“The GOPe destroyed or capped almost every measly tax deduction we had (mortgage interest, SALT taxes, medical expenses, student loans, employment tuition benefits, etc.) all so the GOPe donors and corporations could make out like bandits. And someone had to “pay for” their huge tax cut in a revenue neutral budget - you and me. They soaked the middle class.”
so everyone else should pay for your mortgage interest, your real estate taxes, your student loan interest, etc...
got it...
who pays higher real estate taxes- the middle class or the wealthy??? whose going to get hit the hardest???? thought so...
No bill is perfect. Any bill, particularly a tax bill, will have winners and losers. On the whole, this seems to be a good bill. Disincentivising corporate inversions is good, as is eliminating or drastically cutting back AMT. Cutting the corporate tax should support equity values and attract capital to our country thereby helping everyone who has or wants a job. Getting rid of the Obamacare mandate is good, as is the doubling of standard deduction, which should allow lots of folks to simplify their returns. Any reduction in incentives to borrow money for college is good and should limit the ability of colleges to continue to increase tuition at a rate far in excess of the rate of inflation. Eliminating or limiting the deduction for state and local taxes (and I say this as a resident of California) is good in that it finances many of the changes in the bill to some extent on high earners who have paid exorbitant prices for houses in high tax states (particularly California, New York and New Jersey). I don’t know what happened to the estate tax in the final bill. I supported the increase in the size of the exemption, but not the complete elimination of the estate tax, but I just don’t know what is in the final Senate bill.
You think tax deductions (keeping more of my money) means you "pay for" me?
I thought that the loss of the mortgage deduction credit applied only to mortgages over $500.000, is that still correct?