Posted on 09/27/2017 2:58:13 PM PDT by SeekAndFind
We’ll NEVER get a “FLAT TAX”; sadly; but I concur with that suggestion.
The standard deduction would double, but the personal exemption amount would be included in the new doubled standard deduction, so it is not a doubling of the standard deduction. Are you with me so far? Also state and local income taxes will no longer be deductible. That sucks if you live in a high tax state. For a lot of middle income people like me this is not a tax cut.
Bannon is a very wealthy individual. What's not for him to like?
years and years states and counties have been upping their property tax because, get, you get some credit for it on your income taxes...
but no more....
as I said in an earlier post on another thread, with the doubling of the deduction and taking away of the personal exemptions, it seems to be a plus of $4000 dollars tax relief...
in the scheme of things, when you're paying thousands of dollars in taxes, I don't know if taking $4000 off your agi will do that much for us...
Again, you are telling me about your state and local issues. That has nothing, I repeat nothing to do with federal taxation. Every state is an experiment in and of itself, yours is obviously not going well. Sorry about that, but it is not my problem nor should I have to pay for your mistakes and mismanagement.
When our budget has a surplus, it eases pressure on all aspects of the budget. That was my emphasis.
I did not mean to imply that SS and MC would not be in need of fixing, due to this.
We need to ease into (private) retirement replacing the current concept of SS and MC over the next 30-40 years.
The sooner the better.
Getting rid of state tax deduction and property tax deduction is stupid and can’t be justified on any rational theory. It is not income in any sense of the word when a different government takes it before you ever get it. Property tax is the same, it is a state taking money from you for living in that state, you never earn the income in the first place. Health care costs should also be deductible, they are no different than maintenance costs on your business, which are deductible.
If you want to get rid of the deductions other than those, I am ok with it, but those are essential. If you want to get rid of those, the rates should be a lot lower.
the rich have so many ways to hide income, shelter it, lose it, and come out smelling like roses....
no sympathy...
if I had a thousand more dollars in my pocket at the end of the day, I would certainly be saving some but also doing home repairs like a new roof, etc...
why does middle class wealth account for nothing?
It is impossible to please everyone. Under this plan, my Federal tax would go from $2000 up to about $5000.
If you’ll think about it, this doesn’t even make sense.
Trump has had to deal with this very tax code, operating within New York.
I’m not sure what the end result will be, but I find it very hard to believe that state taxes will no longer be deductible.
Makes me think Trump didn’t develop that tenet of the tax plan, or review it.
Yes, that it doesn’t now and never did exist.
There is actually part of this tax plan I like a lot.
When the Income Tax was created, the states and cities demanded that state and local taxes be deductible from the federal tax. Over time this has meant that high tax states and cities (all blue), can continue to jack up their taxes, yet their taxpayers don’t feel the pinch as much because they can deduct them from their federal taxes.
So basically, the federal government has been *subsidizing* fiscal irresponsibility by the (blue) states and big cities.
Almost as soon as the Republican plan was announced, Governor Andrew Cuomo of New York squealed “That would destroy New York!”
Which goes to their spendthrift mind-set. That they *have* to have that money, and that they *have* to waste it, or their states and cities will be “destroyed”.
But they have ZERO interest in controlling their budgets or lowering their own taxes.
For this reason, I hope it passes.
Taxpayers benefit.
Loser leeches will see no change.
“We who live in high tax, high property taxed states ( yours truly in New York ) are royally screwed big league.”
Maybe you could think to yourself that you were subsidized by those of us in low tax states for *decades*.
We can only carry you guys for so long.
If your state insist on plucking your feathers so much, you can rise up and change them or move.
Highways not only go into your state, but they leave too!
Finally, someone gets it.
Cherry, while you seem to think going after the wealthy is a great idea, try to think of this.
More money in the hands of the wealthy does put more money into the private sector.
They don’t put that cash in between the mattress on their bed.
They buy stocks, invest in expansion, develop new businesses, purchase more supplies, and employ more people. People who are employed spend money that employs other people. Those people do the same, and everyone’s money is taxed along the way.
Don’t get the idea that you and other Americans don’t benefit from the wealthy getting tax cuts. They and you do, even if it’s just the idea our federal budget will come under better control.
It will because of the proliferating tax base.
That was exactly the approach of Coolidge when he was faced with a Republican Congress that would not give him the economic plan he asked for. He decided that a plan that made things better was better than not having a plan at all, and he signed off. The economy then took off like a rocket, and he was able to get more things that he wanted as his support among the people grew.
Not much has changed since then—progressive Republicans standing in the way of the people.
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