Posted on 11/02/2017 7:21:40 AM PDT by GIdget2004
House Republicans will propose limiting the deductions for mortgage interest and state and local taxes in the tax bill they are releasing on Thursday, according to a summary of the legislation obtained by The Hill.
The bill, called the Tax Cuts and Jobs Act, largely follows the parameters that GOP leaders and the White House outlined in September. It would reduce the number of individual tax brackets, slash rates for businesses and eliminate a number of tax breaks.
In order to offset the costs of the legislation, Republicans are putting forward some proposals that are sure to be controversial.
The bill would keep the mortgage-interest deduction, but only for newly purchased homes up to $500,000. Homes bought in the past could keep the deduction regardless of price. The housing industry is sure to push back on that cap.
The legislation would also taxpayers to deduct their state and local property taxes, but only up to $10,000. It would not allow people to deduct state and local income or sales taxes.
Blue-state Republicans have fought to preserve that deduction, which is important to their constituents. Its not clear how receptive they will be to the compromise.
Im still analyzing it, but right now, Im strongly leaning no, Rep. Pete King (R-N.Y.) said.
Several other controversial ideas that were floated to help pay for the bill, including limits on pre-tax contributions to 401(k) plans and including repeal of ObamaCares individual mandate, were apparently not included, according to the summary.
(Excerpt) Read more at thehill.com ...
I recalculated my 2016 taxes and I would have owed over $1,000 more in taxes. I didn’t vote for that.
THis bill is DOA. Don’t fall in love with it.
So TRUE!
Unfortunately the Lobbyists will FIGHT this to the death because it's takes away much of their leverage and position at the feeding trough of tax payer dollars.
So kind, are you. /s
Eat (your sandwich), drink, and be merry.
I have one kid and our exemptions were 3 @ 4050. I voted for a tax cut, not a tax increase. This bill is DOA.
And you're wrong about everyone getting a lower bracket with this POS thing! Many of those who are now in the 33% bracket, shall now be in the 35% bracket. And since YOU can't do simple math...THAT'S A RAISE IN THEIR TAXES!
There's also a new bracket, on those making over 1 million a year...which is a rounded 46% bracket.
I'm "upset" that this whole mess is a LIE! It's being passed off as a "TAX CUT", when it is a TAX INCREASE for some.
And property taxes, in some no state tax states, are very high...far higher than the paltry amount that the new "double deduction" covers; ditto for the capping at $10,000.
I am wholeheartedly against those who pay NO taxes not only getting "money back", but that that sum has now been RAISED!
Also, I am against the deductions for property and state and in some places, city taxes being disallowed.
It doesn't matter which bracket I'm in ( though yes, I don't like getting screwed at all! ); what matters to me is that this FRAUD is being sold as a TAX CUT and it isn't!
You keep posting the same garbage figures, which are just NOT across the board factual at all. Proving, over and over and over again that you are a befuddled, benighted, uneducated on this topic fool.
And since you have the filling of this sandwich for brains, it's little wonder that is what you focus on. Pity that....
A LOT of the problems with this bill could be fixed by bringing the personal exemptions back. The rest by getting rid of this insanely stupid idea of a revenue neutral tax cut. They are allowing the Democrat socialists to put them in a straightjacket...probably because so many Republicans are also socialists. Socialism makes the political class very wealthy.
Maybe Im blind then... which source that you previously provided includes state median household incomes? The number you provided comes from official census bureau estimates using data collected from the American Communities Survey... but you seem to have found it in one of the prior links you provided, stating that it was NOT from the census... so please help me out.
INCOMES have nothing whatsoever to do with average taxes collected by the IRS per capita!
Why do you keep stating that my numbers were calculated using incomes! It is TAXES collected divided by POPULATION! Very simple to understand!
Presently, there are seven different brackets. As of today, there are to be five...which is up from the promised three and then announced four.
I have NO desire to subsidize you, others who pay taxes, and least of all, those who don't pay ANY Fed taxes at all, but get tons of money back.
Yes, I live in a blue state.
What my taxable income is, is not only none of your business, but doesn't really matter re this discussion, since many making more and less are also going to be harmed because their deductibles are taken away/their brackets are being screwed around with, placing them in a higher bracket.
What's even more appalling than your hysterical glee at those of us getting "hammered" by this crap sandwich of a proposition, is your mordant stupidity and uneducated posts; not to mention your moronic lack of ability to keep abreast of the "new" POISON PILLS that keep leaking out.
Rather than my posting the new news to you...go, depart, hie thee to the threads here, or scour the net and do your own scut work; EDUCATE YOURSELF!
And many others, in other tax brackets are now moved up as well.
Shall we send every single lefty, Dem voter, to move to where you live? Is THAT what you want?
Texas has NO state income taxes, yet many places, in that state, have HUGE property taxes! So where should those people move?
You must be a masochist; someone who enjoys being humiliated in public...elsewise, you would grab a clue and stop posting the patently ridiculous garbage that you keep repeating.
WRONG again!
1: I stated that residents in California paid about the same in taxes as the rest of the country.
2: I also mentioned in a separate statement that the median household income in California was significantly more than the rest of the country.
If you have facts, that disagree with either of those of two statements then feel free to share them. I know you won’t, because they don’t exist!
In any case, here is per capita income numbers from the FRED, and indeed California is still significantly higher!
https://fred.stlouisfed.org/series/CAPCPI
https://fred.stlouisfed.org/series/A792RC0A052NBEA
Any more stupid arguments?
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