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TAX THE RICH? I say to hell with them

Posted on 12/26/2017 6:59:40 AM PST by DIRTYSECRET

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To: kabar

The $10,000 cap is for property, sales, and state income taxes.


My son is stuck with Mississippi divorce law requiring him to make monthly payments to the x of $30,000 per year which under current law has been tax deductilbe in the full amount of the $30k. Under the proposed new law, ALIMONY payments will also be limited to the $10k limit, creating approximately $6,000 in new income tax liability. SURPRISE!

Like Obamacare, the law has to be passed before we can read it and find out what is in it. He is not too happy about this indisclosed change in the law that was not disclosed in the Congressional debate re the new taw law.

Have a good day!


21 posted on 12/26/2017 7:51:09 AM PST by LaMudBug
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To: LaMudBug

Asinine? I thought it was pretty eloquent. Hurt my feelings.


22 posted on 12/26/2017 7:59:31 AM PST by DIRTYSECRET (urope. Why do they put up with this.)
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To: DIRTYSECRET

The ‘Rat Party is overwhelmingly the party of the rich. Tax the hell out of them I don’t care.


23 posted on 12/26/2017 8:02:05 AM PST by TTFlyer
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To: mosaicwolf
The rich don’t need a mortgage to buy a house but why not? They finance 80% anyway.

Depends on the financial circumstances. Why invest so much of your own money that can work for you elsewhere? And the mortgage interest deduction helps defray income taxes.

The taxpayers get to subsidize their interest on the loan and the rich get to shelter some income.

It is our money, not the government's. I have no problem with taxpayers keeping more of their own money, even the "rich." Almost half of the population pays no income taxes and 80% of wage earners pay more in payroll taxes than they do in income taxes.

24 posted on 12/26/2017 8:15:46 AM PST by kabar
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To: DIRTYSECRET

I’ve always supported the classical “liberal” system. Tax consumption, not production. It blows right past all the class warfare bullsh+t. Of course I’d rather have the conservative view of “no taxes without representation”. Drain the swamp.


25 posted on 12/26/2017 8:27:34 AM PST by Jim Pelosi
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To: LaMudBug
My son is stuck with Mississippi divorce law requiring him to make monthly payments to the x of $30,000 per year which under current law has been tax deductilbe in the full amount of the $30k. Under the proposed new law, ALIMONY payments will also be limited to the $10k limit, creating approximately $6,000 in new income tax liability. SURPRISE!

You are wrong. The new rules on alimony payments apply only to divorces and separations that happen in 2019 and thereafter. Under the new law alimony will be tax deductible for the recipient, not the person providing the alimony. Why don't you check out the following:

Everything you need to know about the GOP’s final tax plan in 3 charts

Like Obamacare, the law has to be passed before we can read it and find out what is in it. He is not too happy about this indisclosed change in the law that was not disclosed in the Congressional debate re the new taw law. Have a good day!

I suggest you that you read the law and understand what its impact is on you, your son, etc. The reduction in marginal tax rates in the various brackets, the doubling of the standard deduction, etc. FYI: Alimony is not under itemized deductions. Where did you come up with the $10k limit on alimony payments? It is not in the tax reform bill.

Have a good day!

26 posted on 12/26/2017 8:35:27 AM PST by kabar
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To: kabar

I think deducting interest on home equity loans is dead.


27 posted on 12/26/2017 8:43:45 AM PST by stylin19a (Best.Election.of.All-Times.Ever.In.The.History.Of.Ever)
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To: DIRTYSECRET
President Trump is the nation's best friend. Leave the village of malcontents; come into the sunlight and help President Trump make America great.
28 posted on 12/26/2017 8:52:37 AM PST by MosesKnows (Love Many, Trust Few, and Always Paddle Your Own Canoe)
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To: Red Badger

The poor don’t pay income taxes and they receive most of the benefits. With the benefits, they ain’t poor.


29 posted on 12/26/2017 8:58:19 AM PST by Neoliberalnot (MSM is our greatest threat. Disney, Comcast, Hollywood, NYTimes, WaPo, CNN, NBC, CBS...)
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To: stylin19a

Yes. Refinancing will increase to take out equity for various purposes.


30 posted on 12/26/2017 9:08:38 AM PST by kabar
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To: DIRTYSECRET

if you believe ‘the rich’ should be taxed more than anyone else, percentage-wise, then you’re already living on the progressive plantation.

10-20% flat tax with a cap around $100k-250k per tax payer should be enough tax money for any govt (the entire british empire, worldwide, employed such a system... and many of its former colonies still do)


31 posted on 12/26/2017 9:13:29 AM PST by sten (fighting tyranny never goes out of style)
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To: LaMudBug

Elimination of the alimony deduction only applies to divorce decrees issued after 2018, so unless he has another wife he wants to divorce, he will likely see his taxes to down. It’s shocking how people get so bent out of shape before doing the slightest research into the facts.

Source:https://www.pbs.org/newshour/politics/how-the-tax-overhaul-will-affect-alimony-deductions


32 posted on 12/26/2017 9:19:05 AM PST by Go_Raiders
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To: DIRTYSECRET
TAX THE RICH? I say to hell with them

Class envy.....This isn't the same FR as the one I joined in 1999.....

33 posted on 12/26/2017 9:45:48 AM PST by Hot Tabasco (My cat is not fat, she is just big boned........)
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To: Mom MD

Amen to that.


34 posted on 12/26/2017 9:49:27 AM PST by trisham (Zen is not easy. It takes effort to attain nothingness. And then what do you have? Bupkis.)
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To: Jim Pelosi

“Tax consumption, not production.”

Yeah but that disincentivizes consumption, and that would reduce production as well.

I can’t see a good way around the effect either way though. Government is a parasite on productive society and no matter which way you try to feed the parasite, you are still going to bleed. Really the main issue is to control the parasite’s appetite (limit spending).


35 posted on 12/26/2017 10:18:13 AM PST by Boogieman
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To: DIRTYSECRET

TAX THE RICH? I say to hell with them


Not me. I want to be one of ‘em!


36 posted on 12/26/2017 12:18:32 PM PST by sparklite2 (I hereby designate the ongoing kerfuffle Diddle-Gate.)
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To: Neoliberalnot

Who are “the poor” exactly? I’m fairly “poor” and I get taxed to hell, like millions of others.


37 posted on 12/26/2017 2:52:16 PM PST by Wyrd bið ful aræd (Flag burners can go screw -- I'm mighty PROUD of that ragged old flag)
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To: Wyrd bið ful aræd

Apparently the poor is not you. You can easily look up the poverty level.


38 posted on 12/26/2017 7:33:05 PM PST by Neoliberalnot (MSM is our greatest threat. Disney, Comcast, Hollywood, NYTimes, WaPo, CNN, NBC, CBS...)
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