Tax deductions are not "subsidies" Megan. It is keeping more of your own money rather than sending it (with an IRS gun at your head) to Washington.
Posted on 11/27/2017 7:32:43 AM PST by jmaroneps37
Yes, I pay a lot in local, property, and state tax. And yes, I am outnumbered.
But let's not pretend that this massive tax increase that is coming on millions of middle class taxpayers isn't what it is - a Tax Increase.
Do you see what the GOPe did? They picked "winners" and "losers." It isn't an across the board tax cut. They are giving over 80% of the cuts to corporations, the rest to some businesses, and about 9% of the cuts to individuals.
We are told that corporations will "re-invest" and make life better. Will there be some economic growth. Sure.
Will millions of middle class families suffer and pay the bill? Yup.
It isn't only SALT deductions. Do you understand this?
It is almost ALL deductions we have: medical expenses, alimony, adoptions (House bill), graduate student stipends, student loans, education benefits due to parental employment, loans on RVs/boats/second homes, mortgage interest......and I could go on and on.
Because they made this "revenue neutral" - someone has to be soaked and pick up the tab.
And that is the middle class.
And the middle class "cuts" are not even permanent! The corporate cuts are. Further, after a few years, millions more will see their taxes go up even more.
The lemmings don't get this.
They won't wake up until it is too late.
Once these deductions are gone - they are gone FOREVER! They are never, ever coming back.
- the standard deduction is being raised, but the personal exemptions are being eliminated.....completely. Do that math. If you have a large family...well.....you're going to get screwed. And by eliminating the personal exemption, it isn't a "doubling" of the standard deduction anymore. Far from it.
You should also read this:
The Moment Gary Cohn Realized His Entire Economic Policy Is A Disaster
Many companies are not going to "re-invest" and hike everyone's wages and benefit once they get their massive tax cut from 35% to 20%. Nope. A Freeper here who has been a business consultant for years posted his experience. They will buy back their own stock, and line their own pockets. That Zerohedge article confirms it.
If it were up to me I’d eliminate EVERY deduction and EVERY subsidy.
Then I’d put out an Amendment to repeal the income tax.
And that’s the real problem.
“Do that math. If you have a large family...well.....you’re going to get screwed.”
I have a large family and don’t care. Five of our seven children don’t have SSN’s and we can’t take them as deductions anyway. We don’t want to.
Tax deductions are not "subsidies" Megan. It is keeping more of your own money rather than sending it (with an IRS gun at your head) to Washington.
“Many companies are not going to “re-invest” and hike everyone’s wages and benefit once they get their massive tax cut from 35% to 20%...They will buy back their own stock, and line their own pockets.”
You sure you’re not a liberal? Because what business is it of yours what other people do with their money? And earlier in this topic you said that a deduction allows you to keep “your” money so doesn’t a tax cut allow a company to keep >their< money?
And if it’s their money they get to decide what to do with it just like you do with yours, right?
Then what do you care what they do with it? Frankly, if they buy back their stock then they’re redeeming a form of outstanding debt and that’s a very responsible thing to do for the long term health of their company.
If you owned a company you’d be wise to do the same.
I’d repeal the income tax and let you keep it all.
Guess that makes me a commie bastard.
No, calling tax deductions "subsidies" makes you a commie bastard.
Congratulations though. You have bought into the Mnuchin Goldman Sachs Propaganda Machine.
I cannot believe how some people still think that eliminating the personal exemption is a good idea. Whew. I am in the Twighlight Zone here.
A tax deduction is a subsidy. It may be indirect but it is still a subsidy.
The mortgage interest deduction indirectly subsidizes the real estate and mortgage industry and they’ll howl louder than you do if anyone threatens to get rid of it.
Yet that deduction causes damage to the market by facilitating higher real estate prices and, where it applies, higher real estate taxes on those higher priced properties.
That deduction subsidizes higher real estate prices. Remove it and home prices will drop.
Government backed student loans are an indirect subsidy to the education establishment and they are directly responsible for higher costs in education and higher amounts of debt among people my age. It works out great for the educrats and the banksters but not so much for the younger people - many of whom would be better off learning a trade than getting a degree in womyn’s studies or some such.
Sorry that we disagree on this so much but that’s just how it is. I’m sorry that removing the deduction might cause you some pain but it’s still the right thing to do in order to get to the greater good of lowering state and Federal taxes entirely.
I was told yesterday my dependent exemptions were bad because “not everyone” is able to use them.
That was a new one to me.
This place sure has changed hasn’t it?
You are not in the Twilight Zone. You live in a state that rapes you.
“No, calling tax deductions “subsidies” makes you a commie bastard.”
Democrats and Social Justice Warriors everywhere also have a euphemism for spending.
They call it “investment”.
Now, Republicans and Social Justice Warriors everywhere have a euphemism for tax deductions: Subsidies.
Two peas in a pod...and the Social Justice Warriors cheer them both, following like lemmings. Because they do not think.
They emote. Nary a brain cell devoted to the realization that “subsidies” are letting people keep their own damn money. That they earned with their life energy.
Republicans used to think that way. But now Republicans are stupid Social Justice Warriors.
Just like Democrats.
So your state could raise your tax to 30% and your just fine with it because it is just a write off.
Got it.
Maybe it is time for people in these lib holes to stand up.
And a treacherous, lying, two faced, double crossing Federal GOPe that is about to rape me, and millions of others.
The Fed should have no involvement in State taxation whatsoever.
“So your state could raise your tax to 30% and your just fine with it because it is just a write off.”
That’s absurd.
All of it comes out of my pocket directly.
The fact that the Feds don’t tax me on money I pay in taxes is a good thing. And it used to be recognized as a good things by all conservatives, universally.
It sure has.
- Tax Deductions are "Subsidies"
- Wanting to pay less taxes is "Unpatriotic"
- Spending is "Investment"
Is this the new theme song of the GOPe and their lemmings?
Oh, but it's OK for the Fed to allow corporations to deduct their state, local, and property taxes? Huh? It's OK for corporations to keep other deductions that are being taken away from the rest of us? That is in the bill.
Hypocrite.
By that you mean vast stretches of the United States of America, and millions of its citizens.
Sorry, but if you are a "conservative" and "patriot", we are sunk as a nation.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.