Posted on 11/02/2017 7:21:40 AM PDT by GIdget2004
Mariner, you wrote — “For somebody losing $16k in exemptions, that $300 [credit] doesn’t mean much.”
Definitely, as with starting by deducting $16k from my gross and then using $12k standard deduction versus losing the individual exemption it if I itemize means that I’m being taxed on $16k than I have in the past, even if there is no increase in my income for the year.
First, this bill didn’t want to touch the spending debate. So it is a moot point. Secondly, it could be argued that you are advocating that the Feds should be able to tax us even more on our taxes. It’s all about winners and losers, because that is how they chose to write the bill. I hope it fails miserably.
“Repealing the AMT is BIG win. Reducing rates is a big win. Lowering the Corporate rate would spur economic investment and development the likes I’ve never seen in my 30 year tax career. Not even under Reagan.”
I find it sad so many here don’t even see the big picture view that you were pointing out. All they care about is how much they will pay. I feel like I wandered into DU
I agree it’s not good enough, but I do think it’s a good start.
That fact that you guys keep sending liberal left wing loonies to Washington may have something to do with the disparity. We have finally started to recognize in Michigan that we are a donor state because we send liberals to represent us and expect them to help us with taxes.
Welcome the world of Paul Ryan. If this passes, the GOP could lose two dozen House seats, easily.
He’s getting those numbers from his derriere. I live in a 300k house in upstate and my property taxes are over 7k. I call hogwash on that.
the federales have been collecting unprecedented amounts of our money since...
why can't we just go back to the Bush tax cuts....
remember how we all cringed when they were not made permanent at the time?
OK, so for the first $90k in taxable income, federal taxes go down about $7k. That is in actual taxes owed. For someone to not come out ahead, they would be needing to lose around $45k in deductions.
How much SALT do these people in blue states pay if they are claiming there taxes are going to go up?!
Please elaborate on your 7k figure.
Going from 15% with a gradual increase on anything above say 80k VERSUS 12% on 90K doesn’t even come close to $7000 in savings. I mean not even close.
And to get to 90000....how about the elimination of exemptions? How much are we saving there? I mean c’mon now.
Who wants to guess how many of the 70,000 pages of tax code are still there?
Class?
I have no idea how you would conclude that. I absolutely agree that the spending issue is still to be resolved. And we have a huge debt so if we can reduce spending, maybe for a short time we need to repay that debt before getting back to "balanced" tax and spending. Regardless, we will never get to a 'fair' tax when any exemptions are made, and clearly people like their exemptions. getting to a fair tax is going to take a whole lot of people getting over their own use of the thousands of tax loop holes in the current system. And then there is the whole debate of taxing income vs taxing spending...
This is going to still get marked up more. My hope is that the tax code IS simplified (less deductions) but with accompanying LOWER RATES. Baby steps to a flat or fair tax. Though I a perfectly happy that the mortgage deduction is not going away as of the moment.
I’ve already sent Ryan a nastygram. Not that it will help.
I’m trying to think back - maybe one of my older children still had a college credit that helped us absorb it at the time.
Yes - the Bush tax cuts were very nice.
I think I even remember getting an additional refund check in the fall - out of the blue.
Thanks. I mean, I get the wallet mentality, and I hate to use the phrase “trickle down” but that’s what we’re talking about here.
Capital wants to be employed and it wants to be treated fairly. Capital will always grow and be put to use if there’s a reason to put it to use. You’ve got to give people a reason to invest and spend. Otherwise, companies like Apple, Google, Yahoo, and the big banks will continue sitting on WADS of cash.
If money were repatriated in large amounts in this country, it would be put to work. We’d have an economic expansion that would last 15-20 years with virtually no effort. It all trickles down.
There was another table at the link which shows taxes paid vs benefits received.
That’s the important one, and one you may have missed.
This bill is a no-go....Not even a decent first attempt.
Drawing board please advance to the front of the room.
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