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 ...
Personally the Feds can keep their money. Probably goes to welfare anyway. It’s not like Texans can tell the feds what to spend money on. Nobody can it seems.
I am lecturing you right now and trying to educate you on the facts, something you obviously don’t care about.
You have an emotional attachment to “eff CA” and you’re sticking with it.
Even though your state is a parasite to the blue states.
Deal with the facts and you’ll be a better man.
It’s preposterous is what it is.
It’s raising taxes on people that actually PAY taxes.
I know at one time California had the most military bases, but they closed down a hell of a lot. I’m not sure if any were closed down in Texas. I don’t think Wisconsin has any.
California pays more in taxes because they have the most people. No exactly the same thing...
Yep - no decrease in spending and a tax increase for many. Did the DNC write this? Ugh.
“Why should there be federal rewards for people who vote to tax themselves more at the state and local level? There shouldn’t be.”
Well...
*IF* the fed tax wasn’t progressive then it would make sense as encouraging taxation- and government services- at a closer level to the tax payer.
But, of course, that is not the case. Now it is just encouraging “rich” states to milk the rest of us- and claim they don’t.
FWIW:
1) The government is BROKE.
2) The public does not respond to an “austerity” message.
3) No matter how much you take in, you can always spend yourself broke.
4) Like a drug addict, the last thing to go will be the spending-your money, your savings, your pension, etc. will go long before that happens.
It’s not just the US, all of Europe, Japan and China are or soon will be broke. They are not slowing their spending.
Look at Zimbabwe for our future.
“California pays more in taxes because they have the most people. No exactly the same thing...”
Then, you would think they’d get a proportionate share back...you know, so that they are not a “donor state”.
However, there are 36 states, most of them red, which send fewer dollars total, AND PER CAPITA to DC and get back more than they send in.
Those are the Parasite states.
“It’s raising taxes on people that actually PAY taxes.”
Yep.
That’s what it is.
Many of the folks, even here on FR, that support this plan PAY NO INCOME TAX.
An assertion made with no evidence can be dismissed with no evidence.
No saying you’re wrong, but you’re not providing any links to any evidence.
Here’s the good news: Political Contributions are STILL deductible.
We can donate to the DNC an amount equal to our lost deductions and come out nearly whole.
—�
That’ll show ‘em.
I don’t want to hear ANYONE claim this is a tax cut bill. It’s not even a tax increase bill, it’s worse than that. It’s communist redistribution of wealth. Raise taxes on California to reduce taxes in other states. Pure communism, it is SHAMEFUL.
FRankly scarlet, when it comes to FEDERAL taxes I really don’t give a dam what their state and local taxes are. That, state and local taxes is THEIR choice, NOT a federal imposition on them, and thus not deserving federal relief for them. If that makes their TOTAL taxes - state + federal more, that’s their own dam fault and deserve no federal tax relief for it.
The problem with Californians migrating to other states is that they take their wacky politics with them and turn red states blue!
agreed
But smart people look into assertions they hear, passionately, on subjects of great import.
And they edify themselves.
In addition to the entire nation of Mexico
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