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It's also bad for people in states that have state income tax(most states) because these people won't be able to deduct state income taxes that they paid. This impacts WORKING people negatively because these are the folks paying state income tax.
Some people here will tell you it's allllllll good because CA/NY will suffer the most. Is there a word for schadenfreude that captures your own suffering too?
Some people here will tell you it's allllllll good because CA/NY will suffer the most. Is there a word for schadenfreude that captures your own suffering too?
I'm in suburban NY and my congressman is against this because of our high property taxes. Estimates Long Islanders could end up paying 2.5B more.
Suffolk County went for trump. I'm sure they'll be fine with this.
It's a smoke and mirrors game trying to trick the middle class into thinking they are getting tax cuts. They already cherry picked a family of 4 that makes a fairly low income, as the example. Likely that most middle class tax payers will get a tax increase rather than a tax cut, or taxes about the same. It's worse for people that own homes because they lose the deduction for real estate taxes. It's also bad for people in states that have state income tax(most states) because these people won't be able to deduct state income taxes that they paid. This impacts WORKING people negatively because these are the folks paying state income tax.
Most people will also lose their mortgage deduction because it won't make sense to itemize only for the mortgage deduction, since real estate taxes aren't deductible. This will mean that most people lose their itemization and take the standard deduction instead. The whole reason that people itemized was because it resulted in them paying less taxes. Itemization will be pretty much wiped out for most middle class Americans. With personal exemptions gone too, most middle class will get a tax INCREASE. But billionaires and corporations will get massive tax cuts, and the middle class will pay for it in higher taxes.
People that used to be able to deduct huge medical expenses will also lose that exemption. These will likely result in more bankrupties for the middle class.
In the interview this morning on "GMA," Cohn insisted the rich will not benefit under the plan. But when asked specifically whether the president himself will get a tax cut, Cohn would not say for sure.
haha... gotta love it.
I saw that interview, all I could think of was it should've been titled "George talks with Mr. Shuck & Jive"
I have not yet seen a plan that would be approved by Trump, so any speculation is just speculation. He has indicated he wants lower corporate rates, and lower rates for middle income earners. He also indicated the RICH could pay more. When the bill is finalized, and presented to Trump, and if it does not include these elements, and he SIGNS IT, I will be the first one to absolutely lambaste him! (That means criticize harshly for you BLM/Antifa types)
Here is the reality of this tax "plan" the GOP is proposing. Their theory is, that if they give the richest people and companies a huge tax break, those people will take that money and reinvest it into hiring more people, building plants, and stimulating the economy. Problem is, they do NOT take that money and use it for those purposes.
What they do is keep it, or buy up stock shares. There has never been any evidence that these cuts trickle down to you and me......never. Trump and the GOP is selling us more BS.
Money doesn't trickle down - it comes down immediately. The workers are paid immediately, and the investors get paid last if at all.
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