Posted on 10/28/2017 2:30:22 PM PDT by TBP
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You do realize that you are full of $hit, don’t you!
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“because for every dollar we send to Washington we only get .7 back”
That’s so true and a worthwhile figure for everyone to keep in mind. It is also a prime reason I want the elimination of the 16th Amendment, the Income Tax. Congress uses the money as power over the people and the States.
I’m a Texas expatriate, and can agree with you entirely.
No, I can't simply do math.
First of all, only 3 in 10 households even itemize, period. That eliminates virtually all but the upper middle class and the upper class seeing any real benefit from SALT.
Then per the article above,
"The Joint Committee on Taxation calculates that for those earning more than $200,000, the SALT deduction cuts their federal tax bill by an average $6,295."
, a blended rate of 35% is not unreasonable to assume. So $6,295 tax savings / .35% rate = $18,000 in extra itemized deduction being stand TODAY. $6,350 * 2 = $12,700 increase in standard deduction covers more than 2/3 even for married couples over $200k (which is top 5% of households).
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The 16th was definitely not ratified.
All but three states offered modified versions to ratify, and no modifications were made.
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As I already said, yopu are either full of $hit, or made of it.
Uh - ok, even though I sourced everything. Way to rebut me. /smirk
The joke is on them because at that income level the AMT nullifies the deduction anyway....
I've heard 4 and I've also heard and read that there'll be 5 different brackets.
NOBODY KNOWS ANYTHING AT ALL ABOUT THE BRACKET QUESTION, INCLUDING FROM WHAT TO WHAT EACH EARNINGS LEVELS ARE TO BE.
You should seriously consider getting some meds that help you calm down (and probably mental stability)
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Your sources aren’t even good for A$$wipe!
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You’re wrong...the mortgage deductible is still in it!
Upper income families pay the taxes
The top 20% of earners pay 95% of the fedral taxes
How do you “cut taxes “ without giving the top 20% a tax cut?
Oh but yeah lets just tax the actual working tax paying “ rich” an extra $1.8 trillion and give it to the govt to spend
Whose money is it, anyway?
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rb22982 is a low grade shill.
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Right on!
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Yeah, OK, the IRS, Investor Business Daily and the Tax Foundation, OK buddy.
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IBD is a total marxist rag, and the IRS is Thugs R Us.
Uh, maybe, maybe not. The builders association just came out against it. And even if it still is in, to get to more than $24,000 in interest deduction (married couple new standard deduction) for it to even matter, you'd need to have more than $600,000 in mortgage debt assuming 4% interest to hit the threshold vs standard. How many people have that kind of mortgage debt with a median house worth $200k?
After all the govt FEMA and donated charity aid being shoveled into Texas the rest of us say “ you’re welcome”
Now please shut up about how you subsidize those who choose not to live in hurricane zones and generously open their wallets to Texas
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