Posted on 11/02/2017 7:03:08 PM PDT by SkyPilot
Not everyone benefits equally from the tax legislation that House Republicans unveiled Thursday.
GOP leaders toiled for weeks to decide what deductions and tax breaks should be axed to pay for the tax cuts. That means the bill creates some winners and some losers.
Republicans say their plan will simplify the code and provide tax relief to middle-class families.
Speaker Paul Ryan (R-Wis.) repeatedly touted an example on Thursday of how a family of four earning the median American household income of $59,000 would save $1,182 a year on their taxes, using the proposed doubled standard deduction, reduced tax rate and expanded child tax credits.
But Democrats argue that most of the benefits of the GOP tax proposal will flow to the ultra-wealthy and corporations.
Here’s a look at who stands to gain and who stands to lose out.
(Excerpt) Read more at thehill.com ...
You’re probably right. I just could not find anything in the current version of the bill that directly Impacted 26 U.S. 164 - Taxes section (b) (5). The (b)(5) section has to do with the deductibility of geneneral sales tax. I could find noting that directly removed that section’s deductibility. Of course, in the current bill’s over 500 pages there may be something that removes that deductibility indirectly if not directly.
Anyhow, this would be a sweet little deduction that taxpayers from all states could rely on.
I agree. No to any tax plan where some people have no skin in the game. Just look at California. 47% pay no state income taxes and keep voting for the socialists ruining this state.
Yeah, I really like that, too.
This will be a very rough for anyone in a high tax state, particularly high tax blue states.
Losing your state and local tax deduction is huge. BUT, the rest of the country has been carrying your state’s high tax scheme, allowing it to be written off.
So we’ve already been enjoying the suck.
Welcome to the party pal!
Not a fan of the mortgage changes though.... Keep all property incentives I say!
Sales tax used to be deductible when I started work in the 60’s. The law was changed and sales tax and things like credit card interest are no longer deductible and this has nothing to do with this new bill.
I was under the impression that the charitable deduction could be taken in conjunction with the standard deduction?
Yes, I have had medical bills that boosted my deductions beyond the $24,000 standard deduction. Now that is not going to happen anymore. However the medical deduction has been less valuable since you need to cross a threshold of 7.5% of your income in order to use it.
Losing it will not trouble me too much since my tax will be lessened by this bill but it does raise the issue of someone who has a massive medical loss? Perhaps this is more incentive to make sure we are well insured?
Good for you CottonBall.
This new tax reduces a lot of people’s taxes and the ones who are complaining are guilty of the phrase, “better is the enemy of good enough”.
Good for you CottonBall.
This new tax reduces a lot of people’s taxes and the ones who are complaining are guilty of the phrase, “better is the enemy of good enough”.
You are fundamentally correct in your appeal. I agree with you, but I will support this bill because its direction is good. Until we can get the law you describe, I will keep supporting bills that move in the correct direction and will only object if the lawmakers start moving back to the left.
So as a homeowner living in IL I will end up paying more taxes thanks to president Trump, on top of sky rocketed insurance cost thanks to the previous president. Gee, I hope this gets offset by getting the ACA repealed some time or other. Then again, I doubt things will ever go back to where they were regardless. Oh well.
No, it wont. Many people who have to buy individual health insurance use the medical expense deduction now, but will lose it with this plan.
My total medical expenses have been about 30% of my income in recent years. This plan SUCKS for me.
We all have to wait until what, officially, comes out from, both, the House AND the Senate, and after their differences are resolved. Then, it will matter. BTW, I’m, still, waiting for the full repeal of Obamacare to, actually, happen, as was promised during the ‘16 U.S. election cycle!
Yep and if repeal resisted then executive order exempting all happen.
No they won't. The House Republican in those so-called "Democrat states" that you demonstrated your contempt for on the thread (CA, NY, NJ, etc) will not "do just fine" in the mid-terms if this tax increase on the middle class passes.
In my state, we have a GOP Governor and I have a terrific GOP Representative. We have many military and ex-military where I live. The mayors of our towns are all Republicans.
But we can't fight the vote fraud in the urban areas during the Presidential election, and our electoral votes usually go for the Democrat.
But because of that, in your mind (and the minds of man Freepers) we are less than Americans and should be punished, taxed to the hilt, and destroyed.
I guess all that "one nation under God" thingy is so passé, right?
I thought this was a Conservative forum.
Gee, what was I thinking?
Rumor has it?
You have got to be kidding.
I was in contact with my Representative's office, and they know this is a killer of a bill for our state.
Millions and millions of Americans. Many of the ardent Trump supporters who gave him his margin of victory last fall. And millions and millions of us will be screwed over by this bill, while being told it is a "Big, beautiful tax cut that will make you so happy, so very, very happy. Merry Christmas!"
More like April Fools.
Democrats, and Flake, only care about deficits when a Republican is in the White House. Republicans only care about the deficit when a Democrat is in the White House. That's just the way it is.
Finally, someone with some sense around here.
Thank you.
And yes, that is what the GOP "Stupid Party" is doing here.
Over 50% of Americans pay no Federal tax, and not only does that not change in this abortion of a bill, but the EITC give-away in the tens of Billions dollars of TAX WELFARE is not only preserved, but expanded.
Nice.
Thanks Paul Ryan!
Terrible. And you are in the same boat as millions of others.
I don't remember hearing this last year at Trump's rallies, do you?
I love Trump, I really do. But what the HELL is he thinking? Why can't he tell the GOP leaders in Congress that this bill is a disaster and he will never sign it? Does he really only care about slashing the corporations rate? And if the state, local, and property tax deduction is so "EVIL" as many on the board think, why then do the corporations get to keep that deduction in this bill, but not for individuals?
Because the corporations paid millions and millions to K Street Lobbyists who helped write the bill, that's why.
You, me, and millions of other middle class folks? Tough $%^$$. That is what they are telling us.
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