[Code Stemi]

Originally Posted by EA

Y'all called me crazy and wrong.

Because you usually are.

[Willy702]

Originally Posted by EA

Remember when I predicted a boom here? I remember. Y'all called me crazy and wrong.


Here is my hope. State tax ends. And good riddance. Getting taxed twice for living somewhere is bs.
Getting taxed on income period is bs. The less taxes the better. It's not like they go towards helping us anyway.
They only thing I really object to in his plan is the 2% raise on the bottom bracket.

You should move the to third world then. Someplace like Belize has almost no income or property tax, but almost no government services either. I'm sure you'd love that, what do you say?

[yellowsnow]

Wait and see what really happens. I would guess whatever he proposes will be great for the wealthy and not so good for everyone else and most of the people who live and work here are not in the 1%.

Would love to be wrong and see him do something positive for the average people.

[EA]

Originally Posted by Willy702

You should move the to third world then. Someplace like Belize has almost no income or property tax, but almost no government services either. I'm sure you'd love that, what do you say?

I actually considered Belize. If I did not have kids I would be there.


America existed just fine without income tax for a long time. We even had roads.

We all live in Nevada with no state income tax and miraculously we have a functioning government and roads and schools and police and fire departments.

[SportyandMisty]

The primary purpose of any proposed major tax reform -- under the current administration as well as past administrations -- is to replenish the campaign coffers of elected representatives. Now that tax reform is really on the table, lobbyists are coming out of the woodworks donating their client's money to retain or improve their client's tax positions. This includes Red States: they are falling all over themselves to donate money to Republican tax legislation writers. The irony is amazing.

[unf0rgiven6262]

Originally Posted by yellowsnow

Wait and see what really happens. I would guess whatever he proposes will be great for the wealthy and not so good for everyone else and most of the people who live and work here are not in the 1%.

Would love to be wrong and see him do something positive for the average people.

That's what it looks like so far. Everyone knows our elected officials are corrupt but we just go on believing we can vote them out as if it matters. The next batch regardless of political party just step right into the lobbying and corrupting power.

[Cold Warrior]

I subscribe to The Economist

Ironically, a publication that is consistently wrong on economic issues.

[BBMW]

I never got the feeling they ever have any lack of campaign contributors willing to throw money at them.

Originally Posted by SportyandMisty

The primary purpose of any proposed major tax reform -- under the current administration as well as past administrations -- is to replenish the campaign coffers of elected representatives. Now that tax reform is really on the table, lobbyists are coming out of the woodworks donating their client's money to retain or improve their client's tax positions. This includes Red States: they are falling all over themselves to donate money to Republican tax legislation writers. The irony is amazing.

[JonathanLB]

Originally Posted by BBMW

^
Yes, but this will really turn the screw in the high tax states.

Absolutely it will. Maybe some people can pretend not to care, but it does matter. One of my Facebook friends from my time in Los Angeles just moved four weeks ago to a $1.5 million home in Summerlin. He was tired of the liberal cesspool that is California and was tired of the high taxes, poorly run state government, and everything that goes along with it.

While I wouldn't put taxes on my very top reasons for moving to Las Vegas (weather would be #1 but only when combined with such reasonable cost of living, then entertainment options, then the fact that it fits my sleep schedule as a night owl who can't tolerate major metro areas that shut down at 10 p.m. even on weekends, etc.), they are a BIG reason. Unfortunately -- and this is the real kicker of why I don't care THAT much about the tax equation compared to how much I could care -- the majority of my assets are real estate investments in California and Oregon, so I have no choice but to pay those states' taxes on that income. It would still help, though, because I have some investments in Washington (0%) and Nevada (0%) that would then not be taxed at all at the state level once I'm no longer a resident of a state with an income tax. It would also help because instead of all of my income being lumped into one big sum and taxed at 10% in Oregon, it would be paid at the appropriate tier on a per-state basis. To use an example if someone makes $250,000 in a year from 7 states, but they live in Oregon, it doesn't matter what states those are, they're paying the appropriate rate on the ENTIRE $250,000. If they made the same money but lived in a 0% income tax state, they may pay 4% on some of the money, 0% on other parts, and if their income from one state was only $40,000 and that fell into a lower tier (say 6% instead of their top tier of 10%) then they'd pay only the lower tier on that income. That can be a pretty substantial difference, depending on your investments.

I would also intend to gradually move my holdings where possible into no-income tax states, or the types of investments that will be taxed where I live. If they removed itemized deductions for state and property taxes, they would destroy the balance sheets of people living in places like Oregon and California because it amounts to double taxation, which really should be illegal. If you made $1 million and you paid Oregon $100,000, it makes no sense to pay federal taxes on $1 million! You don't HAVE $1 million anymore, you have $900,000, so you should pay taxes obviously on the $900,000 you have left.

[yellowsnow]

We will have to wait and see what actually happens but I predict the rich will get richer and the poor will get poorer. Just a guess!