Posted on 11/02/2017 4:41:47 PM PDT by Mariner
House Republicans released a sweeping tax overhaul Thursday that would limit or end many of the most popular tools used to minimize how much Americans owe— particularly in high-cost areas like California -- including lowering the cap on mortgage interest deductions and eliminating write-offs of state income taxes.
The much-anticipated rollout launches a grueling legislative process that will test GOP unity in the coming weeks as the party struggles to deliver one of President’s Trump’s top priorities.
The plan would immediately slash the corporate tax rate to 20% from 35% and streamline individual rates from seven brackets into four.
In addition to ending write-offs of state and local income taxes, mortgage interest deductions would be limited to new loans of no more than $500,000, down from the current $1 million. Deductions for second homes would no longer be allowed. Property tax deductions would be capped at $10,000.
Popular 401(k) retirement savings plans used by many Americans were untouched by the bill, despite some efforts to restrict those tax-deferred accounts in a effort to pay for cuts elsewhere.
House Speaker Paul D. Ryan (R-Wis.) said the plan — the most ambitious attempt to overhaul the U.S. tax code in generations — would save the average American family $1,182 a year.
President Trump praised it as a “massive tax cut for American families” that will lead to the creation of more jobs. He wants Congress to pass the legislation by year end.
“We’re working to give the American people a giant tax cut for Christmas,” Trump said at the White House.
(Excerpt) Read more at latimes.com ...
And there are millions of recently divorced men who will get an additional screwing by not being able to deduct their spousal support/alimony payments.
In every state in the union.
And they’ll be really, really pissed.
I don’t want to subsidize CA homeowners.
It shows the calculating nature of those who crafted this.
How do those counties vote?
Dem.
Seems like it will just give more power to federal government.
“. If you live in Dogpatch, and have a home that cost you say $150k, you’ll do fine,”
And bada bing! We have a fine example of the problem. The coastal states main hobby for the last two decades has been constantly setting up the “dogpatch” areas for one solid a$$-raping after another.
Environmental crap, rain water in a plowed furrow is a wetland. Fighting fracking. Killing coal mining. Closing and exporting every manufacturing activity they could find. Unleashing the opioid scourge, attacking Christianity, hordes of pro-faggotry policies and laws. Making you register all your cattle and animals with USDA while letting half of Mexico flood in. Closing off vast areas of forests and BLM land. Attacking ranchers. Arresting some poor schulb who likes to pick up a stray arrowhead or pot shard. Flooding our movies and airwaves with filth, flipping dogpatch the finger at every awards show.
Etc etc etc....
So now coastal areas had their fun, now they get a chance to learn some “empathy”.
That’s what one party rule for 3 decades gets you. Can’t say I’m crying for Cali
This hits me right in the gut.
In no way did I expect or vote for this and I gave thousands to Trump.
This is the kind of crap I would expect from Brown and DeLeon.
No deduction for state income tax? Limited mortgage deduction?
That’s what puts me over the top every year.
Up until the early 1980’s even consumer credit interest was deductible on the very good principle that you don’t engage in double taxation.
The excuse for getting rid of that was a higher standard deduction. Don’t see anything like that here.
I supported this guy vociferously because of immigration and trade, and mainly immigration. We haven’t gotten NEARLY as far as I want to go on that.
But higher taxes for me because I’m a relatively successul late career professional?
Screw that.
This is Rat party envy politics, nothing more.
They can stick it where the sun don’t shine.
+10
Dream on.
So they double tax alimony? That’s taxing the same money twice.
I like the lower corporate rate a lot. If they could control immigration at the same time jobs and wages could really go up.
If there is a district in Cali that goes Repuke then they aren’t going to make this their last straw. They must REALLY hate the Dems
Could not agree more with your analysis. This should put the focus on the outlandishly high state taxes in CA, NY and other Democrat-dominated states. Of course this is only a trial balloon for negotiation purposes and there’ll be much back-and-forth between the House and Senate.
It’s difficult to come up with enough receipts to show you spend more money on the kids than the custodial parent gets therefore you don’t get the child tax credit.
“California? Sympathy can be found in the dictionary.
I am tired of supporting blue states.”
As long as it surgically hits democrats ì’m good with that.
Your X has to pay taxes on alimony? State taxes, not Federal correct?
I agree. Notice there is no mention of cutting spending.
If you are planning on using home equity to finance your retirement, you had better have more than one house. I liked deducting interest payments on my mortgage as much as anyone, but it is not a good way to run a State or a Country.
A better non-left source? You mean like Gateway Pundit? :P
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