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This Is Rich: Democrats Fight To Protect A $1.8 Trillion Tax Break That Benefits The Top 1%
Investors Business Daily ^ | October 23, 2017 | Editorial Staff

Posted on 10/28/2017 2:30:22 PM PDT by TBP

click here to read article


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To: nopardons

PS I am upper middle class, or lower upper class. I made top 4% income last year. Will be 3% this year and 2% next year.


41 posted on 10/28/2017 3:48:46 PM PDT by rb22982
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To: TBP

Bump


42 posted on 10/28/2017 3:50:14 PM PDT by Incorrigible (If I lead, follow me; If I pause, push me; If I retreat, kill me.)
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To: thepoodlebites

But you CANNOT deduct sales tax - even if you itemize. So there is NO benefit to Texas from this SALT deduction!


43 posted on 10/28/2017 3:52:37 PM PDT by Robert A Cook PE (I can only donate monthly, but socialists' ABBCNNBCBS continue to lie every day!)
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To: sparklite2
As I understand it, you can choose to deduct state income tax OR state sales tax.

Correct. I'v always claimed sales tax living in Washington, but now that I'm in Arizona I'll have to see which one is higher and claim that.

44 posted on 10/28/2017 3:58:06 PM PDT by Not A Snowbird (A year in Arizona... and I haven't burst into flames yet.)
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To: rb22982
Where are you getting that data. Seriously is it by individual or by household? I want to see how I measure up 😉
45 posted on 10/28/2017 4:02:04 PM PDT by wgmalabama
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To: wgmalabama
Plenty of sites

site 1

site 2

site 3

just to start

46 posted on 10/28/2017 4:05:25 PM PDT by rb22982
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To: rb22982
Does the number of people HARMED by this matter?

Obviously YOU are gleeful that it'll hurt your supposed "enemies"; so now other CONSERVATIVES are your enemies, I guess. Well count me in that group, because yes, I am your enemy!

Why should the country allow you to take off mortgage payments? People should live within their means and NOT borrow!

Worse still, is that people who pay NO taxes get a "refund"! A "refund" ?

There are lots of things wrong with the Fed Taxes as they stand now, but this is NOT a "fix"! And neither you nor I nor anyone else knows what the brackets will be, how many of them are to be.

47 posted on 10/28/2017 4:10:35 PM PDT by nopardons
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To: rb22982

.
Nonsense!

I easily have 4 or 5 times the standard deduction.

The standard deduction is for lazy fools. (or the stingy that give little or nothing to Yehova)
.


48 posted on 10/28/2017 4:11:48 PM PDT by editor-surveyor (Freepers: Not as smart as I'd hoped they'd be)
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To: rb22982
HORSESHIT...still!

If anyone "cared", Dem and GOPer, there would be a FLAT TAX, for EVERYONE; no exceptions at !

49 posted on 10/28/2017 4:12:16 PM PDT by nopardons
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To: rb22982
You're speaking out of your arse!

NOBODY, EXCEPT THOSE WRITING THIS/SEEING IT IN CONGRESS, HAS ANY IDEA WHAT'S IN IT, RIGHT NOW!

50 posted on 10/28/2017 4:13:47 PM PDT by nopardons
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To: Robert A. Cook, PE

Wrong!

You have the choice of deducting state income tax, or sales tax.


51 posted on 10/28/2017 4:14:46 PM PDT by editor-surveyor (Freepers: Not as smart as I'd hoped they'd be)
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To: sparklite2

Out of every $ that goes to Washington from NJ we get .7 back. F The South


52 posted on 10/28/2017 4:15:53 PM PDT by The Cuban
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To: nopardons

Yes, it could change, but it has been ‘leaked’/”whispered” many times.


53 posted on 10/28/2017 4:16:24 PM PDT by rb22982
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To: CodeToad

because for every dollar we send to Washington we only get .7 back


54 posted on 10/28/2017 4:17:10 PM PDT by The Cuban
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To: editor-surveyor
I easily have 4 or 5 times the standard deduction.

You do realize a personal anecdotal of one does not prove anything, right? Even per this article, those making over $200k/year (top 4% of households, or 2% of individuals) see an average SALT deduction of $6295 in taxes, which is about $18k pre tax at a blended marginal federal rate of say 35%. Given the standard deduction will go up by around $12k, all but the very top income combined with living in a very high state AND local and high mortgage will be hurt. Why should we be subsidizing those things in the first place?

55 posted on 10/28/2017 4:19:36 PM PDT by rb22982
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To: sparklite2

There is no personal income tax in Texas. At all. So the only benefit to some very wealthy Texas taxpayers, almost certainly concentrated in and around Dallas Austin and Houston, has to do with real estate taxes on their personal residences, which I know for a fact in Texas have lower rates then for business property. Thus, the benefit of the SALT DEDUCTION IN TEXAS IS EXTREMELY LIMITED.


56 posted on 10/28/2017 4:19:48 PM PDT by Ancesthntr ("The right to buy weapons is the right to be free." A. E. van Vogt)
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To: The Cuban

You’re in New Jersey? My god, man, I’m so sorry.
Please forgive me for ever tweaking you.


57 posted on 10/28/2017 4:20:37 PM PDT by sparklite2 (I'm less interested in the rights I have than the liberties I can take.)
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To: rb22982
Bragging? LOL

I couldn't care less what your earnings are and may yet be, that's NOT the point at all. What IS the point, is that people have planned for using the current deductions and will now be hurt by this proposed change.

But since you earn SOOOOOOOOOOO much and don't believe that you'll be harmed any, by this provision, then pay more to the government; there is a line on your tax return to do so, and spare those of us who happen to have large state taxes and property taxes. Do it for your fellow man. ;^)

58 posted on 10/28/2017 4:20:56 PM PDT by nopardons
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To: TBP
Whatever else can be said about the deductibility of state/local taxes, it must be said that it is most valuable to people living in the highest-tax jurisdictions.

And it is, consequently, an engine for the promotion of high state/local taxes.


59 posted on 10/28/2017 4:21:54 PM PDT by conservatism_IS_compassion (Presses can be 'associated,' or presses can be independent. Demand independent presses.)
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To: nopardons

If my taxes go up (which is very unlikely) with a great simplification of the code and lower rates across the board, I’m perfectly fine with that. There is ZERO reason to subsidize local taxes and increased debt.


60 posted on 10/28/2017 4:22:12 PM PDT by rb22982
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