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The "wonderful" part of all this is that our tax money will go to give tax breaks to large corporations and the super rich so they can create more jobs for the rest of us... Thanks GOP!
Corp taxes on profits s/b ZERO as the money is taxed twice when distributed as dividends, aka, profits. And pass-thru corporations are hardly affected at all.
Half the population - poorer half - pays no Fed taxes, so won't be affected by tax changes.
Mortgage tax deduction capped at $750k is a good start. Let's get it to ZERO like Canada.
Most middle class people do NOT carry jumbo mortgages; the well-off do and we shouldn't be subsidizing their debt service!
The standard deduction is doubling, which will benefit many who don't itemize and some of the minority who do.
Yes wealthier people will also save, but thats because they pay so much more in the agregate than other groups.
Is this tax bill the best for everyone? Of course not.
But it will simplify filing for many, reduce tax-distortion and hopefully puts a lid on runaway RE prices which have hurt renters terribly and exacerbated homelessness among the less affluent, especially in places like San Francicso, LA, Boston, et al.
...PS .. nobody is 'paying for it'.
We haven't balanced a budget since a nanosecond during Bill Clinton's first term.
And the debt goes up endlessly, regardless of who is in power.
Keynsian economic theory is unrecognizable today, replaced by Modern Monetary Theory, which simply describes the current reality of funding deficits with never-ending new debt. We were at 20 trillion after Obama, and nobody cared a whit.
Read up on it.. and whether we like it or not, it's HERE TO STAY.
Rich people suck. Terrible excuses for human beings.
It’s not just because their rich but it’s because they’re rich.
People that milk the system suck too.
Screw it. Everybody sucks.
I’m just on an anti wealthy kick now because I’ve had to interact with these tool bags more frequently as of late.
"Last week, according to media reports, state officials in New York received calls from residents asking to pay their 2018 state, local and property taxes before Jan. 1 in an effort to claim the higher amount of deductions before the Republican tax bill takes effect.
In response, the U.S. Treasury Department issued guidance over the weekend saying that any pre-payments for 2018 tax liabilities would not be deductible on federal tax bills."
"last week, according to media reports, state officials in new york received calls from residents asking to pay their 2018 state, local and property taxes before jan. 1 in an effort to claim the higher amount of deductions before the republican tax bill takes effect.
In response, the u.s. Treasury department issued guidance over the weekend saying that any pre-payments for 2018 tax liabilities would not be deductible on federal tax bills."
"Last week, according to media reports, state officials in New York received calls from residents asking to pay their 2018 state, local and property taxes before Jan. 1 in an effort to claim the higher amount of deductions before the Republican tax bill takes effect.
In response, the U.S. Treasury Department issued guidance over the weekend saying that any pre-payments for 2018 tax liabilities would not be deductible on federal tax bills."
From what I was told, school taxes can be paid since you had the option to pay in FULL when the 1st half was due October 1st! I will be paying mine tomorrow, I have the money so it really doesn't matter if I pay it now or in April.
I like this guy, make it difficult for the town extortionists.
I don't like this guy. How valuable are the services provided to him and how much would he complain if they were reduced? Things like police and fire protection, infrastructure maintenance, garbage collection and educating his children.
Hopefully this note at least helped a few folks. I understand people:
- Are not impacted due to AMT [ however, still want to check if it impacts your NYS return]
- Use escrow to pay for their taxes
- Pay less than $10k in taxes
From what I was told, school taxes can be paid since you had the option to pay in FULL when the 1st half was due October 1st! I will be paying mine tomorrow, I have the money so it really doesn't matter if I pay it now or in April.
Well we're gonna save paying the $5k for now since the AMT thing got us. But what's stated in the above quote should be true. Paying it all at once would've also been a slight discount.
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