Posted on 12/21/2017 6:55:43 AM PST by davikkm
The top rate goes from 39.6% to 37%. Not too shabby.
I give up, how many?
The Blue states, like NY, are to blame for the high tax issues...NOT THe President. Hopefully, this tax bill will open the eyes of these Dem Pols and start real tax reform. Hopefully is asking a lot from these nitwits, they will probably raise our taxes higher!!!!!
And it is worth noting that these wealthy home owners benefit in other ways from the tax bill. Their net worth will increase as the stock market soars and corporations increase their profitability thereby increasing dividends to shareholders. And if they are business owners, they receive a massive benefit from the reduction of the corporate tax rate.
I am sincerely hoping the benefits will outweigh the initial losses.
If Trump is successful it will be like finally breaking the chains.
I could see how this could turn a purple state blue. Like Virginia.
And even Cali and NY could turn purple..?
If you think that is crazy talk..consider this..did anyone believe we would be talking about 3%+ or 4% unemployment.
Tax reform.
Or,Isis virtually wiped out.
Or, a constitutionalist SCJ.
And its only Pres. Trump’s first year?
Not his first term..his FIRST YEAR!!
In this house: Trump!
That's about half the seats needed by the Democrats to take back the House. And those are the ones who voted against the tax increase; those that voted for it might be even more at risk. And if we go back to a Speaker Pelosi then what does that do to the Trump agenda?
But it's their federal taxes that are going up. And the Congressmen are going to bear the brunt of their anger.
Absolutely. They need to walk the talk.
I believe it is true that taxpayers in these states were “leaching” off the rest of the low tax states; ie. sending fewer dollars to DC because of their overly-genenrous deductions, placing the burden on the rest of us.
Thanks for more data re our stocks.
After Trump won the election twice last year with the recounts, I upped our percent of good mutual funds from about 10% of our IRA’s to about 20%.
We are in our late seventies, and can’t gamble that much.
At that age, with our IRA’s we have an automatic Monthly Minimal Distribution as required by law.
That minimal change has meant that our ending balances this year did not decrease inspite of fairly heavy distributions.
Our younger adult family members who have wisely maxed out their 401ks or SEP IRAS, can’t believe how much the value of the plans have increased.
One grandkid’s 529 soared until he became a junior this year. )(The 529’s automatically change with more bonds and less stock investments
We are in a similar situation-mid 70s. I have two-thirds in stocks mainly because I have a federal pension and can take greater risks. It has been a very good year.
I just emailed your Texas tax reality one of our younger adult relatives and his wife.
His company has a head office in the Austin area, and he has been under the misbelief that his property tax bill will be less in Texas than here inspite of his home under prop 13 for 15+ years.
His wife printed out your tax reality, and they will be discussing it this evening.
“I live rural West Texas.
My property taxes (on my home) are $19,000/year due to the Robin Hood tax program that steals money from rural areas and gives them to Dallas/Houston.”
Ps: You Texans need a Prop 13 that freezes property taxes.
Trump can’t help you there.
BTTT!!
The Robin Hood taxes are mostly known for taking the (larger amount of) taxes in areas like Dallas and Houston and redistributing them to rural areas (like West Texas) to improve schools, roads, etc.
Exactly what the goal was. More than this the tax on the money laundering colleges and universities’s endowments. The list of schools is delicious Harvard and Notre Dame!!!
Agreed, and those taxes won’t go down by electing more Democrats especially at the state level.
But it’s their federal taxes that are going up. And the Congressmen are going to bear the brunt of their anger
I think you will find the opposite is true. States like New York and New Jersey for every dollar they send to Washington they get less than a dollar back in federal spending. States like Kentucky and Texas and Florida and West Virginia and so forth get far more back from the federal government for each dollar they send to D.C.
POLL: Who will the Trump tax plan benefit?
http://www.headlineoftheday.com/2017/12/21/who-will-the-trump-tax-plan-benefit/
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