If you saw my post on this same topic on another thread, I said I live in Illinois and the fact that this plan allows up to $10k in property taxes to be deducted addresses much of the impact here, although I do still pay a hefty non-deductible state income tax under the Trump Tax Reform Plan.
So my objection on this thread isn't related to my living in a high tax state at all. In fact on the other thread I said the Trump Tax Reform Plan may in fact be the impetus needed for the dolt's living here in Illinois that consistently vote Democrat come hell or high water to finally revolt over the taxes in this state!
My very specific objection here is that the Federal Income Tax Rate for people like me (who are high income earners) will more than DOUBLE even after the standard deduction is doubled itself.
Under the current tax code, I pay just over 11% Federal Income Tax. Under President Trump's proposed tax reform, I'll be at 25%. That's a hell of an increase.
People vote their pocketbooks. Why in the world would I support President Trump's Tax Reform, in its current form?
Honestly, I really want to support President Trump here. I think the Personal Income Tax really does need to be modernized/updated/simplified and I support doing that.
I also think the Corporate Taxes need to be reformed.
Here, I think the Corporate Taxes may be simpler to reform first: Go for the flat 20% that President Trump is talking about and get that done first. I'd fully, 100% unequivocally support that! Let's get all the money that's offshore back here and creating JOBS and then begin work on reforming / eliminating the Personal Income Tax.
If we have to have an income tax, I'd support a Flat Tax where everyone pays the same percentage so we all have skin in the game and I'd just as easily support a national sales tax (again, that everyone pays except for food, clothes and medicine) over the current tax code.
This bullshit that more than half the country pays zero federal income taxes and people like me in the top 20% of all income earners pay more than 80% of the taxes has to stop! Either we all have skin in the game or the nonsense with more than half the country continuing to vote my money out of my wallet and into theirs continues. No, STOP that! Finally, I think one of the core principles that President Trump has is exactly right: Simple, postcard sized, everyone understands it. I think add to that a complete elimination of the IRS (it's a terrorist organization, I'm getting audited as I type..)
This plan is a big stink bomb and the pu bids are crowing on social media about the tax “break”. Pfffft!
Meanwhile the EITC crowd gets an even bigger giveaway despite paying little to nothing in.
Pubbies I meant. Not pu bids. Lol! Dang autocorrect. Almost sounds obscene.