Posted on 09/28/2017 11:26:12 AM PDT by Mariner
Sorry folks, if you live in California and are taxed at ridiculous levels you don’t get to hold that back from the Federal government anymore. Pay your fair share! If you don’t like that you are paying crazy high taxes in California then change your government or move. This is an easy argument to make. Reasonable governments shouldn’t have to subsidize the unreasonable ones.
“scratchin my head why what state you live in should make a difference ?”
It’s a talking point put out by the GOPe and Cohn...and it’s for the stupid, emotional people.
Because CA, NJ and NY has the most people itemizing and over $100k, they are the ones most hurt.
But the fact is that everyone who itemizes in every state will be hurt by this plan.
Those who earn between $100k and $250k are getting hammered. It even does small harm down to about $75k.
But most people, even on FR, are ok with that. They don’t care that it makes them a SJW.
Easy enough to take quotes out of context. In any event. If taxes go up for people in California there is a perfectly reasonable explanation for that. Californians shouldn’t be subsidized anymore than West Virginians should be.
hahahah, your review? You don’t even have the slightest clue what’s in the bill. There are brackets but you don’t know the levels for each bracket. What if they put people who make 100K in the 12% brackets? You’re just talking out of your rear.
You may be right; it sure looks that way.
Just over $100k they might see an increase if the live in CA, NY or NJ but ones in the $155k-$400k range should see a fairly large cut even in those states for *most* but not all. It all depends on the cut-offs for the 12/25/35 rate and whether or not personal exemptions stay in (I believe they will even though currently supposedly not) for the $100-$150k range though. State/local taxes and interest (encouraging debt) should have never been deductible anyway. My guess is fewer than 5% of Americans will see a tax increase - all with very heavy deductibles.
You are correct, but the drop won’t be very big.
By my calculation, if the income tax brackets stay the same (and accounting for the rise from 10% to 12% in the first bracket), a couple grossing $70K that does not itemize will save about $100.
People who do itemize will get screwed.
Not the Middle Class tax cut I was hoping for.
It appears to be a BIG cut for the working poor ($60k or less), and a BIG cut for every corporation.
But if you’re between $100k and $250k, you’re screwed.
That used to be the backbone of the GOP.
Small business, sole proprietors...Joe the plumber will gross $200k+. His net will go DOWN under this plan.
The sole proprietor is getting hammered by OCare and the GOP tax plan.
It’s quite severe.
Everyone should pay something. I propose revamping the Alternative Minimum tax so that everyone calculates their taxes normally. The tax owed being determined as the greater of either the normal tax calculation, or 5% of the taxable income.
A family of four making $50k doesn’t pay significant (if any) taxes now. The point of conservative tax reform should be to ensure that everyone has sufficient exposure to be incentivized to reduce expenditure, not make even more people pay no net tax.
“This is an easy argument to make.”
Except anyone who makes it looks pretty dumb, or paid by the GOPe.
It does not matter what state you reside in. If you itemize, your taxes will go up.
Even in Texas and Mississippi.
“subsidized”
You really don’t have a clue.
If you make 100K and are taxed 45K at the state level you get to tell the feds you only make 55K instead of 100K which lowers your taxes. With this, you’ll have to tell the feds you make 100K and you are taxed at that bracket. If you live in a low taxed state that will affect you much less. Whether or not this raises you taxes it’s fair. Tell you state government to lower your taxes. Big state governments have been holding back their fair share of taxes. No more (if this passed which it probably won’t)
“What if they put people who make 100K in the 12% brackets? “
Because even stupid people know that won’t happen.
From what I’ve seen, most of the people who will see their taxes hiked already live in “blue” states anyway. So maybe it’s time to move somewhere else.
Well, what do you expect from ABC? The administration does NOT write the bills that will be sent to President Trump, or any other president for that matter. All any president can do is either sign a bill, passed by CONGRESS, into law or veto it!!!
The folks at ABC need to watch this!
https://www.youtube.com/watch?v=tyeJ55o3El0
“$155k-$400k”
In 2016 the 39% bracket didn’t kick in until $440k+.
Nay, those between $155 and $400k will see an increase if they were itemizing.
No matter what state they reside in.
“The point of conservative tax reform”
The corrupt Freedom Caucus just endorsed this plan.
And it reduces by million those who actually pay an income tax.
But their reelection coffers are now full.
Joe the Plumber would be a small business and can pay himself whatever he wants or not take a salary at all. If you make 100K->250K and you are not a small business but an employee then that’s probably what you’re referring to. Not knowing all the details I couldn’t really tell you but to me not allowing state level deductions makes sense. Local governments need to be held accountable just like the feds need to be held accountable. I would also be for much more dramatic cuts in rates and dramatically reducing spending by reducing the size of the Federal government for the record.
The criteria is not where they reside, but how much money they make and whether they have a mortgage.
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