Posted on 10/23/2017 7:11:58 AM PDT by davikkm
The Wall Street Journal broke the story I believe. And nobody involved in writing the tax cut legislation is denying it.
Before 1986 and the Grahm-Rudman act which created this mess...all of this was done AFTER TAXES and it was your money to spend or save at your discretion.
I would prefer a complete repeal of this BS and go back to an after taxes system.
Yes, I understand all of this tax advantages etc...but remember the “seize all 401(k) accounts and give you a government backed annuity” nonsense from a few years ago? With all of this gone, they can’t seize your money because ou already paid the taxes on it, and it’s yours to do with as you wish. You can save it...invest it in a business, or any thing you choose.
Much of the NYSE price reflects that nobody has anyplace else to put their money, so stocks go higher...on what?
I think he will sign what they send them so long as someone tells him it's a great deal. Great deals are all that matter to him.
>>Only 18% of all taxpayers itemize.
It’s actually twice that overall, and higher than 36% in some states. <<
I was quoting someone I heard on the radio this AM. A quick Google search says closer to 30 of all tax filers itemize.
Of course a higher standard deductible will decrease the number of itemizers.
Actually I suspect that ending deductions for state and local income and property taxes will do that. Losing those deductions plus the personal exemption means my taxable income is going up by a considerable amount. Capping the 401k deduction will send it even higher. How much my taxes go up will depend on where the tax brackets fall and so far that's the big unknown.
I don't think the Congressional GOP leaders care. They will pass what they want to pass and expect Trump to sign it.
Don’t worry, you’ll have a nice 2 or 3 years worth of retirement when you are done working at age 95.
Only 50% of taxpayers actually have a net liability. In earlier post I showed that the 44 million taxpayers who deduct state and local taxes represent just over half of the 85 million filers who actually have a net federal income tax liability. Moreover, if you screen out those who pay less than $5,000 I would guess this becomes a much larger number, since those who itemize, like myself, are typically paying out more than the median salary in our locales.
“Great deals are all that matter to him. “
and so trump’s success has always been predicated on SOMEONE ELSE informing him of whether a deal was great or not, and he has never had the ability to understand whether a deal was great or not on his own?
“If you’re paying 12 grand in state and local taxes....you’re making some big bucks. The fact that it only effects 2 wealthy states tells the rest of the story.”
Don’t forget that if you are paying that much in state and local taxes, the cost of living in that area is going to also be proportionally higher, because the taxes affect all the businesses too. Those “big bucks” evaporate very quickly when you are paying much more for rent, groceries, utilities, gasoline, etc, than people in other areas.
“The Wall Street Journal broke the story I believe.”
well, hell, in that case it’s gotta be true if it appeared in Rupert Murdoch’s personal anti-Trump blog.
I also pointed out that nobody involved with crafting the legislation has denied it.
>>Those “big bucks” evaporate very quickly when you are paying much more for rent, groceries, utilities, gasoline, etc, than people in other areas.<<
Those force shields they erected around CA, NY, HI and MA to keep people there and paying confiscatory taxes are working like a champ!
Thanks davikkm, and President Trump.
Why is that insane? Just curious as to your reasoning.
If it was up to me, I'd opt out of FICA altogether and put the money towards my own retirement vehicles, so that I can have some control over how it is invested. I can do much better on return then what the government is getting.
” I also pointed out that nobody involved with crafting the legislation has denied it. “
if there’s no denial, then it must be true! that’s the basic operating mechanism of ALL fake news outfits.
I’m waiting to see if Senators John McCain (AZ) and Susan Collins (ME) sink this bill when it comes up for a vote.
Here's my admittedly outlier thinking. It's a huge problem that upper-tier employees get salaries in the millions of dollars, oftentimes from companies that pay many of their workers so little that they can scarcely survive, let alone save. Taxing those obscene salaries sends the right message.
As far as the low-wage (or no-wage) earners who don't pay taxes? I'm not okay with that. Unless they have some skin in the game, they're not going to care what others pay.
If it was up to me, I'd opt out of FICA altogether and put the money toward my own retirement vehicles
I totally understand that argument. Forced retirement savings is as unconstitutional as forced health care. The problem is, what do you do with those who won't or can't save, or those who invest in something that goes bust? The original idea of Social Security just being safety net to give people barely enough to survive in retirement was a noble one after the depression. Like any government program, it's spiraled out of control.
Again, it all goes back to restoring a self-sufficient middle class. Add to that, people should be able to get jobs and if they work hard and have good work habits should be able to make enough money to live a reasonable life and put something aside.
I have no clue how the nation gets back to that, without some asymptotic occurrences that will probably cause chaos.
If it's fake news then why isn't Ryan and McConnell and friends denying it?
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