The tax increases associated with the elimination of tax deductions.
Let's play a game:
Posted on 10/21/2017 1:59:09 PM PDT by SkyPilot
President Trump campaigned on helping the little guy. His latest tax proposal, he says, is about helping the middle guy.
“It’s a middle-class bill,” Trump promised an audience of truckers last week.
Other administration officials and House Speaker Paul D. Ryan (R-Wis.) have also claimed that their primary objective in reconfiguring the tax code is to help the middle class, not the wealthy.
(Excerpt) Read more at washingtonpost.com ...
Why would I read them when I can go to the primary source - the plan itself??
What in the plan would “cream” us?
"Politicians exploit public ignorance. Few areas of public ignorance provide as many opportunities for political demagoguery as taxation "
I talked with my accountant friend. We are not rich. We will pay a few thousand more at least. And that is after a couple property tax increases to pay for tax breaks to keep plants in the area. I do itemized deductions, because we give a lot to charity. But as long as K Street gets their way I just have to bear it.
And there are a few (very few) Freepers who want to intimidate the rest of us, and bully us into thinking this "tax cut" is the greatest think since canned beer.
It is a lie.
And to oppose them means intimidation. Fine. Bring it on.
“the elimination of the current state and local tax deduction”
I linked the plan, where does it state that?
You are the one spreading falsehoods. And I don’t need to listen to Ryan to figure out the tax implications.
Oh please. If the state and local tax deduction was "crumbs" it would not be the sticking point that threatens the entire bill. And even if Paul Ryan and his paid off scrotum's get it passed, the state and local tax deduction elimination will determine future elections and power.
So don't try to snow me an others. We are smarter than this.
Really Rusty?
Really?
OK - you tell us all, in every income bracket, how elimating the state and local tax deduction will affect us.
I already know. I ran the numbers.
But I want you to share you infinite wisdom.
I suspect you don't have a clue.
Ummm......do you read the news?
today, they came out and stated that the graphs were actually wrong, and misleading...
“threatens the entire bill”
I haven’t seen a copy of the bill, I don’t think there is a bill yet. If you know of a copy of an actual bill post a link.
I’m referring directly to your so-called analysis, not the issue itself. You sound like a paranoid maniac.
The tax increases associated with the elimination of tax deductions.
Let's play a game:
Maybe you when the people in these hi tax states see what their real tsx bill is they’ll revolt.
our local taxes will not go down...
the price of things will not go down...
we'll have more perfumed privileged people running around, but it won't be the middle class/working class...
I'm still on the fence on the tax "breaks"....
IOWS...I'll believe it when I see it...
if we loose our tax deduction for our home mortgage it'll be hard to take, but if we loose out on property taxes and sales taxes, to me, its just TAX UPON A TAX.....
“....who claim the state and local tax exemption....”
Highest rates unsurprisingly CA, NY, IL. All Illegal Alien sanctuary havens.
Oh, we are going to play that game now are we? So let's tell the Truth here. You don't mind that, do you?
The Republicans have leaked aspects of the bill to the media for months. The very reason we are arguing about the state and local tax deduction controversy is because it is in the bill. You can Google the proposed bills.
So.......you were saying????
So you are suggesting that anyone, even a disabled military veteran, or any Republican Conservative, who lives in a state you don't approve of, should be destroyed.
You sir/ma'am are a demagogue.
Or maybe we should eliminate all tax breaks from ungrateful takers who never served in the military or who gave anything to this nation, but took all they could ----, and watch them have a hissy fit.
“Oh, OK. If it screws me and my family - TOO BAD. But if it benefits you - GOOD.”
Nope. If it helps businesses, but SUPERFICIALLY hurts me, then it help me. Because a growing economy is a HUGE advantage, well worth my paying “more” at tax time. Businesses that STAY IN THE US helps me enormously, even if I pay a bit more at tax time.
IT’S THE ECONOMY, STUPID!
240 million file tax returns. You say 44 million of those end up paying somewhat more - although no one knows that now since none of the details have been worked out, and you offer no documentation.
So lets look at that deduction, the one that has you wailing with grief.
“According to estimates by the Joint Committee on Taxation for 2012, almost 95 percent of the benefits of this deduction go those earning over $75,000 per year, and over half (55 percent) of the benefits are for those earning over $200,000. The average deduction for those in the over $200,000 income group is over $5,000, while it is only about $250 for those in the $50,000 to $75,000 group (around the national median). These averages only include those taxpayers that claimed the deduction, which is only 27 percent of all taxpayers since most do not itemize their deductions.”
https://www.mercatus.org/publication/deduction-state-and-local-taxes-federal-income-taxes
So.....only 27% claim the deduction for state taxes. Hmmmmm. And 55% of those who claim it make over $200,000/year. Hmmmm. And those who claim it in the $50-75K range benefit about $250. It is those who make over $200K who are likely to see significant impact.
I hate to break it to you, but there are a HUGE number of tax penalties that kick in when people make over $150K. This would then be one of them - but ONLY in high tax states.
So no, I don’t think there will be a huge political outcry since very few filers use it, and relatively few tax payers (27%), and many of those receive relatively small advantage. Those impacted are located primarily in high tax states, such as very liberal NY, NJ & CA.
Hint: Those are not places conservatives count on winning. I have no problem whatsoever with screwing liberal states filled with liberal voters who want to screw me every chance they get. If voters in NY, NJ & CA had their way, Bernie would be President. Or Obama would get a third term. Or maybe Michelle.
I won’t lose any sleep at all over their whining.
You don’t like how it impacts you? Move! Or shut up and pay your taxes while you continue to live in Sodom and Gomorrah.
You are smart enough to know it hits you personally so hence that’s what you are stuck on. The doubling of the personal deduction for everyone doesn’t compensate so it’s personal to you. It’s absolutely transparent. Your going to get hit by this hence against it, it’s fair everyone gets the same deduction and same progressive tax rate for all but somehow your against it. Hmmmm. Obvious. Btw - it hurts me also. I’m a top 3% income person and maybe one day if I work harder, make the right decisions, take the right risks I can move up. So it hurts us both.
Why aren’t you complaining about the income limitations to many of the current tax credits?
So you are still arguing that you will do better, and screw everyone else, but you surround it with words, words, words, words, words.
You are not a Free Republic member. You are just a taker.
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