Posted on 12/02/2017 1:37:52 AM PST by Kaslin
In 2015, I paid 160K.
When My husband’s grandmother died in 1996, the Feds and the State estate taxes and capital gains taxes combined took 85% of ALL of the money, left to his family. Millions. His family’s money got swiped by the government, but I am happy that under the new tax plan, others will be spared.
Mortgage interest capped at $10,000 per year?
That translates into a $322,000 home with 20% and 3.75 Interest on a 30 year note and covers most of the “middle class” since the median US Home value according to Zillow $203,400. https://www.zillow.com/home-values/
Due to thresholds, medical and unreimbursed business expenses were hard to use for almost everyone.
Loss of my tax state deduction? I don’t care. Why should the Feds give a tax break for taxes they don’t collect? State tax money supports state services. Some states, TX & NV, don’t have income taxes but higher user fees, yet those were never deductible so it seems fair to lose the deduction. Just because it’s always been done that way, doesn’t mean it should go on forever.
We used to be able to deduct credit card interest, but Reagan got rid of that. Now HELOC interest no longer deductible? So what.
I think minimizing deduction while lowering rates, simplifies and goes for more of a flat tax on the personal side.
I might not save a penny but I don’t care because from the looks of things mentioned above, the middle class should benefit from this tax plan.
My opinion.
I paid more than I made in my first professional job, and I hold three earned degrees.
Agree with you 100%.
Also agreed.
The sad thing is real reform like a fair or flat tax was possible here and this is what the GOP serves up.
Again, very true.
This was a squandered opportunity...
Now, here I beg to differ. While I hoped for a little more (in this bill), the possibility of true reform (or I'd call it drastic reform) toward a simple, fair Federal tax system reform -- personally I lean toward a national end-user sales tax -- is, at least in "a fell swoop" (or 2 or 3) essentially impossible partially because of taxpayers like YOU, Sky Pilot.
The pols were not dumb - as has been explained upthread: our tax system has been deliberately designed with high levels of taxation and then lots of loopholes / breaks. This makes it difficult to enact change and simplification, because people don't want to lose their breaks, and it only takes a few screaming to attract a lot of opposition. It becomes virtually impossible to make needed changes without either negatively affecting SOMEONE, or increasing the tax code complexity, which is already disastrous.
Further, it is just not realistic to expect the GOPe to push through "real reform" as described above. How many Senators or Reps have publicly announced since, say, 1/1/2016, that they clearly support such? About the best that can be done is give more taxpayers than not a little relief, simplify things a bit (personally, I'm really waiting to see if Schedule C and all it's related forms, worksheets, accounting, instructions, and so on, will see any simplification), maintain some political momentum so as to continue to drain the swamp (etc.), and generate some sustained economic growth. Hopefully these things will lead to a stronger hand for Trump, his supporters, and other tax reformers in Congress in the future.
Good info. - thanks!
This is where your argument falls apart:
“It becomes virtually impossible to make needed changes without either negatively affecting SOMEONE, or increasing the tax code complexity, which is already disastrous.”
The first statement is true; the second a complete lie. The tax code is complex because they (Congress) want it complicated so no one notices their corrupt machinations.
It is very easy to simplify it; in fact it’s much harder to maintain the current steaming pile of putrescence that now passes for “law.” Let’s see. A simple one line code based upon a reasonable function or 78,000 tangled pages of special-interest driven bureaucratic excrement that ensnares everyone in a intrusive police state that wastes billions or trillions of dollars each year on “simple” compliance?
Pols are not dumb; they are corrupt, cowardly, professional liars who are only interested in maintaining personal power at the expense of our nation. Every one of these spineless bastards is in office because, just like Charlie Brown on the football field, conservatives fall for the same lie again and again: “As soon as we have control of x, then we will really-truly truly-really change and pass some conservative reforms.”
Politics is just like any other area of life, if you wait for the perfect time to make a significant change, it will never happen. It takes strength of character to lead, and not one Republican is fit to lead a troop of Girl Scouts.
Wow, OK, I will give McCain some credit. I though he would NEVER vote on legislation that would reach Trump’s desk. I guess he is not a TOTAL dick.
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