Posted on 11/30/2017 3:43:33 PM PST by Kaslin
Well that really puts things in perspective. Now I see why the market is going bonkers over this bill. Thank God Trump is president and not Hillary.
I’m skeptical of the House bill. I get tossed into a much higher tax bracket and lose more deductions than they can make up with the higher standard deduction.
Everybody who uses deductions and owns real estate in NY, NJ, CA, IL, and other high tax states is going to get royally effed.
There was some interesting analysis about CA the other day that found the middle class tax hike here resulting from the loss of SALT deductions is 22 TIMES BIGGER than the gasoline tax hike that passed and got everybody into a tizzy.
This is not what I voted for. This tax hike is many times bigger than any tax increase ever proposed by Democrats in my lifetime.
A tax cut that raises your taxes??
Senator Bob Menendez
To Freeper Name Oct 31 at 11:31 AM
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Dear Friend, Imagine finding out that you have to pay taxes ON your taxes . That’s exactly what Republicans' idea of tax reform means. New Jerseyans pay some of the highest property taxes in the nation, but at least we’ve always been able to deduct them from our federal taxes, so we’re not taxed twice on the same dollar. That won’t be the case if President Trump’s tax plan– which Republicans put on the fast track last week – becomes law. They want to eliminate the State and Local Tax Deduction, or SALT, resulting in a $3,500 tax increase for more than 1.5 million hardworking New Jersey middle class and upper middle class families who rely on it. WATCH AND SHARE THIS EXPLANATORY VIDEO
What kind of “middle class tax cut” (as Trump promised) increases taxes on middle class families by $3,500? And what kind of tax relief plan socks it to New Jersey families – most who make less than $200k a year – by taking away a deduction worth $10,000 and forcing New Jerseyans to pay taxes on their taxes. It’s a plan we have to stop. We cannot allow Republicans in Congress to raise taxes on New Jersey’s middle class families just so they can give big fat tax breaks to a handful of the super-wealthy and giant corporations. We need to sound the alarm! Share the truth about their plan with your friends by sharing this on social media:
There’s no time to waste. Thank you.......Bob
My Reply:
To Senator Bob Menendez Oct 31 at 7:38 PM
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Wait a minute Bob - you Democrats are always yapping about Republicans giving tax cuts to the rich - here finally is the elimination of a deduction which goes almost entirely to high earners paying high state income taxes and high real estate taxes on their big mansions - most of us in the middle class will more than cover the lost deduction with the doubling of the standard deduction - let's finally stick it to those rich bastards (like your doctor friend from Florida) - finally make 'em pay their fair share (even though the top ten percent of earners already pay eighty percent of federal income taxes) - make 'em pay more - finally do something to make me proud you're my senator....... Freeper Name
Bob struck back almost immediately with a devastating email retort – “Five Things To Know About Enrolling in Health Care”.......
Same with me. 45 years of retirement financial planning thrown out the window by Republicans in the very same year I retire. Many thousands of dollars in tax hikes I was not planning for.
Here is a link to an analysis of the senate plan with rates and breakpoints.
https://taxfoundation.org/details-analysis-2017-senate-tax-cuts-and-jobs-act/
Everybody will be different. Based on my own back of the envelope calcs, I’ll see an 11% decrease in overall income tax.
I’ll take it.
People vote their own pocketbook. If their taxes go down, they aren’t going to give a rats rear if some other poor slob that they don’t know gets his taxes jacked up.
Here is a quick analysis of the senate tax plan. With last years tax return in hand you can figure out about where you’ll come out in about 5 minutes.
https://taxfoundation.org/details-analysis-2017-senate-tax-cuts-and-jobs-act/
Giving the devils their due, I win under the senate plan.
That’s surprising as you’re in WA which doesn’t have a state income tax. Here is a relatively fair analysis of the senate plan with breakpoints for your own calculations.
No, I’m in Arizona. Moved here just over a year ago.
I make out pretty well with the Senate plan, get screwed with the House’s plan.
Still, AZ has relatively low taxes.
Politics is a scam and we’re suckers for playing.
Will this bill eliminate the Obamacare mandate?
I win under both but I do better under the senate plan.
I suspect that if the senate plan passes, the house will simply adopt the senate plan as-is rather than risk losing everything in reconciliation.
Politics is a scam and we’re suckers for playing.
Apparently it still does. With some planning, you can get around that anyway. I’m amazed that anyone pays it.
This country needs better tax planning, not another set of politicians.
Politics is a scam and we’re suckers for playing.
I wouldnt believe a word that gop establishment salem radio paid for whore guy benson says. He is a never trumper dirtbag. If he is for it you can bet the middle class trump voters get screwed and his corporate donor patrons benefit.
>>>than the gasoline tax hike that passed and got everybody into a tizzy<<<
Who is in a tizzy, some Radio Host in San Diego?
The Sheep here just went along with it and it’s a Tax that hits the lowest Income Earners in CA, AKA Democrats and Illegal Democrats.
As I recall, Moonbeam already got away with imposing a stealth Carbon Tax. No outrage when that happened.
If a Republican Legislature and Governor imposed this Tax, the Democrats would be having a field day about it hurting the poorest amongst us and there would riots in the streets.
That talk show host in SD has gathered a lot of signatures, Soon there will be petition to put constitutional limits on the taxes ala prop13. Get with the program and sign the petitions. This is all e have to fight the liberal,onslaugt in Sacto.
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