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To: SkyPilot

Unless you can point to a line on a 1040 that shows a higher % of federal tax paid/liability Trump DID NOT raise your taxes. He may have removed the camouflaged pain of your states taxes, but he didn’t raise your federal liability. It may be picking nits, but in a world where the media sells lower refunds as “raised taxes” the line has to be drawn...


2,365 posted on 03/16/2019 11:50:49 AM PDT by Axenolith (WWG1WGA!)
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To: Axenolith
Trump DID NOT raise your taxes

Yes he did. Deductions that were legal since 1862 are now illegal.

Did you READ the actual tax bill changes?

2,368 posted on 03/16/2019 11:52:46 AM PDT by SkyPilot ("I am the way and the truth and the life. No one comes to the Father except through me." John 14:6)
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To: Axenolith

For those living in high tax states, the cutoff between those who had their taxes raised and those whose were lowered was around $185,000. That amount depends on quite a few factors, such as how much your property taxes are, filing status, etc. But whatever the figure is for any individual, they are a fairly high income class.

Now, most people at that higher level work at a company or own a business that also benefited from lower taxes. The improved conditions for investment in the US, including repatriation of overseas money, decreased regulation, energy policy keeping costs down, etc., will have the combined effect of making nearly everyone better off, even those with a higher tax bill. Their business will make more money, or their employer will make more money. If you were making $230k under Obama, and can’t find a way to get it substantially higher under this full employment high growth economy, you need to examine your strategy.

That said, I am not a fan of limiting the deduction for state taxes. I do think it was unfair to people who live in those states. I don’t consider taxes paid to be income, as they are never actually received by the person who is charged for them. There were a band of the usual RINO suspects in Congress who would not pass Trump’s tax bill (the same guys who voted to keep Obamacare), and who claimed that it would decrease revenues and therefore needed something to offset it. They still refuse to accept the Laffer curve, which is proven time and time again. So they made the cuts smaller and removed some deductions. The next tax bill will improve on the first one. This one was mainly to get the economy going again, and give those under that $185k threshhold a little more in their pocket, too.


2,433 posted on 03/16/2019 1:32:39 PM PDT by Defiant (I may be deplorable, but I'm not getting in that basket.)
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