I have never seen Free Republic so divided on any one issue as this tax bill.
The GOPe could have simply cut taxes for everyone or made the tax cut more fair.
They chose instead to pick "winners" and "losers."
Those of us losing, and who dared object, have been derided and called every name in the book, including "Communists", "A$$holes", "Stupid", etc.
The GOP will probably lose the House in 2018. The campaign commercials about Republicans raising taxes on many families so that corporations could get massive tax cuts will write themselves. And the democrats don't even need to lie this time.
It certainly would be helpful to have more discussion on what a “subsidy” really is. Holy moly.
GO TAKE SOME EFFING MEDICINE! There isn’t a tax bill yet. You’re beginning to pi$$ me off with your nutball ranting! SKY PILOT, BS, SKY IS FALLING PILOT!
So we have some of the highest corporate taxes in the world.
As a result, most corporations who can do it have fled the country or moved assests overseas.
Estimates are of trillions of dollars parked overseas because of our stupid corporate tax policy.
So, we change that, tens of millions of people benefit in this country, including nearly all who have retirement funds or any other investment in the market.
But you say this is a tax on the middle class?
Who do you think owns those corporations? Most are owned by the middle class, through retirement funds and 401Ks and the like.
There is a primary between now and the general election. Did you forget that?
States should control their tax and spending. They keep raising States taxes because they will deduct off Federal Tax. It time to put an end to the madness and have the State deal with their own individual taxes.
“The GOPe could have simply cut taxes for everyone or made the tax cut more fair.”
What do you think is/would be “more fair”? And why?
“They chose instead to pick “winners” and “losers.””
They didn’t pick anyone. Changes in taxes do affect people, but your immaturity and stupidity fails to see that.
Your State and local officials screw you with high State and Local Taxes (SALT) but you blame the feds. What an idiot!
We’re tired of subsidizing you high-tax States by letting you deduct your SALT and pay less federal taxes so the rest of us pay more.
We in the lower SALT States were the ones YOU screwed all these years!
Yes I agree at first glance I’ll probably see a slight tax increase, but for me the bigger issue will this unleash business investment across the USA. If so, then that will certainly translate into economic growth and jobs for the whole USA!
Democratic candidates will also offer voters a restoration of the deductions that this tax redistribution package ends or reduces, which amounts to an offer of cash, and cash is the biggest motivation for most voters.
In 2015, I paid 160K.
When My husband’s grandmother died in 1996, the Feds and the State estate taxes and capital gains taxes combined took 85% of ALL of the money, left to his family. Millions. His family’s money got swiped by the government, but I am happy that under the new tax plan, others will be spared.
Mortgage interest capped at $10,000 per year?
That translates into a $322,000 home with 20% and 3.75 Interest on a 30 year note and covers most of the “middle class” since the median US Home value according to Zillow $203,400. https://www.zillow.com/home-values/
Due to thresholds, medical and unreimbursed business expenses were hard to use for almost everyone.
Loss of my tax state deduction? I don’t care. Why should the Feds give a tax break for taxes they don’t collect? State tax money supports state services. Some states, TX & NV, don’t have income taxes but higher user fees, yet those were never deductible so it seems fair to lose the deduction. Just because it’s always been done that way, doesn’t mean it should go on forever.
We used to be able to deduct credit card interest, but Reagan got rid of that. Now HELOC interest no longer deductible? So what.
I think minimizing deduction while lowering rates, simplifies and goes for more of a flat tax on the personal side.
I might not save a penny but I don’t care because from the looks of things mentioned above, the middle class should benefit from this tax plan.
My opinion.