Posted on 11/19/2017 1:20:05 PM PST by Mariner
ATLANTA - A popular deduction targeted in the GOP's overhaul of the tax code is used by more than a quarter of all filers in a majority of states, including many led by Republicans where some residents eventually could see their federal tax bills rise.
The exact effect in every state isn't known, in part because of differences in the Senate and House versions of the bill. But the change to the deduction for state and local taxes could alter the bottom lines for millions of taxpayers who itemize.
Residents in high-tax, Democratic-led states appear to be the hardest hit. But some filers also could be left paying more in traditional Republican states, such as Georgia and Utah where about a third of taxpayers claim the deduction.
"It's a bad deal for middle class families and for most Georgians," said Georgia state Rep. Bob Trammell, leader of the House Democrats.
He said Republicans are eliminating the state and local deduction to help pay for tax cuts for businesses and the wealthy.
How many winners and losers are in each state depends in large part on another aspect of the Republican tax overhaul that would nearly double the standard deduction — to about $12,000 for individuals and about $24,000 for married couples.
Republicans say that provision would be a net benefit for most tax filers.
(Excerpt) Read more at sacbee.com ...
Let’s eliminate:
1. The double deduction for marriage so that we single folks are not forced to subsidize that. Single adults are now a majority.
2. EITC for the “working poor”.
3. The Child Tax Credit whereby all taxpayers subsidize those who choose to have children. Breeders are a minority. If you can’t afford to support your own children, don’t have them.
4. All education deductions and credits like the 529 savings plan. There is no good reason for every taxpayer to subsidize the university indoctrination of your children.
1 posted on 11/19/2017, 1:20:05 PM by Mariner
HA! It is to laugh. The Sackatomoes Bee is the mouthpiece for the legislature of the highest taxation state in America and now they’re getting their lacy panties all wadded up over a tax increase? Forgive me if I am suspicious of their righteous indignation.
Look, I have no problem with eliminating the deduction of local and state taxes. High tax states should get no cover from the Feds. If it makes their (politicians from high tax states) jobs tougher, fine with me.
Based on your logic of tax policy having noting to do with national policy, lets just eliminate ALL deductions since every one of them is subsidizing something I personally am against.
That would be fairest of all. In fact the only true fair system.
“....Residents in high-tax, Democratic-led states appear to be the hardest hit....”
Residents in high-tax, DEMOCRAT-led states appear to be the hardest hit....there, fixed it.
The important thing is reducing the corporate rate. Trump ran for office promising to bring companies and their offshore money home from China, Mexico, Ireland, where ever they have it parked. To do that you have to clear out regulations and lower corporate tax rates.
The rest is nice, but its not what he ran on.
To paraphrase Mark Twain, there are lies, damed lies, and then there is the Sackatomatoes Bee.
“High tax states should get no cover from the Feds.”
People who marry and breed should get no cover from the Feds.
Especially when somebody else must pick up the bill for their decision.
I want the first round to be simple. Drop Corp rate to 20%, everyone over 50k drop existing rate by 5%, get rid of death tax and double taxation on investment and pay for it by getting rid of 900 billion Obamacare tax.
Look at it again next year and tweak as needed.
“In fact the only true fair system.”
Absolutely correct.
A flat tax with no deductions is the only fair tax.
Can’t disagree there.
As a positive inflow of Interest is added to your Income, all negative flows of Interest should be deducted from your Income.
No Limit.
Right there on about line #6 of the 1040.
Breeders? Concern troll is very concerned.
We Freepers aren’t all as gullible as some others.
“To paraphrase Mark Twain, there are lies, damed lies, and then there is the Sackatomatoes Bee. “
The SALT deductions are taken by over 40 million Americans, in every Congressional district and every state.
If you made enough money to itemize you would know that.
Rep. Bob Trammell, leader of the House Democrats said Republicans are eliminating the state and local deduction to help pay for tax cuts for businesses and the wealthy.////
Businesses and corporations pass their taxes down to the consumer - the taxes are hidden in the cost of the goods and services that you buy
I don’t see where the “wealthy” get any tax cut. It looks to me that if your family income is 150K, you about break even, and then your taxes go up from there.
Correct.
Breeders. Those who have children.
Why should childless persons subsidize you having children? Or, the double marriage deduction when only one spouse works?
“With the doubling of the standard deduction, that number would become minimal in other than DIM States!”
And they would still exist in every state in the union.
Are you OK raising their taxes?
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