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Wed Dec 13, 2017, 10:21 AM

GOP tax plan could bring big New Year's surprises/First of all it will be implemented on Jan. 1st.

"American taxpayers may get a jolt on New Year’s Day when new tax rules — including some sudden tax increases — take effect just days after Republicans hope to pass their overhaul and have it signed into law.

In an effort to juice the economy with tax cuts ahead of the midterm elections, the GOP is planning a Jan. 1 start date for its sweeping rewrite of the code.

But along with Republicans' much-advertised cuts in business and individual taxes, there would be tax increases as well, some of which have been barely debated.

Some people who sell their homes may find they owe thousands more in taxes; investors could pay more when they sell stocks; and undocumented immigrants could find themselves cut off from a popular child tax credit Republicans plan to expand.

Fringe benefits for workers such as subway passes and help with moving expenses will
likely no longer be deductible, which might prompt companies to drop them.

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