath Our Feet

Dec 4, 2017

During a major soil catastrophe — the Dust Bowl — President Franklin Roosevelt told state governors, “The nation that destroys its soil destroys itself.”

Still, we treat our soil like dirt. By growing food and storing carbon dioxide and water, the loam and peat that coats the earth sustains us all. In return, we till it, treat it with chemicals and generally walk all over it.

What’s next for the tax bill?

Dec 4, 2017

Now that the Republican majority in the Senate has passed its version of a controversial tax bill, a new process begins. And it could be just as complicated and byzantine: melding the two tax bills into one so it can pass both chambers of Congress and go on to President Donald Trump for his signature. 

CVS Health is looking to create a national network of community medical clinics that will serve as "America's front door to quality health care."

That's the goal, according to a statement by CEO Larry Merlo on his company's deal for Aetna. It's an ambitious one for CVS, a company better known as a quick stop for Tylenol and a Coke.

When we're grocery shopping, most of us don't seek out foods that have passed their "Best Before" dates. But a chain of grocery stores in England is asking consumers to do just that.

In an effort to reduce food waste, the East of England Co-op says that it is now selling items that are up to a month past their "Best By" dates in its 125 outlets, with prices reduced to just 10 pence (about 13 cents).