Nope - they are opposing the bill.
Expect Ryan to threaten, strong arm, obfuscate, and have a hissy fit.
But I don't trust Ryan. At all, given his past performance in budget matters, as in 2013.
Posted on 11/02/2017 7:21:40 AM PDT by GIdget2004
Or, "women and children hit hardest?"
Will Chuck and Nancy opt for hankies, or Kleenex?
Questions...questions...
It’s THE most important factor in assessing the plan.
Then limit school taxes per house to $10,000. I'm sick of outrageous state taxes for social programs and skyrocketing school taxes in New York. I can only hope this enrages enough New Yorkers to finally take on the corrupt and expensive public school systems across the state. I may become very active in this movement as it's getting ridiculous.
It’s just a matter of time, isn’t it?
Right now, today, service on the national debt is the 5th largest federal expense right after Medicaid and Medicare/health (#1) SS (#2), non-defense expenditures (#3), and defense (#4).
In 2016 the feds took in a whopping $3.3 trillion in revenues... and then spent $3.9 trillion that year. That is crazy and totally unsustainable.
Nope - they are opposing the bill.
Expect Ryan to threaten, strong arm, obfuscate, and have a hissy fit.
But I don't trust Ryan. At all, given his past performance in budget matters, as in 2013.
Unless they get their states to cap local taxes to 10,000. Frankly my school taxes are higher than that - it's robbery. We need school reform in NYS.
“If you itemize, own a home, and live in a high tax state, you are going to be paying more in this bill because they already told us they are eliminating or limiting certain deductions.”
Frankly, it’s impossible to say that answer without seeing the brackets.
Frankly, this sounds like a new tax and not a tax cut for me.
Nope - expect my AGI next year will be ~$260k (after ~40k going to 401k and NQDC) before the standard deduction. Would have been another $3,500 lower if I was still able to itemize and get personal exemptions.
Pure speculation.
No. They eliminated the personal and dependent exemptions.
For example - we have 7 family members.
Eliminating the exemption adds to our taxable income by $28560.
The new standard deduction is approx $10k more than what we normally claim by itemizing.
So that leaves us with an additional $18560 in taxable income.
Depending on the brackets and details of child tax credit - we will pay about the same or pay an additional $2500.
Even the White House has been admitting this for weeks.
Gary Cohn "can't guarantee" middle-class families won't pay more taxes
Those cannot be right.
There is a bunch of income that is not taxed so does the 12% bracket start at $45K rather than up to $45K?
The deductibility of home mortgage interest is primarily a subsidy to mortgage lenders and realtors, who work on commission and who benefit from higher housing prices. For homebuyers, it inflates the initial price. Homebuyers of course eventually become home sellers and stand to recoup the artificial premium they paid at the front end, but over the life of the mortgage, it is essentially a wash. (While mortgage lenders and realtors cash in at both ends ....) Of course, most people don't understand this.
The standard deduction is nearly doubled, while the child tax credit is increased from $1,000 to $1,600. The bill also creates a $300 credit for expenses related to the care of parents and non-child dependents, and it preserves the child and dependent care credit and the earned income tax credit.
The bill also repeals the alternative minimum tax. The amount of assets exempt from the estate tax would initially be doubled, and the tax would be repealed after six years.
The corporate tax rate would be lowered from 35 percent to 20 percent. The bill would also lower the top rate for non-corporate “pass-through” businesses from 39.6 percent to 25 percent.
Nice.
If that turns out to be true, I will be totally screwed.
If you are not cutting the Tax Code from 9000 pages to less then 300 pages you are not doing anything constructive!
So there is no 0% bracket?
Is there anything regarding the death tax?
I hope that there is a revolution in New York to cut the taxes, state and school taxes are legal robbery. We can only hope this sparks a movement to cut these taxes, which means these states need to cut their spending.
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