Free Republic
Browse · Search
News/Activism
Topics · Post Article

Skip to comments.

GOP House tax bill would deliver blow to California homeowners
The Los Angeles Times ^ | November 2nd, 2017 | By Lisa Mascaro and Jim Puzzanghera

Posted on 11/02/2017 4:41:47 PM PDT by Mariner

House Republicans released a sweeping tax overhaul Thursday that would limit or end many of the most popular tools used to minimize how much Americans owe— particularly in high-cost areas like California -- including lowering the cap on mortgage interest deductions and eliminating write-offs of state income taxes.

The much-anticipated rollout launches a grueling legislative process that will test GOP unity in the coming weeks as the party struggles to deliver one of President’s Trump’s top priorities.

The plan would immediately slash the corporate tax rate to 20% from 35% and streamline individual rates from seven brackets into four.

In addition to ending write-offs of state and local income taxes, mortgage interest deductions would be limited to new loans of no more than $500,000, down from the current $1 million. Deductions for second homes would no longer be allowed. Property tax deductions would be capped at $10,000.

Popular 401(k) retirement savings plans used by many Americans were untouched by the bill, despite some efforts to restrict those tax-deferred accounts in a effort to pay for cuts elsewhere.

House Speaker Paul D. Ryan (R-Wis.) said the plan — the most ambitious attempt to overhaul the U.S. tax code in generations — would save the average American family $1,182 a year.

President Trump praised it as a “massive tax cut for American families” that will lead to the creation of more jobs. He wants Congress to pass the legislation by year end.

“We’re working to give the American people a giant tax cut for Christmas,” Trump said at the White House.

(Excerpt) Read more at latimes.com ...


TOPICS: Business/Economy; News/Current Events; Politics/Elections
KEYWORDS:
Navigation: use the links below to view more comments.
first previous 1-2021-4041-6061-8081-94 next last
Comment #61 Removed by Moderator

To: Mariner

Personally the Feds can keep their money. Probably goes to welfare anyway. It’s not like Texans can tell the feds what to spend money on. Nobody can it seems.


62 posted on 11/02/2017 5:48:02 PM PDT by central_va (I won't be reconstructed and I do not give a damn.)
[ Post Reply | Private Reply | To 57 | View Replies]

To: Redleg Duke

I am lecturing you right now and trying to educate you on the facts, something you obviously don’t care about.

You have an emotional attachment to “eff CA” and you’re sticking with it.

Even though your state is a parasite to the blue states.

Deal with the facts and you’ll be a better man.


63 posted on 11/02/2017 5:50:41 PM PDT by Mariner (War Criminal #18)
[ Post Reply | Private Reply | To 58 | View Replies]

To: Mariner

It’s preposterous is what it is.

It’s raising taxes on people that actually PAY taxes.


64 posted on 11/02/2017 5:51:09 PM PDT by Rome2000 (SMASH THE CPUSA-SIC SEMPER TYRANNIS-CLOSE ALL MOSQUES)
[ Post Reply | Private Reply | To 9 | View Replies]

To: Mariner

I know at one time California had the most military bases, but they closed down a hell of a lot. I’m not sure if any were closed down in Texas. I don’t think Wisconsin has any.


65 posted on 11/02/2017 5:52:04 PM PDT by ought-six (Multiculturalism is national suicide, and political correctness is the cyanide capsule.)
[ Post Reply | Private Reply | To 57 | View Replies]

To: Mariner

California pays more in taxes because they have the most people. No exactly the same thing...


66 posted on 11/02/2017 5:52:10 PM PDT by wiseprince
[ Post Reply | Private Reply | To 49 | View Replies]

To: Mariner
Who is at fault for high State taxes in the first place? Either your voting habits or you staying in the State; either way you are driving this charade/tax schemes perpetrated by these shifty characters that have you chasing a carrot on a stick. “Muh deductions, I am a slave to your whims massa Government representative and plantation owner.”
67 posted on 11/02/2017 5:59:10 PM PDT by rollo tomasi (Working hard to pay for deadbeats and corrupt politicians.)
[ Post Reply | Private Reply | To 60 | View Replies]

To: Rome2000

Yep - no decrease in spending and a tax increase for many. Did the DNC write this? Ugh.


68 posted on 11/02/2017 5:59:34 PM PDT by BookmanTheJanitor
[ Post Reply | Private Reply | To 64 | View Replies]

To: Wuli

“Why should there be federal rewards for people who vote to tax themselves more at the state and local level? There shouldn’t be.”

