Posted on 11/19/2017 1:20:05 PM PST by Mariner
ATLANTA - A popular deduction targeted in the GOP's overhaul of the tax code is used by more than a quarter of all filers in a majority of states, including many led by Republicans where some residents eventually could see their federal tax bills rise.
The exact effect in every state isn't known, in part because of differences in the Senate and House versions of the bill. But the change to the deduction for state and local taxes could alter the bottom lines for millions of taxpayers who itemize.
Residents in high-tax, Democratic-led states appear to be the hardest hit. But some filers also could be left paying more in traditional Republican states, such as Georgia and Utah where about a third of taxpayers claim the deduction.
"It's a bad deal for middle class families and for most Georgians," said Georgia state Rep. Bob Trammell, leader of the House Democrats.
He said Republicans are eliminating the state and local deduction to help pay for tax cuts for businesses and the wealthy.
How many winners and losers are in each state depends in large part on another aspect of the Republican tax overhaul that would nearly double the standard deduction — to about $12,000 for individuals and about $24,000 for married couples.
Republicans say that provision would be a net benefit for most tax filers.
(Excerpt) Read more at sacbee.com ...
“One good thing is that those who complain about normal marriage and “breeders” will not, for the most part, be reproducing themselves and will gradually die out as a significant portion of America’s population.”
I have no problem with them.
I object to subsidizing their decision. They should support their own spouses and children without my help.
If they do not have the means to support their own, they should not have them.
Why should the statehouse lower my taxes when the federal government is raising them?
A larger personal exemption, taken right off the top of “taxable income”, makes the itemization of most deductions a moot point. And what is the economic value of “spending” a dollar to get back maybe $0.12 or $0.25? Objectively, it simply does not make sense.
Fiscally, it makes most sense to UNDERWITHHOLD the amount of taxes due as of the date of filing, because that “float” of money between the time it was paid in withholding, until claimed back by the filing taxpayer, is an interest-free loan to the government, and one of the devious ways they “cook the books” when it comes to tax policy. That, and the SECOND income tax assessed against all wage income, Social Security, is highly regressive, hitting at first dollar earned from wages, and for very high wage-type incomes, over $127,200, additional wage income is NOT subject to Social Security collection.
And of course, the very wealthy never collect a cent from Social Security.
Instead of Gun Control, Congress should be partly focused on common sense, comprehensive Spending Control.
“The term breeders is mainly used by homosexuals”
Ooops. I didn’t know that. I heard it in a SciFi movie.
That’s funny, now everybody thinks I’m a homo lol
“2 people, 2 deduction units for the claimant. The Income Tax form is performed as a couple, not as an individual”
They get the deduction even if only one of them works and is issued a W2.
The rest of us subsidize that.
“The use of ‘breeders’ is a trope of the LQBTWQ (or whatever) gang”
Yeah, well I didn’t know that.
IMHO, we need to return to basics.
No more double taxation. i.e. don’t demand we pay taxes on taxes we pay. Basic Accounting 101.
Don’t tax anything that is Constitutionally protected.
Life, liberty, or the ability to pursue happiness.
We all need water to live. Don’t tax water.
Emergency medical care to keep alive should not be taxed.
A Pacemaker shouldn’t be taxed.
This why there are medical deductions,...removing these expenses from our taxable income.
We’ve had decades of code development to keep it honest, but now when you abide by the codes, the IRS extorts you to forfeit more or risk a $50k lawsuit, when you live check to check.
The same people who want us to pay more are the same ones who frequently don’t pay anything and get away with it.
So they enlist the government to demand it at the barrel of a gun.
How in the world are they doing that? That are having their taxes reduced a very modest amount. You aren't giving one thin dime of your money to anyone. Let alone "at the barrel of a gun".
“Why should my children be subsidizing YOUR Social Security that you don’t need.”
Because they are compelled to do so by the government.
And that’s not fair or reasonable either.
Because on an absolute basis, you are being more than Taxed Enough Already?
Think of work based Income Tax a a partial time slavery that you have to serve in the service of your gov'ts while those who receive dough from the gov'ts don't have to spend a MINUTE of their time for the benefit of the gov'ts. How's THAT feel?
Gee, what protected class uses that term?
The GOP say this new tax bill will result in more jobs and higher wages across the board for the working class and that is part of the tax cuts of which they speak. Predictions offer no guarantees, never have and never will. Those who proclaim otherwise are liars. This country needs a FAIR tax system where everyone, even the poorest Americans have skin in the game. No more class warfare via DC and the IRS, kill the current and proposed new tax regs and go to a flat tax on what every individual spends to live and it doesn’t matter how the money is derived. At least the individual would be in control of how much they pay the US government.
We aren’t subsidizing anything for somebody to have their God given rights deducted.
Why do want spouses to become slaves and forfeit their rights?
They are doubling the standard deduction but eliminating the individual deductions so not that great.
“That are having their taxes reduced a very modest amount. You aren’t giving one thin dime of your money to anyone. Let alone “at the barrel of a gun”.
Can’t we say the very same thing about the SALT deductions?
“We know it’s all about SALT, Mariner.
You’re not fooling anyone.”
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Yep, those of us who know his posting history and of his jihad against the elimination of the SALT deduction are not being fooled. This “breeder” silliness is simply his latest tactic in his jihad.
Then how about the federal government NOT raise my taxes? How about that?
OOOOHHHHH Single adults are in the majority.
So lets subsidize the most useless group in the USA, single adults.
Because God forbid there actually be taxpayers in the next generation for you to leach off of with Social Security.
I will agree to getting rid of the deduction as long as we can get rid of the Social Security tax too.
“the elimination of the personal exemption “
Yeah, that’s one of the few things in this bill that is way ‘off’ IMO.
Really undercuts their praise of doubling the standard when they ignore losing the personal deduction.
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