Posted on 12/02/2017 1:37:52 AM PST by Kaslin
You speak wisdom.
I haven’t heard anything about a flat or fair tax lately.
Also, npt a peep from what was a “ movement” not so long ago.
One of their catchy phases went something like Taxed Enough Already.
Not to get off topic but another catchy phase from the not to distant past, that many were fond of, “Enforce the existing law!”
I just lost my ability to write off my high California taxes on my fed returns. Whatever. That’s my state’s fault, not the feds. I’ll take this. It is worth the corporate income tax relief, which will funnel down to all of us.
We are in the same boat with Cali Income Taxes, state/local sales tax and property taxes and fees on everything that has wheels and floats with any type of power.
However, the choice to stay here is ours.
“I agree and I live in New York State. If this “unmasks” Cuomo and the democrats’ high tax chokehold on our state even if I have to pay more (hopefully temporarily), it is worth it as a patriot.”
Same here in Hellinois so it will $uck for most of us here but for me personally it seems like it will mostly be a wash. I lost my high paying job, downsized probably because of rising health insurance costs in May of 2015. I found a better one right away (within 72 hours actually) with much less stress and a far better strategic position career wise, only at about half my prior salary. I'll easily fall into the lowest bracket and the standard deduction will make doing my taxes easier. I ran out of things to itemize last year but my medical expenses were so high I squeaked out one more year, so it's ok with me. Unfortunately almost everyone I know is going to get hit hard. I think that will put extreme pressure on the state legislature to break their high tax and spend addiction or it will grow to the breaking point and may just swing the elections here to favor the republicans. A rare thing.
I had the unexpected chance to meet with the Governor Thursday, as the meeting was breaking up, I told him to "Swing away Merrill, Merrill, swing away." and I hope he does, he's got nothing left to lose.
“The GOPe destroyed or capped almost every measly tax deduction we had (mortgage interest, SALT taxes, medical expenses, student loans, employment tuition benefits, etc.) all so the GOPe donors and corporations could make out like bandits. And someone had to “pay for” their huge tax cut in a revenue neutral budget - you and me. They soaked the middle class.”
There are hundreds of people on FR that think that’s a lie. They don’t believe anyone will pay higher taxes...and if they do, they DESERVE to do so.
The answer is to change the deductibility of corporate debt for tax purposes- companies borrow to fund tax buybacks to inflate the share prices for the vested shares held by executives; and waste money on ego driven M&A.
If the tax laws made corporate debt punitive, companies would need to practice sound governance to expand-and find the expansions by using shares. In that case share prices would more closely represent enterprise value rather than froth and bubbles.
“‘...When this tax plan goes through, we lose $10,000 of deductions, mostly property tax and medical....”
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A late change was put in to allow up to $10,000 in PROPERTY tax deductions and the medical deduction threshold was “liberalized” and changed to any medical expense amount above 7.5% of income is deductible instead of the current restriction to amounts above 10% of income.
Home values in CA and the Acela corridor were unrealistic anyway.
I have and did when it came to Juan Mcain presidential run and I got banned for it. You seem to have better luck.
And it seems to me people claiming tax payers are being subsidized when they deduct state income taxes are claiming that money belongs to the federal government. To deny the federal government is wrong. So much for states rights, decentralized governance...
Don’t you dare interrupt their doom and hatred with facts. For people who are so impacted and complaining you would think they would know the latest about the final senate bill.
That problem have to be addressed. The States and local governments are getting away with over taxing their taxpayers because the Federal Tax Deductions. It’s the greatest excuse the States used to increase taxes. Time for the States to reform their own taxes and rain in their own governments.
So if the States and local governments advocates for an 80% taxation on their taxpayers with the notion that they can write them off when will you consider those taxes too much? That is the problem with electing pro tax corruption politicians in those States.
It’s time to reform States and local taxes and stop the growth of governments.
WHOA! This needs a fix in order to be suitable on a conservative website!
"The corporatist entities are keeping more of their own money."
BOHICA
You are blaming the wrong government there.
When you ‘deduct taxes’ paid to over government entities, that is supporting the other governments (state, city, county, local, and any other deductions).
That allows those things being ‘deducted’ to go on robbing peoples pockets. Think solar panels and how the obambi group used our taxes to not only subsidize them, but also gave big deductions to people who bought them. While they also had ties to those companies. It not only robs us in the long run. It takes away our control over our own money.
Those ‘deductions’, and yes, including deductions for other governments taxes, is a lie. That is just us being forced to support liberal government entities to continue over taxing and pet projects.
Truth, in a hot thread.
Why are you on this kick? How many posts about raising taxes do you need to make?
This bill lowers taxes, that’s why the nervous nellies are complaining about it raising the deficit and wanting triggers to put the tax rate back up.
There may be a small subset of folks whose taxes may go up a small % with the plans that have been passed through the chambers. Not saying there will be but may be.
However the vast majority of individual & business taxes will go down substantially. So this line of dialog about raising taxes is inappropriate to the situation at hand.
THIS!
We live in the high tax blue state of Maryland and your post (and infool7’s post #224) capture my thoughts exactly. In the near term I’ll pay higher taxes but these changes are needed for the good of our nation as a whole. The changes help unshackle us from being tempted to support the Statists. Perhaps, after getting over their initial pain, some critics of this plan will redirect their anger and rage in the proper direction — to the ‘RATS and RINOs in their own state who are placing onerous taxes on them.
One can dream.
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