Let’s eliminate:
1. The double deduction for marriage so that we single folks are not forced to subsidize that. Single adults are now a majority.
2. EITC for the “working poor”.
3. The Child Tax Credit whereby all taxpayers subsidize those who choose to have children. Breeders are a minority. If you can’t afford to support your own children, don’t have them.
4. All education deductions and credits like the 529 savings plan. There is no good reason for every taxpayer to subsidize the university indoctrination of your children.
1 posted on 11/19/2017, 1:20:05 PM by Mariner
HA! It is to laugh. The Sackatomoes Bee is the mouthpiece for the legislature of the highest taxation state in America and now they’re getting their lacy panties all wadded up over a tax increase? Forgive me if I am suspicious of their righteous indignation.
Based on your logic of tax policy having noting to do with national policy, lets just eliminate ALL deductions since every one of them is subsidizing something I personally am against.
That would be fairest of all. In fact the only true fair system.
“....Residents in high-tax, Democratic-led states appear to be the hardest hit....”
Residents in high-tax, DEMOCRAT-led states appear to be the hardest hit....there, fixed it.
The important thing is reducing the corporate rate. Trump ran for office promising to bring companies and their offshore money home from China, Mexico, Ireland, where ever they have it parked. To do that you have to clear out regulations and lower corporate tax rates.
The rest is nice, but its not what he ran on.
To paraphrase Mark Twain, there are lies, damed lies, and then there is the Sackatomatoes Bee.
Rep. Bob Trammell, leader of the House Democrats said Republicans are eliminating the state and local deduction to help pay for tax cuts for businesses and the wealthy.////
Businesses and corporations pass their taxes down to the consumer - the taxes are hidden in the cost of the goods and services that you buy
I don’t see where the “wealthy” get any tax cut. It looks to me that if your family income is 150K, you about break even, and then your taxes go up from there.
The 24,000 sounds real good to me I will take that over the state and local tax deduction
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. The unfortunate thing is that such complainers frequently are supporters of the invasion of our country by Muzzies and illegals.
The marriage "Double Deduction" doesn't mean you get 2 deductions per person, rather each person receives the std deduction. (2 people, 2 deduction units for the claimant. The Income Tax form is performed as a couple, not as an individual.
Of course we can have it your way and insist single claimants only receive "Half" a deduction, but that doesn't make any more sense than somebody calling it a double deduction.
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.
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.
“Deduction targeted by GOP used by tax filers in most states”
Note the effect of this Fake Headline by the Fake News:
“Deduction targeted by GOP used by tax filers in MOST states”
I suspect that there is at least one person in EVERY state who uses the SALT deduction (in Texas, we use it for sales tax and property tax). There’s nothing newsworthy in the above.
But what they are implying through their fake headline is the following:
“Deduction targeted by GOP used by MOST tax filers in MOST states”
This is not true, but it was the way that I first read it...in many states, even though SALT is available, most filers DO NOT use it, as they come out better through itemizing. In my case, I alternate years between itemizing and the SD, due to some flexibility that I have when paying taxes.
They keep touting that $24,000 standard deduction, but they are doing away (supposedly) with the personal deductions which were around $4,000 per person.)
So the difference between the standard deduction now and then is $12000. But if that standard deduction stayed the same, it would only take a family of 5 to even out the two ways of figuring the deduction. A wife, husband and 3 kids, or a wife, husband, a couple kids, and grandma...and you’re getting exactly the same deduction.
I know many larger families who are middle class, probably described as lower middle class, no deduction per person, is going to hit them hard. I haven’t seen anybody raise this issue. I’ve heard people say you get higher child tax credit, but as it is now, if your kid turns 17, if the child tax credit retains the same parameters, then there is no more child credit (and many families with kids in college still claim their children as deductions.)
High income single earners with large mortgage interest debt living in high tax states need to be smart enough to structure their income, investments, living expenses, etc, to maximize growth and income and minimize expenses and taxes. Relatively insignificant changes to the income tax brackets and rearranging the deduction deckchairs shouldn’t be such a worry to wise investors. Living a high lifestyle with big mortgages and big sales taxes on luxurious purchases can come at a steep price otherwise. But that appears to be your lifestyle choice.
BTW, being married and raising a family is not just a choice, it’s the traditional lifestyle for most middle class Americans.
In ALL FAIRNESS we should not be talking about eliminating some tax breaks and keeping others.
If we eliminate all, 100% of deductions, exemptions, exclusions and credits, raise the “standard deduction”, set a floor beneath which the poorest pay no tax, and set a single flat tax that applies to everyone, then MOST folks would get a tax break.
And that one act - a universal flat tax with no deductions, exemptions, exclusions and credits, by eliminating 100% of the social & economic engineering in the tax code - would be such a boost to the economy (people and companies making decisions based on natural financial reasons, not to get a better tax break) that it will take care of the issue of being “revenue neutral”.
Why the RINOs don’t propose it? It takes off the table the buying and selling of votes and influence with rules added to the tax code, and with that the use of the tax code to get political contributions for the next election campaign.
I would LOVE to see this flat tax proposal become a Constitutional amendment, leaving Congress only the ability to raise or lower the one universal flat tax, NOT pick and choose whose ox will get gored and whose won’t.
Why can’t they let me keep my deduction for state and local taxes PLUS give me the other proposed deductions too? What’s so hard to understand about it all. Don’t engage in smoke and mirrors. Keep it simple. Don’t insult my intelligence. Make me happy by taking away this anxiety about this whole tax cut business. I’m your friend. Don’t disappoint me.
Basically, if you are in New York, you would have to be earning into 6 figures before the extra $12,000 in standard deduction would not more than cover the loss of the state and local taxes. In other states it would be even higher.
Bottom line: Good for the so called middle class. In states with no income tax, you no longer would have to keep track of your sales taxes that you were charged. Simplified.