Posted on 12/21/2017 6:55:43 AM PST by davikkm
The middle class are going to take quite a hit in those states as well. Anyone who itemized is probably going to get hurt.
I am loving all of this winning :-)
New York gives billions more than it gets in federal spending
Works out to 84 cents on the dollar.
Who will the Trump tax plan benefit?
Most taxpayers and workers (48%)
The wealthy and big business (47%)
I’m not sure (5%)
Read more: http://www.headlineoftheday.com/2017/12/21/who-will-the-trump-tax-plan-benefit/#ixzz51uzxrEJk
Wait, they way I understood it they were actually going to be harmed by their STATE’S taxes, right?
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!
Then, you really know how beneficial for retirees with IRA’s under even President Trump elect and then President Trump!
Our excellent CPA has told us that when this new tax ruling goes into effect, we should get a reverse mortgage line of credit to pay off our Mortgage and home improvement line of credit. Then, take the $25k deduction for both of us and pocket or reinvest the $1500/net each month wo the above payments. Besides we will not be paying him $450 per year to do our taxes and eliminate all paperwork on our part.
If I make 150k in Texas I pay more federal income tax than someone making 150k in New York because those in high tax states can deduct their local and state taxes off their gross income.
Thus in effect I here in Texas would be subsidizing New York. The obscene taxes in New York are a matter to be resolved between their citizens and their government and not my income earned here in Texas!
There is a jerk from New York, redundancy noted, that is the winter time starter at a golf course we frequent that will be hard hit. Said last year he pair $30,000 in property taxes.
As a high income earner in a blue state, I can assure you despite your stereotyping, I don't vote for Democrats.
Never have. Never will. Thank you for falling for the class warfare the Democrats want you and those like you to fall for, pitting Americans against each other. I'm sure Nancy Pelosi is proud of you right now.
Federal taxes are "going up" in blue states because the tax base is being equalized across the board at the federal level.
I live in Illinois, a blue state (because of Chicago.) If you think the Democrat machine that's been corrupting this state for years aren't going to take it in the shorts in an election cycle or two if they don't do something to reduce the tax burden here, you'll need to think again.
The last Gubernatorial election proved that Chicago's influence on the state, at least for the Governor's mansion, can be overcome. (We won't get into how BAD Rauner has been as a Governor, however he's not a Democrat by party affiliation anyway.)
Most people don't know this however outside of Cook County and IIRC St. Clair County, Illinois is a pretty RED state. Most of the counties here are Republican led. The problem this state has is with Chicago and the urbanites that vote Democrat no matter what. That vote has been getting steadily diluted as people move out of Chicago (and often out of state) for the last 8-10 years.
I don't plan on staying here, however it won't be long before Illinois goes purple, then red as the old school democrats like Mike Madigan pass from this life to the next and are replaced with "less corrupt" thinking....
You realize they have to pay those taxes before they can deduct them. Your logic is not logical.
Austin is worse (not rate wise), but price wise.
Real estate in Austin is like San Francisco.
Baloney.
Midland County (and the entire Permian Basin) represent the core of tax revenue for the State of Texas on a per capita basis.
Everything above $1.09 per $100 has to be “shared” with the rest of the state. The result is our rates are very high for us to realize $1.15 per $100.
What you are repeating is not per capita numbers, but gross numbers spread out among the giant populations of Houston and Dallas. Y
es, Dallas and Houston pay more taxes. But they have millions of people. We have 150,000 and pay tens of thousands of dollars each.
We have exported money to support the rest of the state since oil was discovered here.
Haha. Elections have consequences...especially when you lose.
That is what our relative said re prices of homes.
Basically it would have cost about the same in the Austin area as his bay area house (5 bedrooms, family room, dining room large kitchen, a big kitchen eating area, an office area for her, and a two+ car garage.)
Your property tax bill cost, ended any possibilities of them moving to Texas.
And that was his point. Take the issue of paying the big state tax up with your state.
Here’s the reality:
Andrews County sends $32,000,000 to the big cities
Midland Count sends $32,000,000.
Seminole sends $26,000,000.
To put that in perspective, Midland has about 160,000 in the entire county.
Andrews has probably 50,000.
http://www.oaoa.com/news/education/article_5ee13fe8-fcc4-11e3-aaca-0017a43b2370.html
It’s just theft from big cities from little.
thx.
Those taxes are between them and their state and not the federal govenment. As I said, equal income in New York and Equal Income in Texas the man in Texas pays more in Federal Income Tax than the man in New York. What happens in New York needs to stay in New York and not affect national tax revenue.
If the people in New York want a different tax system in New York elect someone else to state office. Your problem in New York or any other high tax state is your problem and not my problem here in Texas.
People forget three things. One is that people may pay more taxes but if they invest they will/have made it up plus some. Two, if they have a business they will make it up plus some in being able to do robust business in a thriving economy. Three if they are employed they may well get higher paychecks because employees will become more sought after.
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