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Old 08-15-2017, 11:38 AM
 
Location: Beautiful Rhode Island
6,295 posts, read 10,460,438 times
Reputation: 6060

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Pub 911 has it.

The alt right agenda is to destroy the federal government. They are already well on their way to doing that (defund the Dept of Ed, the EPA, National Parks, the banking regulations that protect us, etc etc.) and their tax reform will be one more nail in the coffin.

They will throw a bone or two to the middle class by raising brackets slightly while at the same time, denying them measly home mortgage and any other deductions, and surprise (!) the end game will be to stealthily and drastically reduce taxes on the rich.

Any federal power and funding left will go to the military.

Wake up. You'll pay more. Don't be fooled.

Last edited by Hollytree; 08-15-2017 at 11:48 AM..
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Old 08-15-2017, 11:53 AM
 
2,768 posts, read 1,494,078 times
Reputation: 2172
Quote:
Originally Posted by Hollytree View Post
Pub 911 has it.

The alt right agenda is to destroy the federal government. They are already well on their way to doing that (defund the Dept of Ed, the EPA, National Parks, the banking regulations that protect us, etc etc.) and their tax reform will be one more nail in the coffin.

They will throw a bone or two to the middle class by raising brackets slightly while at the same time, denying them measly home mortgage and any other deductions, and surprise (!) the end game will be to stealthily and drastically reduce taxes on the rich.

Any federal power and funding left will go to the military.

Wake up. You'll pay more. Don't be fooled.
Agreed. Unfortunately, the people you are preaching to show little desire for the critical thinking involved.
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Old 08-15-2017, 12:42 PM
 
6,815 posts, read 4,408,035 times
Reputation: 11918
Quote:
Originally Posted by Pub-911 View Post
Does anyone think this might actually be part of a larger plan to get rid of progressive income taxes altogether so as to shift more and more tax burden onto already beleaguered middle-class Americans? Would people like Trump stoop to doing a thing like that?
This is of course entirely possible, but it depends on that old bugaboo - the definition of "middle class". A person earning $60K in a small Midwestern city, living in a paid-off house, would benefit substantially from this particular tax proposal. A person earning $120K, living in Pasadena or Irvine (just to name two random semi-affluent locales in the LA basin), with a $400K mortgage, would probably incur detriment from such a tax-proposal. And a person earning $25K, regardless of location of lifestyle choices, probably would not benefit either way.

This being the land of imperturbable sense of equality, we're all supposedly middle-class. It's just that some are more middle than others.
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Old 08-15-2017, 12:42 PM
 
17,611 posts, read 12,197,156 times
Reputation: 12821
Quote:
Originally Posted by wheelsup View Post
The problem is people hear "no mortgage deduction" and since 70% of the population are idiots and can't understand that at Trumps suggested deduction 95% of homeowners won't have to itemize. How amazing would it be to do taxes in 30 mins with almost no record keeping required?!?

I get some pretty generous deductions with my job but have to do a lot of record keeping, it's a PITA. I'd rather just make it nice and simple.

While we're at it let's make all capital gains as regular income and simplify it even more.

How much time should it really take for most people? And how much record keeping is really needed? For a lot of people it is relatively little recording keeping and isn't much more complicated than using some tax software, some of its free depending on your income and filing. We itemize and it doesn't take more than 30 min to get through it and my record keeping consist of paysyubs, w-2, 1099s, donation records, 1098. It's a pretty slim file in reality and doesn't take much time. I think this is true for most tax filers
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Old 08-15-2017, 01:44 PM
 
4,713 posts, read 2,251,841 times
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To take that farther a lot of larger financial institutions can connect with services like TurboTax to import that kind of data automatically. Despite taxes seeming more complex every year, it also gets easier to do them.
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Old 08-15-2017, 02:42 PM
 
Location: Close to an earthquake
890 posts, read 626,278 times
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Quote:
Originally Posted by Lowexpectations View Post
How much time should it really take for most people? And how much record keeping is really needed? For a lot of people it is relatively little recording keeping and isn't much more complicated than using some tax software, some of its free depending on your income and filing. We itemize and it doesn't take more than 30 min to get through it and my record keeping consist of paysyubs, w-2, 1099s, donation records, 1098. It's a pretty slim file in reality and doesn't take much time. I think this is true for most tax filers
A lot of people have substantial business and investments and are subject to complicated tax laws that are burdensome yet create amazing tax planning opportunities. They're also busy people who don't care to be a jack of all trades. They hire professionals to help them with their tax affairs including tax return preparation because that frees them up to devote their time to where they make their big money.

Turbo Tax do-it-yourself is not an option for them as it may be for you.

Have you ever studied Mitt Romney's tax return? I did when he was running for President. Turbo Tax and him, despite how smart and bright he is, couldn't get that tax return done.

I have the smarts to do my own tax return and I do. But I haven't ruled out one day paying someone else to do it. Just like I do to have my oil changed or lawn mowed. It frees up more time for taking a nap.
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Old 08-15-2017, 02:54 PM
 
17,611 posts, read 12,197,156 times
Reputation: 12821
Quote:
Originally Posted by borninsac View Post
A lot of people have substantial business and investments and are subject to complicated tax laws that are burdensome yet create amazing tax planning opportunities.
That's not really what's being disussed at the moment, we are talking about individuals and most tax filers

Quote:
They're also busy people who don't care to be a jack of all trades. They hire professionals to help them with their tax affairs including tax return preparation because that frees them up to devote their time to where they make their big money.
And?

Quote:
Turbo Tax do-it-yourself is not an option for them as it may be for you.
But it is an option currently for most tax filers

Quote:
Have you ever studied Mitt Romney's tax return? I did when he was running for President. Turbo Tax and him, despite how smart and bright he is, couldn't get that tax return done.

I have the smarts to do my own tax return and I do. But I haven't ruled out one day paying someone else to do it. Just like I do to have my oil changed or lawn mowed. It frees up more time for taking a nap.

You are getting stuck in the weeds, for the most part you are taking about things that simply don't apply to most tax filers, hell 77%+ paid an effective rate under 10% and that simply shows a very large portion that really don't have very complicated situations
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Old 08-15-2017, 03:20 PM
 
Location: Yuma, AZ
139 posts, read 65,418 times
Reputation: 303
How about a flat % tax and cut government spending. That sounds good to me. Think of all the time, money and energy that would save... and gut the IRS too!
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Old 08-15-2017, 03:25 PM
 
11,304 posts, read 5,834,479 times
Reputation: 20954
Quote:
Originally Posted by Pub-911 View Post
People who cannot see beyond narrow self-interest should not participate in public decision-making.
This pegged my irony meter so much into the red that it's permanently broken.

I think the mortgage interest tax deduction should be exclusively targeted at middle class first time home buyers. The people taking most of the deduction are the upper middle class who don't need the subsidy. To avoid collapsing the real estate market, this policy would need to be phased in gradually over at least a decade.

I'm a 5%er and I've been a 5%er for most of my adult life. When I look at my effective Federal income tax rate now and compare it to the 1980's, it's almost absurdly low. I don't like paying taxes any more than the next guy but my life wouldn't change any if I had a 30% effective Federal income tax rate instead of something that's more like the low-20%'s.
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Old 08-15-2017, 04:31 PM
 
Location: Gilbert, AZ
3,003 posts, read 1,694,053 times
Reputation: 2945
Quote:
Originally Posted by SportyandMisty View Post
I'm all for eliminating deductions for state income taxes, city income taxes, property taxes, and mortgage interest.

Some of these are eliminated under AMT rules
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