Posted on 11/29/2017 11:37:37 AM PST by SkyPilot
In the Senate tax bill, only the rich come out ahead – something that could not be more obvious than if the bill were written by Scrooge McDuck and the scheming Simpsons tycoon Mr. Burns.
The bill, which just passed the Senate Budget Committee and will be rushed to a vote as early as the end of this week, purports to deliver tax relief to the middle class and blue-collar workers. However, it’s just a ruse to squeeze them by abolishing their favorite (and much-needed) tax breaks and steadily raising their taxes over the next 10 years. According to New Yorker writer Adam Davidson, who analyzed a congressional report on the legislation, “This bill is much like a teaser rate on a new credit card: there are some goodies in the first couple of years, but those disappear fairly quickly, at least for those below the median income.”
In fact, by 2027 all families earning less than $75,000 a year will actually be paying a higher percentage of their income to taxes than they are , according to the congressional Joint Committee on Taxation – all so that the ultra-rich and corporations can get a still fatter tax cut. After all, the money for those tax breaks has to come from somewhere. .......
...... As Forbes contributor Tony Nitti points out in “The House Tax Bill: Six Popular Breaks You Didn’t Realize You’ll Be Losing,” these include tax-free employer educational and tax-free employer childcare assistance, the student loan tax deduction, deductions for all medical expenses, deductions for alimony, deductions for state and local taxes, a cap on property tax deductions – even the deduction for your tax preparer’s fee!
(Excerpt) Read more at forbes.com ...
“And in the case of how SALT impacts Federal taxes that someone else who pays the $200 is my family because we live in a state where we don’t get the same value of deduction as you do.”
You are back to the zero-sum game.
I am single and over 6 figure income. I am certain I pay more income tax than you and your family.
How is it that you would be subsidizing me, even assuming the exact same income?
Thanks for the thoughts/prayer! I’ll be thinking of your former co-worker. Mom is 82, and I am gradually taking over their bill paying/finances as a “Power-of-Attorney”, etc...they are fortunately still just barely in the black with monthly expenses paid, but I was counting on the medical expense deduction to offset their “mandatory IRS IRA 70 1/2 disbursements” that add to their income tax bill. And heaven forbid that they are both in skilled nursing at the same time...in that situation w/o the medical deduction their budget is even more in the red.
More RINO “take care of our lobbyists 1st” crud.
More RINO “take care of our lobbyists 1st” crud.
Yup.
I called and wrote my Congressman - he completely blew me off. We tried calling again, his voicemail said his box was full.
He voted for this, and now he is hiding from his constituents.
I hope his 30 pieces of silver, or whatever he got, was worth it to him.
I don’t mind at all when rich people keep more of their own money.
I just wish everyone was keeping more of their own money.
A deduction is not a “subsidy” - it simply allows a tax payer to keep more of their OWN money that they EARNED.
Unlike the EITC - a legitimate “subsidy”
How incredibly sad that the elderly will be surprised with this nasty gift.
“In the case of the SALT people in states with higher state and local taxes end up paying less Federal taxes than people in states where people pay less state and local taxes.”
Interesting take. I haven’t thought of it that way. So because some people choose to live in states that over tax them, they end up paying less federal tax. So in essence, the rest of us are subsidizing them.
We should either move or fix their own states. And not whine so much
“Remove the SALT deduction/subsidy and either your state will lower taxes or else they’ll watch as people and industry flee to other states.”
Exactly. The government has no business in creating deductions that support industries, such as Real estate.
One example is that when we move to Texas, our property taxes were confiscatory. Taxes were so high that house prices were kept low. People can only afford so much, and when the monthly bill for taxes is outrageous , the monthly mortgage has to go down to compensate. I couldn’t figure out why houses in Texas were so reasonable, until I realized the overall price we were paying was still outrageously high. Especially considering windstorm insurance.
The market will adjust.
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