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Fedguy2, JaRuss is right. For high income AMT prevents property tax deduction. People living in high property tax towns have nothing to lose probably.
Exactly! Reality is that this tax plan is aimed to primarily help Donald Trump and his wealthy cronies. When will people stop believing this trickle-down theory scam? See below:
^ yeah, but normal working class will not benefit under the new tax proposal. It will screw over many in New Jersey, so bend over if you're in that category.
Can anyone smarter than me give the breakdown of who will benefit or not for an average family of four? Something along the lines of this:
$0-$60,000 - benefits?
$60,000-$250,000 does not benefit?
$250,000-$1T benefits?
This proposal looks like it will screw NJ. NJ is always near the top in sending federal taxes to Washington and always near the bottom in getting money back from Washington. It is always amazing to watch the red states complain about too much Federal government, while receiving way more money than they ever send in federal taxes vs blue states, like NJ.
It is not helping this middle class taxpayer one bit. If it passes in the current form I/we will be leaving NJ, sorry to say. This, along with the new Governor Murphy promising to raise taxes doesn't look promising along with being a sanctuary state. Pretty sad
^ yeah, but normal working class will not benefit under the new tax proposal. It will screw over many in New Jersey, so bend over if you're in that category.
Can anyone smarter than me give the breakdown of who will benefit or not for an average family of four? Something along the lines of this:
$0-$60,000 - benefits?
$60,000-$250,000 does not benefit?
$250,000-$1T benefits?
But Gary Cohn said the 'average family earning $100,000 will save $1,000 which according to him is enough to remodel your kitchen
stop being small and look at the big picture, this is the best tax reform we going to get - out of any parties
1) The corporate tax change alone will bring tremendous money and jobs back to US. Despite what all of you think of evil corporations in america, it's not difficult to understand. US has corporate tax rate ~35% countries like ireland has <20%. If you are a billion dollar company where geographic location is negligible, why would you not establish your primary footprint in ireland instead of US? That in turn has a chain reaction in term of jobs/wealth/tax income created for that region. By making US having corp tax rate in the same ball park as rest of the world, it will entice companies to come back. Those countries are not playing a fair game - everyone knows it, but our political system is too dysfunctional to fix it "as lower corp tax" is not a good slogan. But this is the 1 chance we get.
2) All the money that were made overseas by companies, now if they want to bring this money back to US to use/invest, they lose another 35%, so they are kept overseas under the mattress. By allowing a low <15% tax instead of 35% to bring those money back, you will again have hundreds of billions pour back into the US. Yes CEOs will make off with tens of millions in bonus etc.. and everyone will complain. But in the larger picture that's a drop in a sea, majority of the money will go back into US economy for M&A, R&D, building out new investments/infastructure, and of course hiring people.
3) Above 2 points alone is worth all the negatives from this bill, even if it doesnt directly affect YOU, it will long term, especially for the middle class who works hard at their jobs and not just sitting home leeching off government benefits.
BUT in additional to this, it will also simplify the us tax code tremendously for average joes, this point is always missed. Many of the itemized deductions noone understands except for good tax accountants that rich uses, will be gone. It will be much simpler for everyone, anyone already on standard deduction will get a bit more money, large amount of people on itemized deduction can now switch to standard deduction to significantly reduce their tax complexities as there is no need for itemization anymore for them. if you dont understand what i just said, then you are one of those people that will benefit from this bill.
4) This AMT mess will be gone.
5) The property tax deduction removal is a pain for us in NJ given our high rate, hopefully they can negotiate some compromise. But overall i think this is the best tax reform we going to get, we need to get it done. And i hate trump and almost all of his policies.
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