Posted on 11/02/2017 7:21:40 AM PDT by GIdget2004
So you don’t have children I take it?
Which is fine, but it’s obvious by what you just said.
They pay a hell of a lot... We looked at jobs in the Northeast when we were relocating and in one state ( Vermont) we would be paying out 45 percent of gross salary before spending a dime ( and that included the deduction for state income tax) Needles to say we landed in the midwest.
That's the key. The number of people who can get past the standard deduction when set at 24k instead of 12k will be pretty small.
I agree...How many people really expect to inherit 5 million dollars. My understanding is though that it has the potential to hurt farming families given that their estate value tends to be more in land and equipment.
Max,
I live in New York and we are in same boat it seems. My wife and I come in at about 145k have 3 children and don’t spend beyond our means. We try to provide a good life and save as mush as we can. This tax plan is trash.
The Estate taxes are taxes already paid by the deceased. An estate of 11 million dollars currently would exempt the first 5 million roughly. The beneficiaries would pay taxes on the remaining 6 million. The tax is wrong, and children of large farms, successful businesses and the like are left to sell off the family holdings.
It’s another tax, that gives money to POS politicians to spend freely. The more taxes are reduced or repealed all together is fine by me.
Cotton Ball, you say we fail to see the “big picture” and lament that we object to our wallets being raided. Look, we could both discuss how God made women beautiful and sexy, and agree on that wholeheartedly. But if I then claim that I think it would be nice to enjoy sex with your wife, I would think you might find that objectionable.
Also, why should this be a fight? The tax is plain wrong.
See to me “Big Picture” sounds a bit like socialism.
Call me crazy.
I’m not a bazillionaire, but our mortgage interest, state & local taxes, & charitable deductions usually have put us over the threshold by about 2k.
You are exactly correct. He got those property tax numbers for NY state out of thin air. NY is not too far behind NJ. I also know folks who own modest lakefront camps. They are destroyed by property taxes.
Which is fine, but it’s obvious by what you just said.
Not at home, but we're still paying outrageous school (property) taxes.
If you saw my post on this same topic on another thread, I said I live in Illinois and the fact that this plan allows up to $10k in property taxes to be deducted addresses much of the impact here, although I do still pay a hefty non-deductible state income tax under the Trump Tax Reform Plan.
So my objection on this thread isn't related to my living in a high tax state at all. In fact on the other thread I said the Trump Tax Reform Plan may in fact be the impetus needed for the dolt's living here in Illinois that consistently vote Democrat come hell or high water to finally revolt over the taxes in this state!
My very specific objection here is that the Federal Income Tax Rate for people like me (who are high income earners) will more than DOUBLE even after the standard deduction is doubled itself.
Under the current tax code, I pay just over 11% Federal Income Tax. Under President Trump's proposed tax reform, I'll be at 25%. That's a hell of an increase.
People vote their pocketbooks. Why in the world would I support President Trump's Tax Reform, in its current form?
Honestly, I really want to support President Trump here. I think the Personal Income Tax really does need to be modernized/updated/simplified and I support doing that.
I also think the Corporate Taxes need to be reformed.
Here, I think the Corporate Taxes may be simpler to reform first: Go for the flat 20% that President Trump is talking about and get that done first. I'd fully, 100% unequivocally support that! Let's get all the money that's offshore back here and creating JOBS and then begin work on reforming / eliminating the Personal Income Tax.
If we have to have an income tax, I'd support a Flat Tax where everyone pays the same percentage so we all have skin in the game and I'd just as easily support a national sales tax (again, that everyone pays except for food, clothes and medicine) over the current tax code.
This bullshit that more than half the country pays zero federal income taxes and people like me in the top 20% of all income earners pay more than 80% of the taxes has to stop! Either we all have skin in the game or the nonsense with more than half the country continuing to vote my money out of my wallet and into theirs continues. No, STOP that! Finally, I think one of the core principles that President Trump has is exactly right: Simple, postcard sized, everyone understands it. I think add to that a complete elimination of the IRS (it's a terrorist organization, I'm getting audited as I type..)
Maybe. The putz from NY.
This plan is a big stink bomb and the pu bids are crowing on social media about the tax “break”. Pfffft!
Meanwhile the EITC crowd gets an even bigger giveaway despite paying little to nothing in.
You're not crazy. Some people insist on keeping their "right" to vote money out of our wallets and into theirs.
Pubbies I meant. Not pu bids. Lol! Dang autocorrect. Almost sounds obscene.
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