The median income for family of four in the US is $50K. The median price of a house is 190K. Californians, especially in the Bay area, have been enjoying are TAX CUTS FOR THE RICH by comparison.
Think the rich should pay more in taxes? Good. Here's your golden opportunity to participate. Support the plan. I know you won't though, you HYPOCRITES!
It is another great Trump plan.
Tax cuts and crush the deep blue states.
Hey CA, NY, CT and NJ. Taxing your own citizens is your right but the Feds (ie - the REST of us) shouldn’t subsidize it.
Tax benefits for the rich as usual. Makin’ the wealthy wealthier one dollar at a time. /s
Ironically and somewhat painfully, this plan should also revive the pub party in the high tax states.
Homeowners now can deduct interest paid on as much as $1 million in mortgage debt. Some Republicans have been considering reducing the limit to $500,000. If that were to happen, about 489,000 filers in California would see an average increase of about $3,290 in their federal taxes, according to an analysis by the nonpartisan Tax Policy Center.
Tax benefit for the rich. Pay up California.
Liberal states like Calif, NY, NJ, IL have been having the rest of the country subsidize their high state taxes for decades. Their idiot residents elect liberals who raise taxes which their people say is no big deal cause they get to deduct them from the Federal taxes. It’s time to stop that and make them feel the pain of their own stupidity.
I get it. Trump tax cuts BAD for us Californians. Jerry Brown tax increases GOOD for us Californians.
Makes sense. /sarc
Many Californian’s are under the mistaken belief that California pays more than their fare share of Federal taxes. When in fact the opposite is true.
California was 16th in per capita Federal taxes. Granted they pay more Gross but it’s only 10K+ per person.
They need to get their own house in order. I don’t want to subsidize their obnoxious state tax with my federal tax.
Uh-oh. Now Californians may not vote for Trump in 2020.
That’s a shame.
It’s way past time to bring the hammer down on CA.
Too many parasites depend on current tax codes to make their money. Should be a simple, across the board, 10-15 percent tax on all spending. None on income or capital gaines. Period.
Since when have the Democrats ever cared about the tax burden on anyone? Well ok, maybe Hollywood.
Tax reform should be:
(1) revenue neutral under static assumptions or at least revenue neutral under dynamic assumptions
(2) incidence neutral (meaning not change the burden of taxes across income classes)
(3) provide for a transition (e.g., for 2 years, individuals can continue to file under the old rules)
Realistically, “3” is all that can be done for states and localities that are heavy into the complexity of the current system.
They are so much as admitting that they are manipulating their state and local tax systems so as to screw the federal government. And, although it will be tough for them, they’re just going to have to learn to pay their fair share of federal taxes.
If I had my druthers, I’d move to a value-added tax, including one that applied to any border where they hit us with a value-added tax, and eliminate the social security tax and exempt everyone under the median from federal income tax. (This was the Cruz plan.) Everybody would pay something, and the rich would pay more, but we’d cut out all the paper work.
Having said this, I’ll take a meaningful step in the right direction.
isn’t this true for any large population state? no, Alaska, Florida, Nevada, South Dakota, Texas, Washington and Wyoming have no state income tax. Absolutely brilliant!
Oh no! Think of all the California votes Trump will lose! He could lose the election!
If enacted, Trump’s tax plan might encourage California and New York libs to move to red states.
This is why I moved to rural Kentucky from Seattle. They both fall under the exact same federal tax rules.
And all that that implies. :)
Don't tax me.
Tax that man behind the tree.
Should get rid of the mortgage deduction entirely and stop having the government provide a subsidy to the banks.
the reason it benefits CA more than other states is because CA has more upper middle class wage earners.
Those over $80k per year.
But EVERYONE who itemizes will see a tax increase.
Everyone. No matter what state they reside in.
You will no longer be able to deduct property taxes, sales taxes or state income taxes. No longer able to deduct the excise tax on your car registration.
EVERYONE WHO ITEMIZES WILL SEE A TAX INCREASE!