Posted on 12/04/2017 4:48:03 AM PST by lightman
Edited on 12/04/2017 10:35:20 AM PST by Jim Robinson. [history]
It's great that you are doing well in the market, I will be seeing my taxable income go up $70,000.
This is going to DESTROY the housing market and the value of people homes and play hell with population growth via the loss of personal exemptions for kids, so it has the added effect of further reducing the number or children AMERICAN CITIZENS produce, making us a minority in our own country.
Couple this with the 15% FICA and the OUTRAGEOUS increase in medical deductibles and copays, and this slaughters the very base of Trump supporters in States like Florida.
There will be no second Trump term, Florida is GONE after he signs this, the only real question is whether he will be impeached before he is voted out in 2020.
You mean your employer wanted to see your tax return?!
My response: Sorry guys, but when it comes to giving, it’s my religious belief to not let the right hand know what the left hand is doing. And besides, if you don’t itemize the giving, there’s nothing to show.
BTW, I gave the same argument: I give directly. I don’t need UW. I used this argument: IF I have my own seat on the stock exchange, why would I use your brokerage firm?
And the comedy was they said there was no push for “unanimous giving”, but in my meeting with my manager, he said (and I mean pushed like a used car salesman), “Couldn’t you give just one dollar a month?”
heh...
True -it should be part of the AGI calculation instead of throwing into the standard/itemizing bin.
1) The personal exemption elimination for a family of 4 isn't nearly as bad as you list below ($16k) as the child tax credit is also going up.
2) What on earth are you itemizing to lose $70k in deductions? Unless your income is well over $500k, in which case, God bless you. But that increase in taxable income is largely offset by decreases in rates. I currently itemize $35,000 - roughly top 10% of itemizers - and my taxes are going down ~4%.
3) The GOP's Bread and Butter are families making $50k to $200k a year. Believe it or not, 40% of that group doesn't itemize at all and of the 60% who do itemize, the average itemization is $22k. Given the doubling of the standard deduction, expansion of child tax credit, and absolute rates dropping, the vast, vast majority of the GOP base will receive a tax cut.
PS People in Florida are less likely to itemize than other states with no state income tax and relatively low property taxes. Nearly everyone with a tax increase lives in NY, NJ, CA and a few other very liberal states.
You are never “ineligible” to itemize charitable deductions. All it requires is that you do itemize your deductions instead of taking the standard deduction. The author is blatantly wrong to say so many deductions become “ineligible”.’
No then, will someone who really supports a particular charity do so ONLY because they get a tax deduction for it?
Well, I imagine that is most true the higher the income level and less so for the middle class, most of whom do not itemize, and yet from whom many charities get support.
If NY State charities get “devastated” by the tax reform, then it says way too many donors never really gave a dam about the charities but just wanted the tax deduction.
They had many issues.
Let’s just say making me show my tax return was the least breach of integrity that they did at times.
I didn’t have to, but then I would had negative consequences for not supporting UW. In then end, I proved my point, and had consequences for being an a-hole.
If people are only giving to some charity for the tax deduction, then in my book they are not truly committed to the charity. I give to over a dozen of charities, do not itemize deductions, and am far from wealthy.
What you should be advocating is much lower taxes, so folks naturally have more money to spend, on charities or whatever.
My preference is MUCH lower taxes, flat and universal with zero social and economic engineering, with ZERO deductions, exemptions, exclusions or credits - just a simple flat tax everyone owes and pays.
Just the unreimbursed employee deduction is going to cost me 17K, thats mileage, tolls, meals, etc.
What is the child tax credit going up to?
I take 16K off my gross now (4) exemptions, including my wife and myself, don’t see how a slight increase in the Child Tax credit will offset that.
A house is worth what people are willing to pay for it, if they can’t afford a mortgage because they cant deduct SALT, PMI, and ALL mortgage interest, the price of peoples homes is going to CRASH and BURN.
I realize your specific situation may be negative for you, but you are not typical. The vast, vast vast majority of Trump supporters are getting a tax cut - the only states that are seeing a lot of tax increases at high income levels are NY, CA, NJ and a handful of small left states.
I am form York. I give money every year for charity. I also donate gently used clothing some food to food banks and my time for various charitable functions. I do not give to the United Way for any reason. I also can not afford to give enough cash to make any deduction worthwhile. I do not give to get a deduction.
I am form York. I give money every year for charity. I also donate gently used clothing some food to food banks and my time for various charitable functions. I do not give to the United Way for any reason. I also can not afford to give enough cash to make any deduction worthwhile. I do not give to get a deduction.
You are completely ignoring the benefits: more jobs and higher pay.
“Family’s of 4 with houses are looking at increases in their taxable income in the $40-$90,000 range”
Uninformed.
I suggest you read more carefully. You will be getting a tax cut.
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The purpose of taxation is to raise revenue, not to encourage good behavior.
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The purpose of taxation is to pay....for that which govt is legally AUTHORIZED.
I’m presuming you missed the /s tag in your original post. One would need to be ignorant or lying to say the tax code does anything BUT social engineering. As Congress may ‘borrow’ any amount they need, taxes aren’t truly required for funding govt.
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Charity is charity - when we make them tax deductible (which a great many in the middle class cant leverage anyway), we turn it into a partial welfare program by the government.
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Reducing the amount one ‘owes’, by tax-deducting charity is now WELFARE?? Really?!
Sure this is FR anymore?!
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...I appreciated taking this off my tax bill because 100 cents on the dollar will go toward the cemeterys upkeep.
Can any government program match this ?
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What makes anyone think it matters to govt? Not THEIR $$ they’re (illegally) blowing.
charitable donations are still deductible but for many people that will be moot with the bigger standard deduction. Donating now depends more on whether someone wants to be charitable rather than save on taxes.
BTW - actual FReepers tend to hit the
links periodically....if you know any that aren't, please remind them.
bump
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