Posted on 12/21/2017 6:55:43 AM PST by davikkm
Before we get into the real estate ramifications portion of the GOP tax bill, let us recall and reiterate the fact that zero Democrats voted for a tax plan that cuts the corporate tax rate to 21% from 35% to make American corporations more competitive and bring more taxable income home, simplifies the tax code and eliminates some deductions, trims other deductions, and does away with a personal exemption, all of which would result in around 48% of U.S. households receiving tax relief of at least $500, according to the Joint Committee on Taxation.
The GOP tax bill has now passed through Congress and is awaiting President Trump’s signature. It remains to be seen if he will sign it before the end of the year or the start of next year. Whatever happens, homeowners in wealthy parts of the country will be affected most by the GOP tax law.
(Excerpt) Read more at investmentwatchblog.com ...
High earners in democrat states with income taxes will be paying more. To democrats, this is “tax cuts for the wealthy”
Who do you think they vote for?
Liberals love paying taxes so this shouldn’t be a problem for them.
Well that should make the Democrats happy. They hate rich people.
It’s funny that all of the Democrats on TV seem to hate this bill.
I just don’t understand Democrats.
Elections have consequences.
This new mortgage interest deduction cap only applies to new purchases, so the immediate impact will be very limited.
Can’t be....this tax plan only hurts the poor and middle class.
How many times during the Obama reign did we hear Warren Buffett, Bill Gates, and others, beg to pay more taxes?
“but what about the reduction in marginal income tax rates?”
The people this guy is talking about are at income levels too high to benefit from the decrease in income tax cuts.
Isnt this what Liberals always wanted? To hit the wealthy hard with taxes?
Well, it isn’t doing me much good. Woo hoo, I get to save a whopping $200 which won’t cover one trip to the grocery store. Of course, property taxes went up it’s usual $500/yr. so I’m in the hole $300 with that alone.
Wah! I’m rich! Wah! I pay too much taxes! Wah! I live above my means! Wah!
and here comes DNC talking point #2, courtesy of a different partisan media shill:
NY Times Condescends to Trump Voters on Page 1: He’s No Friend of the ‘Little Guy’
Newsbusters.org | December 19, 2017 | Clay Waters
Posted on 12/19/2017 3:46:51 PM PST by Kaslin
http://www.freerepublic.com/focus/news/3615156/posts
how many states / referenda are there now to eliminate various state income taxes?
Which is why a lot of the Republicans from those states voted against the bill. I don’t think it will save them though. Would not surprise me to see Democrats gain in New York, New Jersey, Illinois, and California.
And most of these high-income folks have significant investments. If the economy grows as our side predicts, they will gain much more by rising stock prices than they lose by any changes in the tax code.
Why are people blaming this administration when it is the states who set the tone for property taxes, school taxes, etc.
Blame the states, not Trump!
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