Posted on 10/28/2017 2:30:22 PM PDT by TBP
What do you call a tax break that delivers 88% of the benefits to upper-income families and subsidizes rich states at the expense of poor ones? If you're a Democrat, you call it a sacred cow.
One provision of the Republican's tax-cutting plan that has drawn intense opposition from Democrats is the elimination of state and local tax deductions for those who itemize.
Rep. Nancy Pelosi said it was "an insidious effort to raise taxes on middle class families … across America." Sen. Ron Wyden said that "hardworking middle-class folks are not going to appreciate Congress double taxing them." New York Gov. Andrew Cuomo called it "a pure tax increase."
So what is it that Democrats are valiantly trying to protect?
This SALT deduction, as it's sometimes called, will cost the federal government $1.8 trillion over the next decade, according to the Tax Foundation.
And the benefits go almost entirely to upper-income families.
(Excerpt) Read more at investors.com ...
btt
He hasn’t a clued about ANY of this and imagines that he is in the UPPER MIDDLE CLASS, with a paltry $200,000 earning a year, because he found that figure on line! LOL
Keep clutching the pearls
We will gladly ship you the cause of the differential. You know, I hope, the Takers vs the payers. Please feel free to use google to find the correlation.
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I wouldn’t touch your filthy “pearls.”
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uh, ok buddy
Since the plan hasn’t hit it’s “Sausage Making” Phase, we’ll all be surprised in the end, or we’ll get it in the end.
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I’m definitely not your buddy!
Control freaks make me sick.
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The only one trying to “control” behavior is you - the whole point of mortgage interest deduction and SALT deductions is to “control” behavior. I don’t think we should have any deductions, ergo, no “control” over behavior.
2 of the 3 sites based it on household income not individual. People want to complain about SALT deduction. I would like to do away with the penalty on dual income married households.
No one posted a bitch when the SS taxable income went from 118K in 2016 to 124k in 2017. That extra $400 tax this year was silent on FR. Believe it or not there are tax lovers on this site who would love to remove the income cap on OASDI. Do away with receiving SS based on someone else’s income for one. All payroll taxes go to the general fund and that includes OASDI and Medicare.
The federal government needs to live with less - period. My taxes to the Feds should have nothing to do with anything but their method of taxation. In our current model that’s based on income. Should someone in Alabama pay a higher or lower percent based on where they live - No. I really want a flat tax.
>>>I wouldn’t touch your filthy “pearls.”<<<
Time for a Musical Interlude... #;^)
https://www.youtube.com/watch?v=Ne3XojNonEU
Thx for the links btw. I am apparently rich.
No, I'm NOT whining at all, I'm yelling at YOU and the other morons who believe that it is just GREAT to hurt some people, by making this supposed "TAX CUT", into a TAX HIKE !
I have high property and state taxes, which is why I am complaining about this POS proposition.
If your foolish bragging posts are to be believed, YOU are going to get hurt too, but are obviously too dumb to realize it!
And frankly, your supposed Fed Tax statement doesn't impress me at all. You act as though everyone here ( or most and since you posted it to me, I ) should be VERY impressed by your tax load. Do you imagine that you are making more money than the rest of us? LOL
Agreed and yes I couldn’t believe how much the SS max went up this past year. At least it’s barely going up next year.
So much pearl clutching it’s hilarious
And just because because you find something on line, especially if it's from the Fed Gov., doesn't mean those figures are correct/valid.
My property taxes are very large; they are so for several different reasons, none of which are any of your business, nor to be placed on an open thread.
Just because I had the warewithall to pay cash for my house and land, doesn't mean I live in a shack on a postage sized lot.
Though some like to have a mortgage ( for the tax deduction ), or want some place that they can't afford otherwise, shouldn't impact my taxes!
Oh brother...are YOU obsessed with money ( "massive mortgage, MASSIVE this, MASSIVE that! ), arfen't you. *snicker*
Little supercilious braggart, obsessed with your own supposed superiority...you’re NO expert. You do NOT know what you’re talking about and your sources are without merit!
The only me obsessed and off the hinges is you. If my tax go up slightly (which is very unlikely - unlike you I can do math - I do it for a living), then so be it. Corporate taxes going to down to 20% would by itself boost
My net worth many times in excess of a grand or two a year in more taxes (and I’m estimating my taxes will drop 4-6k at any rate).
Good.
Yeah! Damn those productive, highly paid people. Damn them all! Soak the rich!!! Make them Pay Their FAIR SHARE!!!
Bernie Sanders for President!!!
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