Oh, OK. If it screws me and my family - TOO BAD. But if it benefits you - GOOD.
And to simply tell you that this is wrong is reason for many to attack me on this thread. Read them.
Face it - this bill is a disaster.
“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.