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Deductions are a way to get out of paying your fair share of taxes and need to be illuminated. No, I'm not liberal. I just believe that if we are going to have to pay taxes, ALL of us should pay our fair share without going out of our way to avoid them and then proclaiming that we believe in paying our fair share.
I've been hit with the AMT for the last two years so I am quite aware of paying more than my Fair share. Mind you I don't live in a high tax state, and only have W-2 income. I should've never been hit with the AMT.
Sorry, have to disagree. When I heard that I might soon be filing tax on a post card, that there will be no loopholes/deductions, and that there will be a doubled standard deduction, I liked what I heard. I especially like the postcard size tax form idea with no BS for anyone to get out of their tax share.
Ultimately, the "fair tax" (a form of luxury tax) or other forms of non-income tax (tariffs, excise, etc) would be my choice. But we don't always get what we want, so we accept what we can get and work toward what we want.
The state/local/property tax deduction prevents us from double taxation. To my knowlegde that has been around since the US income tax was introduced.
The tax reform disporportionately benefits everyone else at our expensve. This is not fair!!
Those without kids and property will benefit from larger standard deduction. The wealthy will see repeal of AMT and the very wealthy will have lower rates.
Middle class and upper middle class families with children, essentially the $100k-$250k income families with property and children will see a huge tax increase!!!
I have estimated my family will take home $500/month less because of this nonsense!! This really hurts us.
I've been hit with the AMT for the last two years so I am quite aware of paying more than my Fair share. Mind you I don't live in a high tax state, and only have W-2 income. I should've never been hit with the AMT.
I'm not a fan of AMT, even though I'm not subject to it. I was just illustrating that my family and people like us will get hit very hard. I've worked extremely hard to get where I am, and we are by no means wealthy. Taking a $500/month hit will really hurt us, while others get huge breaks and the country piles higher in debt.
The state/local/property tax deduction prevents us from double taxation. To my knowlegde that has been around since the US income tax was introduced.
The tax reform disporportionately benefits everyone else at our expensve. This is not fair!!
Those without kids and property will benefit from larger standard deduction. The wealthy will see repeal of AMT and the very wealthy will have lower rates.
Middle class and upper middle class families with children, essentially the $100k-$250k income families with property and children will see a huge tax increase!!!
I have estimated my family will take home $500/month less because of this nonsense!! This really hurts us.
There are lots of things the government does that hurts us. That is nothing new. Not that it ever will be, but the tax code needs to be changed to something akin to the "Fair Tax" proposal. That is a system where, beyond basic necessities, those who consume more pay more (as in a luxury tax type system). Those who live within their means and, based on family size such as in your case, pay less. Nobody wants to consider such a system, though. They want to continue with systems that favor one or the other segment of society.
From a personal perspective, the proposed tax reform would benefit me. Since that is all anyone seems to be able to see (benefiting themselves), I may as well jump on the bandwagon. I'm sorry that the proposed system is going to make things tough for you. But the way things are set up, it will always make things tough for someone. In a just system, the government would not have the power to make it tough on anyone.
And that is exactly why you shouldn't have any if you can't pay for them. Buying a new car or house is also expensive. Guess what those who cannot afford them usually do?
The middle and upper middle class CAN afford to have kids. It is not fair to target these people. I pay nearly $14k a year in property taxes that this new plan will not allow me to deduct. That doesn't consider the personal exemptions and other deductions I will lose.
There are lots of things the government does that hurts us. That is nothing new. Not that it ever will be, but the tax code needs to be changed to something akin to the "Fair Tax" proposal. That is a system where, beyond basic necessities, those who consume more pay more (as in a luxury tax type system). Those who live within their means and, based on family size such as in your case, pay less. Nobody wants to consider such a system, though. They want to continue with systems that favor one or the other segment of society.
From a personal perspective, the proposed tax reform would benefit me. Since that is all anyone seems to be able to see (benefiting themselves), I may as well jump on the bandwagon. I'm sorry that the proposed system is going to make things tough for you. But the way things are set up, it will always make things tough for someone. In a just system, the government would not have the power to make it tough on anyone.
I'm happy this benefits you.
My point is that many middle and upper middle class families seem totally clueless that this tax increase will really hurt them!!
Of course it will, but seriously, who would expect a bunch of millionaires and billionaires and the clueless entitled to come up with something that helps middle class families?
The disconnect between this administration and the middle class is massive but unsurprising, seeing who those swamp creatures are that run it from the top down.
My other point is that Trump and the Republicans are either clueless that they are about to really hurt their base or are lying like the best of them, as they trumpet that this will not hurt families.
I prefer to do my own math. Middle and upper middle class families with high state/local/property tax burdens will be hurt and will be paying thousands more!!!
Sorry, have to disagree. When I heard that I might soon be filing tax on a post card, that there will be no loopholes/deductions, and that there will be a doubled standard deduction, I liked what I heard. I especially like the postcard size tax form idea with no BS for anyone to get out of their tax share.
Ultimately, the "fair tax" (a form of luxury tax) or other forms of non-income tax (tariffs, excise, etc) would be my choice. But we don't always get what we want, so we accept what we can get and work toward what we want.
The "fair tax" is an explicit tax on the inability to buy a home. Why would you want to explicitly tax the inability to buy a home?
The "fair tax" is an explicit tax on the inability to buy a home. Why would you want to explicitly tax the inability to buy a home?
No, not really--at least that I have seen. There are various versions of "Fair Tax" and maybe you've studied another variation than did I, but the version I looked into is basically a consumption/luxury tax and has nothing directly to do with income, other than that higher income individuals tend to buy more luxury items and consume more in general.
If you are poor and you are only consuming those things which are considered to be necessities, there is almost nothing in taxes to be paid. If you are mega rich and you consume, very little, again, you won't pay much. But if you are a big consumer of luxury goods, generally indicating that you have a large disposable income and you are "rich," you are taxed more heavily. The more you buy and consume, the more you pay.
Granted, there is no perfectly fair tax system. But that seems a whole bunch more fair than what we have right now, or what is proposed.
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