Because their joy over this closed deduction surely cannot be related to their hatred for CA and NY commies.
The only plausible explanation is their resentment and hatred of those that make enough money to itemize.
See the chart in the article.
Moron.
IMO < anything that cuts off former tax credits, is a mistake.
We want to add to former deductions, not subtract them.
The idea is to put as much money as possible into the private sector to jump start the economy.
Investments, increased sales, increased work force, massive new tax revenues for the federal government, that is the goal.
Whittling little parts of the increased private sector money, does not serve us well reaching the desired goal.
This shouldn’t be an us against them situation folks. We want everyone to get tax cuts. That way the economy will get the maximum boost.
I am of the opinion that the states should decide for themselves how best to collect tax revenue to pay their federal tax bill.
Use representative apportionment - divide the previous year’s spending by the number of senator and representatives to get to a per senator and per representative cost. That cost is then calculated by the number of senators and representatives for an individual state. That tax bill for the state must be paid from state tax revenues before the state can spend money on state salaries or other state programs.
States are then free to decide for themselves how to collect taxes.
That’s crap. Get rid of all the deductions. Get a flat tax and I’ll file on a single page.
I’ve believed for many years any benefit provided by your employer or your business be included as income including heath benefits, gym, golf clubs etc etc
No deductions except standard and single or family and a flat tax, maybe progressive with 3 levels.
All income including capital gains should be income.
I want my tax return 1 page front only and legible enough that normal people can fill it out themselves.
A journalist for Yahoo with no known credentials except he worked in DC reporting on defense.....you bet that’s my go to guy
First the Communists slap high tax rates on high incomes. Forever after, all attempts to reduce those exorbitant rates are “tax cuts for the rich.”
And the Commies always discuss tax reductions entirely in terms of how much the government is “giving” people by reducing tax rates.
Heck, I LIKE subsidizing everyone- including the rich!
“My money belongs to everyone.” That’s my motto.
This is a negotiable item I am sure. I do not think Trump ever thought that this would survive.
Those so gleeful at the prospect of soaking the Blue States.
The pain will not be in the Moocher class (the Democrat voters) but on the more conservative filers, people like those here. They, for the most part, have not voted these taxes in. That is almost entirely the work of the Moocher class (non-taxpayers) always ready to vote for higher taxes to be paid by others.
Yahoo is left leaning and anti-Trump.
You don’t think reducing the corporate taxes will result in increased returns to (the itemizing) investors?
If your view is that corporate taxes don’t hurt investment returns then tax companies 100% and give deductions to everyone else for everything.
Let’s reparable the income tax and go back to tariffs and a national sales tax. I am tired of the financial enema I get every year because of the income tax.
Actually, belief that NY and CA politicians over time have managed to grift off us that have no such deduction. NY and CA are not paying their fair share.
The greatest flaw is that even more people will be paying NO significant net tax. When the majority of the people pay no taxes, it is impossible to stop them from raising them on those that do.
Wrong. The justification is that this creates a perverse incentive for states to increase their taxes. And it allows those states to skirt on their obligations to fund the federal government. They can increase their state taxes while telling their citizens not to fight it because they can just deduct it from their federal taxes. Then the federal government ends up losing more tax revenue from those states disproportionately. And those states are not paying their fair share towards the military and other federal obligations. They should be allowed to cheat the system no longer.