Well...
*IF* the fed tax wasn’t progressive then it would make sense as encouraging taxation- and government services- at a closer level to the tax payer.
But, of course, that is not the case. Now it is just encouraging “rich” states to milk the rest of us- and claim they don’t.


69 posted on 11/02/2017 6:00:59 PM PDT by mrsmith (Dumb sluts: Lifeblood of the Media, Backbone of the Democrat/RINO Party!)
[ Post Reply | Private Reply | To 51 | View Replies]

To: Mariner

FWIW:
1) The government is BROKE.
2) The public does not respond to an “austerity” message.
3) No matter how much you take in, you can always spend yourself broke.
4) Like a drug addict, the last thing to go will be the spending-your money, your savings, your pension, etc. will go long before that happens.

It’s not just the US, all of Europe, Japan and China are or soon will be broke. They are not slowing their spending.

Look at Zimbabwe for our future.


70 posted on 11/02/2017 6:01:28 PM PDT by Darteaus94025 (Can't have a Liberal without a Lie)
[ Post Reply | Private Reply | To 1 | View Replies]

To: wiseprince

“California pays more in taxes because they have the most people. No exactly the same thing...”

Then, you would think they’d get a proportionate share back...you know, so that they are not a “donor state”.

However, there are 36 states, most of them red, which send fewer dollars total, AND PER CAPITA to DC and get back more than they send in.

Those are the Parasite states.


71 posted on 11/02/2017 6:05:15 PM PDT by Mariner (War Criminal #18)
[ Post Reply | Private Reply | To 66 | View Replies]

To: Rome2000

“It’s raising taxes on people that actually PAY taxes.”

Yep.

That’s what it is.

Many of the folks, even here on FR, that support this plan PAY NO INCOME TAX.


72 posted on 11/02/2017 6:06:35 PM PDT by Mariner (War Criminal #18)
[ Post Reply | Private Reply | To 64 | View Replies]

To: Mariner

An assertion made with no evidence can be dismissed with no evidence.

No saying you’re wrong, but you’re not providing any links to any evidence.


73 posted on 11/02/2017 6:13:08 PM PDT by Darteaus94025 (Can't have a Liberal without a Lie)
[ Post Reply | Private Reply | To 60 | View Replies]

To: Mariner

Here’s the good news: Political Contributions are STILL deductible.

We can donate to the DNC an amount equal to our lost deductions and come out nearly whole.

—�

That’ll show ‘em.


74 posted on 11/02/2017 6:15:50 PM PDT by Flick Lives (The FBI is a taxpayer funded Mafia organization)
[ Post Reply | Private Reply | To 47 | View Replies]

To: All

I don’t want to hear ANYONE claim this is a tax cut bill. It’s not even a tax increase bill, it’s worse than that. It’s communist redistribution of wealth. Raise taxes on California to reduce taxes in other states. Pure communism, it is SHAMEFUL.


75 posted on 11/02/2017 6:16:31 PM PDT by CaliGangsta
[ Post Reply | Private Reply | To 1 | View Replies]

To: Mariner

FRankly scarlet, when it comes to FEDERAL taxes I really don’t give a dam what their state and local taxes are. That, state and local taxes is THEIR choice, NOT a federal imposition on them, and thus not deserving federal relief for them. If that makes their TOTAL taxes - state + federal more, that’s their own dam fault and deserve no federal tax relief for it.


76 posted on 11/02/2017 6:16:33 PM PDT by Wuli
[ Post Reply | Private Reply | To 60 | View Replies]

To: aquila48

The problem with Californians migrating to other states is that they take their wacky politics with them and turn red states blue!


77 posted on 11/02/2017 6:21:56 PM PDT by lawgirl21 (Appeared on Judge Judy years ago)
[ Post Reply | Private Reply | To 19 | View Replies]

To: Darteaus94025

agreed


78 posted on 11/02/2017 6:27:31 PM PDT by Mariner (War Criminal #18)
[ Post Reply | Private Reply | To 73 | View Replies]

To: Darteaus94025

But smart people look into assertions they hear, passionately, on subjects of great import.

And they edify themselves.


79 posted on 11/02/2017 6:28:41 PM PDT by Mariner (War Criminal #18)
[ Post Reply | Private Reply | To 73 | View Replies]

To: Mariner
The California Taxpayer Subsidizes the Texas Taxpayer

In addition to the entire nation of Mexico

80 posted on 11/02/2017 6:33:16 PM PDT by Regulator
[ Post Reply | Private Reply | To 49 | View Replies]


Navigation: use the links below to view more comments.
first previous 1-2021-4041-6061-8081-94 next last

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.

Free Republic
Browse · Search
News/Activism
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson