Everybody needs to take deep breadth here.
Looking the current tax brackets and the proposed brackets this an excellent for lower middle and middle income earners especially those with modest item deduction amounts.
Below are the married joint filing AGI levels you need to have under the proposed plan to end up paying the same tax as the current plan.
80,000 AGI becomes 104,200 AGI to pay the same tax
100,000 AGI becomes 124,200 AGI to pay the same tax
150,000 AGI becomes 174,200 AGI to pay the same tax
200,000 AGI becomes 229,860 AGI to pay the same tax
250,000 AGI becomes 280,848 AGI to pay the same tax
So what one could loose in itemized deductions would probably be more than offset by the bump in AGI needed to end up paying the same tax.
Came out of retirement to say — this tax plan is a disgrace! It’s a tax increase for the people of California, I don’t want to hear anyone say “tax cut” because that’s not what it is. It’s redistributing tax burden to California, New York, and some other high-tax states.
What is Trump thinking?!? He may have lost CA, NY, etc. but he still has millions of supporters in those states. If this actually passes then CA might actually vote for succession.
do the republican party politicians even have a clue how much they are hated by their (potential) voters ?
Congress can go to hell and dont pass go
This COMMUNIST tax bill is the worst POS I have ever seen, it’s about robbing Peter to pay Paul. If you’re Paul then you might be happy about it... but just wait ~3 years, then the Dems will be out for revenge and you’ll get soaked too.
Meanwhile this is going to cause a recession in CA, property values will collapse, you will see CA companies move to Canada or Asia. This is not even a tax bill, it’s an attack on California.
Too many rats and RINOs in the senate to get it passed. How will the republicans twist enough arms?
This will be buried in all the 400+ comments but I’m going to weigh in:
1. This is a first class mess. Consider the source, Kevin Brady head of the House Ways and Means Committee. He was my congresscreep. I called him kevin BARELY in a rally and tried to get it to stick but it didn’t. I also told him we had to hold a mirror to his face to see if he could fog it except when he was hustling money. Other that that he was mostly dead.
2. The only real hope for simplification is to bull doze the tax code and start over. It is like an old house too worn out and messed up to even consider remodeling.
3. I yelled then laughed at Limbaugh and Hannity yesterday when they said this is the first “significant” tax reform in 30 years. NO! Tell that to the heirs of those who died on December 31 vs those who died on January 1 after Barky imposed the inheritance tax AGAIN. Before you get all jealous about anyone who has enough money to have an inheritance tax issue remember that it is NOT the governments money. Back in the days before the “death tax” was repealed I saw how it devastates a family that worked hard for generations to build a hard scrabble family farm on the harshest part of the High Plains. The Dad was killed in a truck wreck and the family had to sell much of the place to pay the death taxes. Had he died only a few years later the death tax would have been a non-issue. What is right about that? Destroyed under one regime while others are spared the same fate under another regime. That is not the way of nations but of dictatorships.
4. We can’t have a stable nation without a stable tax policy. In my adult life I can remember at least FOUR events that have caused a change in the way we do business and plan for our own futures. Just one of them was having to plan and manage for capital gains taxes on home ownership, then not and then having to think about it again after Barky reimposed that little jewel. Same with inheritance taxes, the changes in capital gains tax rates from 15% to 20% under Barky and the list just goes on and on all the way back to Kennedy in my working life time.
The tax code in this country is just a tool used by political hacks [all politicians] to favor friends and punish enemies. It is not the means by which the nation pays for services to the common good. That is just a by-product.
We live in a banana republic with politicians run amok and brain dead citizens. It is only the greatest country in the world because we say so and so many of the others are so terribly bad. I wish I could be dispassionate and taciturn but what we have sucks and keeps me angry and frustrated that nothing really gets better when it could be and should be great.
There are no homes in CA under 500k.
The mortgage interest deduction will be a non-starter for much of the West Coast.
Ryan would know that if he ever traveled other places on his own dime.
IMO, the 20% corporate rate is going to be a boon to the middle-class as the price of goods come down.
We all pay the cost of the corporate tax...they don’t actually pay any tax at all, just pass it on.
They should have set it at 0.0%. If they did then companies all over the planet would be moving to the US. And workers salaries would rise.