Posted on 11/02/2017 7:03:08 PM PDT by SkyPilot
Not everyone benefits equally from the tax legislation that House Republicans unveiled Thursday.
GOP leaders toiled for weeks to decide what deductions and tax breaks should be axed to pay for the tax cuts. That means the bill creates some winners and some losers.
Republicans say their plan will simplify the code and provide tax relief to middle-class families.
Speaker Paul Ryan (R-Wis.) repeatedly touted an example on Thursday of how a family of four earning the median American household income of $59,000 would save $1,182 a year on their taxes, using the proposed doubled standard deduction, reduced tax rate and expanded child tax credits.
But Democrats argue that most of the benefits of the GOP tax proposal will flow to the ultra-wealthy and corporations.
Here’s a look at who stands to gain and who stands to lose out.
(Excerpt) Read more at thehill.com ...
Losers: High tax states (NY, NJ, CA, CT, IL, etc), Homeowners, Charities and Nonprofits (eliminates or reduces deductions), Student Loan holders (eliminates deduction)
Childless shrew Susie Collins wants to keep the Death Tax.
Flake joining democrats in whining about the national debt, they ONLY give a F about the debt when it comes to tax cuts.
I’ll pay somewhat less under this bill as it is now, so it’s OK by me.
If any of you tax accountants/lawyers (I’m not one) know the answer....
I’ve looked at the bill and cross-reference it to the current US tax code and can’t see where it is eliminating the deductibility of state and local general SALES TAXES. It does clearly eliminate deductibility of state/local INCOME taxes (which are in a slightly different portion of the tax code).
So can we itemizers trapped in blue states deduct general sales taxes now?
It looks pretty good except for the delay in the death of the death tax.
I think the US corporate tax rate needs to be competitive. I believe middle working Americans need a break. The states that have a high tax burden, while their respective citizens right that off of their federal taxes, are cost shifting to middle America. The wealth is at the coasts, they don’t need to burden middle America by paying cost shifting to them. However, I consider student loans to be a business investment, and should be deductible. So overall, better than what we have for the nation, but not perfect.
It looks like charitable deductions are preserved, but fewer people will use that deduction due to the increase in the standard deduction.
Is that you Chuck Schumer?
As much as I loathe Flake, I listened to Levin tonight. This proposal is smoke and mirrors, and flat-out SUCKS.
LOL - aren't those democrat states?
I like it... it’s like it was written with me in mind.
$1,000 a year? Sharpen the pitchforks.
I only rarely have had enough to itemize since my mortgage was paid off. I also have to pay first to IL and they have a straight flat-rate tax system, don't know about inheritance taxes. At least IL doesn't tax social security like Iowa does as well as the fed over certain limits.
Was disappointed they start the corporate at 20% which will be the bargaining starting point instead of the promised 15% which would be better for the economy, jobs, and keeping capital in the country or bringing it back.
Don't know about retirement plans.
I'm not sure where the capital gains tax stands, was 15% long-term and 30? short term?
$1,1++ doesn't give the middle-class taxpayer that much relief imo, better than nothing.
I would accept that for science, technology, mathematics, economics and business degrees, and only if the university offered employment placement and guaranteed employment for B and better GPA graduates.
For political "science", ethnic studies and liberal arts, not a friggin cent of tuition or interest would be deductible.
Professors salaries would be deductible for the universities under the same criteria.
Additionally, all universities would have their capital improvement donations taxed, if they failed to cut tuition commensurately.
Tax the scams and relieve the producers.
Of all the taxes on this earth, and they are legion, that one is the worst. You have to pay the Government because you died. All of your money really does belong to them I suppose.
Charitable contributions should be completely independent of the “standard deduction” and deductable by ALL taxpayers.
Contributions would skyrocket.
Now there is no incentive.
But they did put a cap on the state and local taxes that would be disqualified for deduction. You can still deduct state and local taxes up to $10,000.
I’m glad they are looking out for the little and middle folks in this way. That would be a big deduction to lose for many people, especially if they lose part of their mortgage deduction too. It shows a desire to save the strivers from hardship.
$1,000 a year? Sharpen the pitchforks.
Can the Republican Party survive when we start dividing the party based on where you live? Pitting west coast conservatives against mid-west conservatives, etc.
What are you discussing here, Amihow? Sounds to me like many, many average wage earners are going to get screwed.
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