Posted on 11/02/2017 7:21:40 AM PDT by GIdget2004
Not true. Many of the high tax states (NY, CA, NJ, etc.) subsidize the low tax states in terms of federal revenue sent to Washington and money received back. Some states get back pennies on the dollar, some get back several dollars.
Further, by eliminating the deduction, there will be no incentive for localities and states to lower their tax burden on families. The families will simply be punished. If the GOP wants to play raw politics, this isn't the way to go about it.
Yes, sorry. For individuals anyone currently earning less than $9300 are completely exempt. For married couples, that’s $18,650.
Get the tar and feathers ready - we're going to need a lot.
I thought they said it will be eliminated.
There won't be. Armed insurrection is not a viable option. If that is what the GOP in Washington is trying to gain with all of this, they are loony.
According to the Journal, no. But the standard deduction is doubled so that should cover the bottom bracket.
If this bill eliminates exemptions I don’t understand how most middle class families wont be screwed?
If Steve King is against it, it must be good for the USA.
Looks like my “effective” tax rate will be the same. A nothing burger. (I hate that expression)
Does this apply to your taxes?
“The legislation being unveiled Wednesday increases the child tax credit to $1,600 from its current per-child maximum of $1,000. A Tax Policy Center Center analysis of an earlier proposal, which would have increased the credit to $1,500, noted that it would mostly have benefited higher-income taxpayers.
The bill also makes wealthy families eligible for an expanded child credit, deemed a “family credit” by House Ways and Means Chairman Kevin Brady (R-Texas). While the credit currently phases out for incomes above $115,000, the Republican bill would push the threshold to $230,000.
“
Actually, correction. There is no zero percent bracket anymore. The tax base does get broader as a result; however, the standard deduction is doubled, which should cover the lowest tier.
- It would cut in half the popular mortgage interest deduction used by millions of American homeowners, capping this tax deduction at new mortgages of $500,000 or less.
- This change could have a particularly big impact on high-cost areas, such as San Francisco, New York, Boston, and the Washington D.C. area, and housing groups and lawmakers will likely try to defeat it. The bill would allow people to deduct their local property taxes from their taxable income, though this benefit would be capped at $10,000.
- Families would also no longer be able to deduct their state income taxes from their federal taxable income, another change that would have a particular impact on places like New Jersey and New York, where state taxes are higher than in other areas. Taxpayers will be able to deduct their property taxes up to $10,000.
- Americans would no longer be able to deduct their medical expenses or property and casualty losses, according to a document outlining the plan.
- Other changes in the bill would be far reaching. It would, for example, make changes to college savings programs and have new requirements for tax-exempt organizations like churches and charities.
“Oh, and the Jews will get the blame again. Gotta have a scape goat”
Always happy to be of service.
(Yes, sarcasm. You’re right, of course.)
If you’re in the high-income states, that’s right, they get screwed.
Millions of families will be screwed.
The corporations are the clear "winner." They get their rate slashed to 20%. Other people will have to "pay for" that.
I hope this doesn't in effect create a new tax instead of a tax cut.
Starting in 2024. Until then, it’s marginal rate of 40% for anything above $5.4M
I understand all of that but my point is if the brackets are wide enough, those lost deductions will be offset.
.
Republicans are idiots. Total idiots.
Not that this is shocking news.
1. They buy into the democrat deception of “paying for tax cuts.”
2. They buy into the socialist mantra of progressive taxation.
3. They are lowering rates and taking away deductions so that it isn’t a tax cut.
4. The next time demoncrats are in office, they can raise rates and there will be fewer deductions, thanks to RINOpublicans.
5. They are doing their best to alienate voters in the most populous states.
I am so glad I stopped being a taxpayer.
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