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 ...
“LOL - aren’t those democrat states? “
There’s 35 House Republicans in those states.
How do you think they’ll fare in 2018? It does not bode well for a Republican Majority.
Which serves the rotten bastards right for screwing the middle class with this bill.
“Debt watchdogs were not happy with the proposal, which can add up to $1.5 trillion to the debt over a decade.”
Did they miss the past administration running up debt of $10+ trillion over 10 years? Maybe the tax current systems isn’t working out so great?
“Can the Republican Party survive when we start dividing the party based on where you live?”
California Republican House members, all 14 of them, will be unelected in 2018.
Each and every one of them.
And I’m going to help make that happen.
This is a great idea. Tax the anti-American Harvards, Yales, and Princetons. Put the tax in place now, then in a couple of years, jack up the rate.
It would only be just that blue states should pay more. The Obama administration looted the Treasury and gave the money to Democrats and left-wing groups. Why should red states have to pay back the debt which Obama incurred to fund this looting?
The tax cuts REDUCE the national debt!!!
Because the benefit of these reduced tax levels will be INCREASED FEDERAL REVENUE, due to an economy that is more PRODUCTIVE with those dollars than the government is capable of being.
Republicans will do just fine...
Sorry. Averge middle class taxpayer gets another approximately $1,000 more a year. The middle class is 20 plus years behind. Donald has to know better than this. Plus Fed appointee keep up Yellen policies?
A decent interest rate on savings has always been a mid step rung on the ladder upwards for the middle class.
$
I like it that illegals can no longer get child tax credits.
I'm not seeing that. Reduction in rates, big increase in standard deduction . . . average wage earners are going to make out on those.
Who cares if itemized deductions are limited if, due to increase in standard deduction, you don't itemize.
Yup, the house republicans in CA are not from the high priced coastal cities. Liberals have those locked up.
House prices in inland conservative CA areas are reasonable and middle class Californians don’t pay anywhere near $10k in taxes. The caps on these deductions won’t affect them.
In other words the hard working middle-class loses again. It is a pile of cacao, Ryan! Stop thinking about your retirement and help out REAL Americans. My siblings and I lose in ALL those LOSER categories making life worse, not better.
Hey lady, I owe you an email!
What I see is that posters with math abilities that run their own numbers through the new tax bill see a drop in taxes they would pay. Those predicting doom and gloom, going around posting inflammatory statements, usually in caps, don’t have a single calculation to refer to. Just hand waving and throwing out “people will pay thousands more”. What people, what tax brackets, what changes caused this - they cannot answer.
Too bad the dumbing down is alive and well at FR.
So I don’t think this bill as bad as both democrats and non-math-able posters here are saying.
See reply #26
$1,1++ can be a relatively big tax cut when many middle class filers are paying in the 3,+++ to 10,+++ range.....
Yeah they love debt for their spending though.
It’s going to cost us maybe $4,000 per year as a homeowner in California...and that is PRECISELY as I retired and went fixed-income. My retirement planning never, ever took account of those fckers raping me that much. If we leave, we have to write a huge tax check to the same fckers for the capital gains we’ve gotten in our home. So we are screwed if we stay in CA or move away. Effing government.
Well I the Soviet Socialist Republik of Illannoy so I sure don’t like the elimination the SALT deductions. Hard to see any GOP Rep from IL, CA, NY voting for that.
Any tax code that creates "winners and losers" I cannot support.
Any tax code that doesn't have EVERYONE paying and eliminates the "entitled class" from voting money out of my pocket and into theirs I cannot and WILL NOT support.
Either EVERYONE has skin in the game and pays the same rate, or all the Republican Party will be doing is propagating the same bullsh*t where one economic class pays nothing and the rest of us pick up the tab.
No thank you!
It looks to me like all state sales and income taxes are no longer going to be deductible. No matter what color state you are in. Sorry about that. Rumor has it the Increased standard deduction and broadened tax brackets should offset that. Running your own numbers should give you the whole story., Don’t panic yet based on all the chicken Littles here.
Just using rough numbers and wild guesses, if you’re Paying taxes had a 30% top rate, to pay 4000 more that would be $13,000 less in deductions. State and local taxes are capped at a $10,000 deduction. Plus tax brackets have been expanded. So that would mean you’re probably paying $25-$30,000 in property taxes. With California property taxes capped at 1%, Even with the bonds many places vote themselves, means you have a house that’s probably $3-4 million.
I don’t envy anyone their hard work and getting the rewards from it. But I don’t think you’re going to get too many people to feel real sorry for you. Maybe just a little sorry. ;)
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