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It is not about Trump, it is about simplifying the tax code.
The rich which mostly referred to billionaires don't have to worry about death tax, they have army of tax accountants and lawyers making sure they don't pay. However, the one who actually fall into three estate tax is mom and pop business owners who are too busy running their business and with some luck, their business actually worth something. Of course, they was too busy working instead of planning and they die and their heir have no choice but sell the business and lay off all the employees.
NY welfare programs is too big. Maybe this will force the government to rework their welfare programs. An audit would be great
It is not about Trump, it is about simplifying the tax code.
The rich which mostly referred to billionaires don't have to worry about death tax, they have army of tax accountants and lawyers making sure they don't pay. However, the one who actually fall into three estate tax is mom and pop business owners who are too busy running their business and with some luck, their business actually worth something. Of course, they was too busy working instead of planning and they die and their heir have no choice but sell the business and lay off all the employees.
NY welfare programs is too big. Maybe this will force the government to rework their welfare programs. An audit would be great
I guess NYC may be forced to lower local taxes as who the hell will want to live here if we are double taxed on everything to pay for the poor?
So if Trump's plan is to reduce the corporate tax rate from 35% to 15%, how will that revenue be made up for? Surely he can't follow through with his infrastructure plan?
Eliminating state and local tax deductions will also make homeownership not as valuable as the standard deduction gets harder to surpass which everyone gets. Most americans 2 can't clear the standard standard deduction now with state and local taxes added in.
Last edited by mathjak107; 04-27-2017 at 02:53 AM..
NY welfare programs is too big. Maybe this will force the government to rework their welfare programs. An audit would be great
Doubt this would occur. Most people in NYC are poor and already pay negative tax and are net beneficiaries from high taxes. So the higher the taxes the more freebies they will get, from subsidized housing, govt pensions, etc. It's reflected in the total lack of interest on tax issues in the NYC forum. If you go on the forums for the NYC suburbs where most of the higher paying NYC workers reside you'll see more complaints about taxes. If this plan does pass I could see pressure on the local govt outside of NYC to lower property taxes which will become nondeductible.
Since you're probably not from NYC don't let the high rise office buildings fool you because the overwhelming majority of people working in them live outside NYC, with the exception being young transplants that want to experience Manhattan and the super high income earners who don't care about an extra hundred thousand or two in extra taxes and expenses. I'm in the office now on a floor where people get paid anywhere from 100k-400k and out of 80 people or so maybe 5 reside in NYC including myself. Now if Trump specifically cuts tax credits for the poor that will now pay absolute 0 instead of negative taxes then you'll see an outcry from NYC.
Last edited by bumblebyz; 04-27-2017 at 08:07 AM..
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