Posted on 12/20/2017 5:31:19 AM PST by servo1969
In a blue county, financial professionals unwittingly reveal that the tax bill is “bad” because California loses its free ride on the back of poorer states.
I was at a party during which I ended up speaking to a CPA and a personal financial adviser. They both assured me that the tax bill was a disaster. Of all the terrible things Trump has done, it is the worst. There is nothing more terrible than this tax bill.
I put on my ingenuous face. “I don’t really know much about it. What’s wrong with it?”
Said the CPA, “Well, I’m retired, so I actually don’t know the details. But it’s right up there with what he’s done to climate change and the national parks.”
“Oh, okay,” I replied. As far as I’m concerned, any intelligent conversation with that person was dead in the water.
I turned to the personal financial adviser, who had begun to offer his two cents.
“It’s a disaster. I mean, it’s what you would expect from Trump and the Republicans. It rewards rich people and hurts poor people.”
“As I said, I haven’t paid attention to the specifics. What does it do?”
“Well, I don’t really know yet, but I know it’s going to hurt poor people in California. It takes away the mortgage tax deduction and it no longer allows us to deduct our state income taxes from taxable income for our federal income taxes. It’s so destructive.”
Further inquiry revealed that, when he said “poor people in California,” he actually meant that it was going to be a problem for him, personally. For laudatory reasons that I won’t divulge here, he’d extended himself financially to live in our middle-class-by-Marin-standards neighborhood, so he has a large mortgage compared to someone in, say, Bakersfield or Abilene. I appreciate his personal problems and the sacrifices he’s making, but his personal financial issues, standing alone, are not a global indictment of a tax policy that simplifies (somewhat) an insanely complicated system and that lowers taxes across the board.
The same duo also castigated the tax bill because it reduces the corporate tax. I put on my ingenuous face again. “But won’t that help bring more business to the U.S. and create more jobs?”
“No,” both these financial professionals assured me. “It will simply reward Trump and his cronies.”
The party moved on. I would loved to have heard more, but it was not to be.
LOL
They’ve got the exact same Talking Points as all the other members of the Socialist Democrat Party! What a surprise!
*SMIRK*
MAGA! :)
Well, everyone has already died due to the repeal of Net Neutrality; so I guess nobody will be affected by this.
Pretty much what we’re seeing everywhere. The rich who end up paying 37% are doing so much better than the poor, who end up paying 0% but are still getting a refund.
So, each puts 100 dollars on a table. The poor guy gets to pick up all of his 100 dollars and put it back in his pocket.
The rich guy is allowed to pick up only 63 dollars. Then he has to pick up a couple bucks from the 37 dollars he gave to the government and give it to the guy who just put his 100 dollars back in his pocket.
The rich guy walks out of the room with 63 dollars in his pocket. The poor guy who came in with 100 dollars walks out with 102 dollars.
Those evil rich bastards!
“But it’s right up there with what he’s done to climate change and the national parks.”
Then the tax bill is better than I thought. Also, maybe Trump can remind the Liberals, when he signs the bill, that they can always mail in to the IRS the amount of taxes given back to them by the tax cut.
Why do so many people hate it when working Americans get to keep more of their own money and the Government/Politicians get less to try and buy votes with?
The problem is that no one has been clearly stated what it does do, thus leaving it left to stories like this. Stupid.
When it should be rewarding Hillary and her cronies!
Because Hillary won the popular vote!
/S
It makes it all better when Democrats write the law and reward other Democrats.
It may well be a bad deal - For CPAs
Reducing all the tax deduction Bull Sh.t
Will make it easier to file on your own
and not use a CPA of similar specialist
Any financial “professional”, that says, “ tax cuts for the rich”....really isn’t a financial professional.
They are an agenda-driven person making money off of gullible people.
hashtag #moneyInOurPocketLessforDC
The Democrats broke new ground when they wrote ObamaCare.
“So, that’s why I was saying we have to pass a bill so we can see so that we can show you what it is and what it isn’t,”
Now politician think this how to get things done without having to defend the contents of a bill that is going to make people unhappy.
Good One.
Hitlery Rotten Clinton said that the rubes in America were just going to waste their taxcut dollars anyhow.
exactly!
It appears that my general rule of thumb applies nicely to the tax bill:
If the Left/Dems/Progs/Libs love it, I am going to hate it.
If the Left/Dems/Progs/Libs hate it, I am going to like/love it.
Said the CPA, “Well, I’m retired, so I actually don’t know the details. But it’s right up there with what he’s done to climate change and the national parks.”
—
You can stop reading right there. Everything he says is just speculation.
Tax preparers hate it because the higher standard deductions means fewer people will need to hire professionals to do their tax returns.
Calculate your savings here - http://taxplancalculator.com
This thing is great for the middle class.
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