Posted on 10/31/2017 10:51:30 AM PDT by Mariner
No, that’s your delusion speaking.
It’s most certainly not reason.
I deduce that to mean you are one of the Social Justice Warriors who is dependent on the productive class for your ability to eat and have a roof over your head.
For those of us who actually PAY INCOME TAXES, this plan sucks for most of us. Especially those over $100k and under $500k.
And most Social Justice Warriors take great pleasure in that.
Spot on post bump!!!
It does appear that some here either don’t get it, or for some crazy reason, want taxes in their very high tax states to stay up.
Look at how well states (like TX) with NO state income tax are doing. Wake up, blue/high tax states. The rest of us don’t deserve to pull your weight for paying for all of the illegals, various welfare programs, etc., in your state.
Kind of a cool site regarding taxation by the states (not including localities) for a family in the 3rd quintile of income. It shows how many states spread out the taxation schemes over many different plans. https://wallethub.com/edu/best-worst-states-to-be-a-taxpayer/2416/#detailed
By the way, New Hampshire has a gravel tax! (0.2% I think)
Even if you have to pay the same or slightly more, you won't have to worry and spend all that time on itemizing deductions. I assume the accountants will be all against this.
You speak as if there is some good reason for them to keep a major rate reduction secret.
They have told us the top rate will be reduced.
They have told us the Corporate rate will be reduced.
But they have not told us the middle rates will be reduced...or the income thresholds increased?
Why, oh why would they keep that one tidbit secret?
LOL
sorry, but the property tax deduction is a big deal as well as other deductions...
hundreds of millions of people just can't move to another state to avoid property taxes...
nobody in New Hampshire wants millions to move to their state...
I want to know how you came to that conclusion without knowing any tax rates or bracket thresholds. From where I sit, that is an impossible calculation.
“A higher standard deduction should make up for most.”
Not really.
While there is a higher standard deduction they are also eliminating the personal exemption.
And severely limiting the 401k exemption.
It will make up the difference FOR A FEW and fewer than 50%.
Because they still don’t know what it is and are negotiating it internally perhaps.
Get rid of the Income Tax.
I'm gonna wait until the bill is released, then run the numbers and then ...
if I save money or it only costs me a few hundred then I'll probably be in favor of it but if it'll cost me thousands then Katie bar the door!
“You purposefully left out that the standard deduction will be doubled. That is the sort of thing the MSM does.”
I also left out the fact that the personal exemption will be eliminated, along with severe limits on the 401k exemption.
Let’s call it a wash.
“Tax Plan May Kill Deduction Taken by 95% of Itemizers”
But only 32-36% of taxpayers itemize.
Dems use ‘percentage’ when it’s in their favor to do so, and use actual numbers when it’s in their favor - see Sarah’s analogy of drinking reporters yesterday.
The significant ‘percentage’ is shown by Grover Norquist:
95 percent of Americans would no longer have to itemize deductions.
“The top rate would fall from 39.5 percent to 35 percent. The bottom rate from 10 percent to effectively 0 percent due to a larger Standard Deduction. And the Standard Deduction for an individual would be increased from $6,000 to $12,000, and for a married couple from $12,000 to $24,000. That means that 95 percent of Americans would no longer have to itemize deductions. A significant simplification.”
https://www.atr.org/why-trump-tax-cut-necessary
Not allowing state and local tax deductions, could result in protests and reductions in taxes that would change Blue States to Red States. (emphasis on “could”)
I already contacted my legislators and respectfully made my views known.
They keep the mortgage and property tax deduction?
” Chances are a significant number of people will still come out ahead.”
Are you factoring in an elimination of the personal exemption, and a limit on the 401k exemption at $2,400?
How many still come out ahead?
Less than half who itemize.
Do you think FBI agents would have any reason to object to or be nervous about taking more lie detector tests on a routine basis?
Some states have NO state income tax. It’s the blue states that have high taxes.
I’m fine with this, if we keep the property taxes and mortgage deductions
Flat tax is an INCOME tax and never stays flat.
Current tax monstrosity started as a ‘Flat Tax’.
Go with HR 25. Rate is high but it’s transparent, everyone will see it, and will be pissed to do something about it. And it can be lowered every year by mandatory vote to set rate, lowered until it’s a rate people can live with.
Anything coming out of the sewer of Washington DC will benefit Washington DC.
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