The GOPe is throwing another tantrum.
Take their Binkies away and make them get to work!
Posted on 11/13/2017 10:07:43 AM PST by Mariner
Congressional analysts are estimating that the Republican Senate tax bill would increase taxes in 2019 for some 13.8 million U.S. households earning less than $200,000 a year.
The nonpartisan Joint Committee on Taxation provided the analysis Monday as the Senate’s tax-writing committee begins work on its version of the tax overhaul bill. The legislation, promoted as a boon to the middle class, would steeply cut corporate taxes, double the standard deduction, and limit or repeal completely the federal deduction for state and local property and income taxes.
The analysis of the Senate plan says 13.8 million households, or about 10 percent of all taxpayers, would face a tax increase of $100 to $500 in 2019. There also would be increases greater than $500 for a number of taxpayers, especially those with incomes between $75,000 and $200,000. By 2025, 21.4 million households would have tax increases.
(Excerpt) Read more at apnews.com ...
Up until Hubby went on Medicare last year we were paying over $1400 per month for insurance. Now they want to raise our taxes?!?! That whole fricken town should be burned down. Worthless pieces of excrement.
The GOPe is throwing another tantrum.
Take their Binkies away and make them get to work!
Small quibble...
$200,000/yr is about the 95th percentile of income distribution. I don't think the "middle class" goes that high.
The 50th percentile is at about $54,000/yr.
Distribution of Household Income: 2014
-PJ
We need SWAMP draining!
probably even worse than you think...and you’ve been preachin from day 1.
check the actual irs stats for 2015.... everything is there to make your point(s) stick....in spades.
https://www.irs.gov/pub/irs-soi/15in21id.
add xls at the end of the above link
the tax plan from either house or senate will piss off more people than we think.
interesting that we don’t have enough to itemize anymore so we would make out better initially with either tax plan.
What, you didn’t vote for a tax increase last year?
This “plan” isn’t about cutting taxes, they have already said that whatever plan they come up with has to be revenue neutral.
This isn’t a tax cut...it is simply cost shifting.
Marko
Coming from the Ass Press I don’t even read any further and I certainly don’t believe anything from the AP
“...They are most often surburban, two income professionals with a mortgage.
The folks who almost always vote Republican.”
*********************************************
“...almost always vote Republican.” Really? Not in Maryland...not in New York...not in Massassachusits ...not in California..
Here is some info I got from Dave Brat over the weekend
/////
A side note: How Tax Brackets Affect You
With any big reforms like this there are many questions. Here is one that I received through my website this week:
“I am letting you know that my taxes would go up under the GOP tax plan. I was in the 33% bracket and now I fall into the 35% and will lose deductions.”
I thought I would address that question here as there are a lot of misconceptions and myths about how tax brackets work. Some people think that if they earn more money, they are pushed into a higher tax bracket for every dollar that they earn. They think they will pay more taxes and have less money left over than they would if they had worked less and earned less.
That is not true so I want to take a minute here to explain how tax brackets affect you. Of course, everyone’s situation is different but the basic rule is that working more and earning more does not change all the dollars in taxes you pay at the lower rates. For example, under the new plan a family of four pays 12% on all dollars up to $90,000 and a 25% rate on additional dollars up to $260,000.
Unless you are in the lowest tax bracket, you actually always have two or more tax brackets applied to your income, including the lowest brackets for your first earned dollars.
Use the calculator here to estimate what you may pay under the new GOP plan:
https://graphics.wsj.com/marketwatch/2017/trump-tax-calculator/?embed=1
And then compare that to what you pay under the current code:
http://www.bankrate.com/calculators/tax-planning/1040-form-tax-calculator.aspx
Thanks for reply Mariner.
Please bear in mind that the states have never expressly constitutionally delegated to the feds the specific power to tax the expenses that the feds are now providing deductions for.
So federal tax deductions are deceptive a scandal imo.
On a related note, you’ve probably seen the following.
"Federal career lawmakers probably laugh all the way to the bank to deposit bribes for putting loopholes for the rich and corporations in tax appropriations laws, Congress actually not having the express constitutional authority to make most laws where domestic policy is concerned. Such laws are based on stolen state powers and uniquely associated stolen state revenues." —me
DC, here they go again, find the pea tax legislation. Will we ever learn?
As a philosophical matter I am opposed to all deductions and would like to see a flat tax or sales tax.
And absolutely zero tax on business of any kind.
This would FUNDAMENTALLY change Washington by making our elected representatives legislators rather than corrupt brokers taking a fee for every transaction.
However, as a taxpayer currently in the 28% bracket and single with no dependents, the practical issue is how much more I pay than the average taxpayer and the fundamental unfairness of it.
I do not support a tax increase on me when 1/2 of the American people pay no taxes at all, and those who do can deduct so much.
When somebody can make a good argument on why a married couple with children making the same amount of money I do should pay less than me, then I will listen.
Until then I will do my best to keep what few deductions I have.
We need a 1040-EZ that is compliant with Congress’s constitutional Article I, Section 8-limited powers.
I think you nailed it right here.
This will be strike three, if it comes to pass. And no amount of hand-waving (eg, “This is a tremendous bill” or “This is great for middle America” or “This is going to put more money in the pockets of working class Americans, believe me”) by Trump will rescue 2018.
If the Senate version is what passes, forget about any gains in 2018, the miracle will be if the R’s don’t lose any seats at all.
I think most could forgive a lot if the new tax law had just one thing (that the House version does have as far as I know now): saving the deductions for property taxes. If that’s saved I think most will forgive that the mortgage interest deduction is going away. Or, if the standard deduction is increased even more.
If anyone from middle class sees even a penny of tax increase though for any reason it’s game over in 2018. Once again the Republicans try to find a way to snatch defeat from the jaws of victory.
Bkmk
Hmm, thanks for that. It seems when I enter the details I recall from memory (I’ll have to check what we did last year to be sure) and estimated income for next year, we will actually pay $1,000 less under the House plan.
Now, that “House” plan you linked to actually doesn’t include the deduction for property taxes either just like the Senate proposal. So it seems to be the same as what the Senate is proposing now.
So if that’s right for us, and right for many other people it seems like it actually might be a good proposal. But who’s really to say both of those websites are correct in their calculation? I suppose we could check it for last year’s taxes, but the future proposal can’t be checked against anything for veracity. We just have to trust that website is calculating it correctly I guess.
Is it really going to be as simplified as that website seems to indicate? I can’t believe there won’t be some special interest loophole for some donor somewhere. Which will undoubtedly foul up the calculation.
I don’t know. But it’s the first indication I’ve seen that the new tax plan might actually do what’s promised which is save middle America money in taxes.
If the proposed law really is this, then it actually might be a good thing.
The medical deduction for seniors has never even been met by me or any of my friends———it’s minimal and most of our med costs are covered by Medicare.
.
Hypothetically, a senior in a nursing home with income enough to cover the yearly cost - under new plan taxed on that income with no way to offset it with medical costs and the 12k standard deduction not going to do much.
“Hypothetically, a senior in a nursing home with income enough to cover the yearly cost - under new plan taxed on that income with no way to offset it with medical costs “
How much of the annual cost for nursing home care would be considered medical coasts?
I assume much of it would be condidered costs for lodg-eng,utilites,food,clothing,and personal care items?
Just curious.
.
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