Posted on 11/13/2017 10:07:43 AM PST by Mariner
Congressional analysts are estimating that the Republican Senate tax bill would increase taxes in 2019 for some 13.8 million U.S. households earning less than $200,000 a year.
The nonpartisan Joint Committee on Taxation provided the analysis Monday as the Senate’s tax-writing committee begins work on its version of the tax overhaul bill. The legislation, promoted as a boon to the middle class, would steeply cut corporate taxes, double the standard deduction, and limit or repeal completely the federal deduction for state and local property and income taxes.
The analysis of the Senate plan says 13.8 million households, or about 10 percent of all taxpayers, would face a tax increase of $100 to $500 in 2019. There also would be increases greater than $500 for a number of taxpayers, especially those with incomes between $75,000 and $200,000. By 2025, 21.4 million households would have tax increases.
(Excerpt) Read more at apnews.com ...
If you're middle class (between $75k and $200k/yr) you are at high risk for a tax increase. These are the folks who itemize in every state, every Congressional district in the US. They are most often suburban, two income professionals with a mortgage.
The folks who almost always vote Republican.
POS all of them.
I am against any tax plan that increases the number of citizens who pay no income tax. Everyone should have a skin in the game.
I have no doubt my taxes will go up after the “tax reform.”
This is why everyone should lie on their taxes.
Agreed. The middle class pays enough, though.
Not good at all for Moleman
It’s not just that the taxes will go up. Because Ryan didn’t as promised repeal and replace ObamaCare, these are the people whose health insurance and health care costs will continue to spin out of control.
The Agop-e is part of the problem. Raising taxes is preposterous!!!!
I am of the opinion that the Alternative Minimum Tax should be revamped so that everyone pays, the larger of, their assessed tax rate or 5% of their gross income.
Because, who wouldn’t expect a tax increase when you voted for a decrease, and everyone is telling you its a decrease?
Based on the way our government listens to us, expect government spending to skyrocket and taxes to go up.
BOHICA.
I have no doubt my taxes will go up after the “tax reform.”
**************
Just like medical costs went up after the “affordable health care act” was passed.
Whatever congress calls something, the effect is always the opposite. They are nothing but a bunch of self serving liars.
As long as no viable 3rd parties exist the GOP does not care what any of us think.
Congress needs to publish on online tax calculator so that citizens can check if they are bluffing about “post card” size tax return.
“I am against any tax plan that increases the number of citizens who pay no income tax. Everyone should have a skin in the game”
Positively! Not only that those that pay no taxes will in many, instances get checks from the gov’t. Pure socialism, GOP style.
“As long as no viable 3rd parties exist the GOP does not care what any of us think.”
First, the GOP must die.
Everything else comes after that.
Unelect the bastards!
I emailed my congressman (R) this morning and pointed out that while I support any corporate cuts (which I believe will be recouped by increased business receipts) the seniors (who are very heavy R and almost always vote) are being put in a catch-22 situation. The medical deduction and the charitable gift deduction, when coupled with limits on property taxes, are going to be a big hit at a time that they must take money from their 401's, IRA's etc. And no more personal exemption.
That is also going to impact couples with large families.
“so that citizens can check if they are bluffing about “post card” size tax return”
That’s the 1040EZ. It already exists and anyone under $100k gross income can use it.
However, they must be willing to forgo their deductions like they are asking the rest of us to do.
I don’t trust AP. And don’t believe even the idiots of the GOP would allow this because it spells death for them. I suspect overall taxes will be reduced.
I can confirm this as well. Based on some of the calculations available and my own analysis, our tax bill could increase up to $500 due to the loss of some of the deductions.
There are some nice things to the plan, but some glaring problems as well. Especially with the deductions. I can see this hurting charitable donations as most people will lose the incentive to give and just take the standard deduction. Raise the exemptions to help people out.
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