The Republican tax proposal and the middle class. (Reagan, Minnesota, cost)

[jojajn]

Listed are some of the proposals in the Republican tax plan: How will these proposed changes affect you?

* The Republicans are eliminating the state income tax deduction from our federal income tax - yet allow corporations to deduct their state income tax.

* The Republicans are reducing the amount of money you can add to your 401k down to only $2,400 per year.

* There is now a proposal in the process of being introduced to eliminate the mortgage deduction from our income taxes - which will directly impact folks who have a mortgage.

http://minnesota.cbslocal.com/2017/1...ican-tax-plan/

[Jstarling]

If all those breaks are lost, the middle class is toast.
And the rich get richer.

[jojajn]

These proposals will effectively raise taxes on most middle class citizens!

[AksarbeN]

Originally Posted by Jstarling

If all those breaks are lost, the middle class is toast.
And the rich get richer.

Originally Posted by jojajn

These proposals will effectively raise taxes on most middle class citizens!

I don't see any gain for my wife & I..... just pay more and get less.

[LordSquidworth]

I just see three ways my taxes go up.

None of that is a tax break.

Basically taking away personal income deductions so corporations can have lower taxes.

[evilcart]

Originally Posted by jojajn

Listed are some of the proposals in the Republican tax plan: How will these proposed changes affect you?

* The Republicans are eliminating the state income tax deduction from our federal income tax - yet allow corporations to deduct their state income tax.

* The Republicans are reducing the amount of money you can add to your 401k down to only $2,400 per year.

* There is now a proposal in the process of being introduced to eliminate the mortgage deduction from our income taxes - which will directly impact folks who have a mortgage.

Reality Check: Winners And Losers Of The Republican Tax Plan « WCCO | CBS Minnesota

taking away the state income tax deduction, property tax etc is a NON STARTER?

why? well at the very minimum GOP has 50 seats in high cost high tax states such as CA NY ...

they would lose most of those and more if they pushed that through.

as for the 401k , they would lose almost every seat in both houses and the USA would become a single party nation...


both of those are just scare stories. at best they are intended to frighten people into accepting a slightly less draconian plan.

in short they are bs and will never happn, not now no later.

[armourereric]

I live in Morganton NC, make about $33K a year working a retail job. I own a home with a $39K mortgage and 0 interest, my property taxes are $425 a year. This is on a 12 year old fixer ranch, 3BR, 2 Ba on 5 acres.

Under the republican plan I will kick a$$

[jojajn]

Originally Posted by armourereric

I live in Morganton NC, make about $33K a year working a retail job. I own a home with a $39K mortgage and 0 interest, my property taxes are $425 a year. This is on a 12 year old fixer ranch, 3BR, 2 Ba on 5 acres.

Under the republican plan I will kick a$$

What will you gain under the Republican plan? What part of the plan will decrease what you pay in taxes?

[Partial Observer]

On paper, that plan would absolutely cripple me. But I was told that the tax cuts for the rich would trickle down to me, so I’m optimistic. My understanding is that I’ll get a $4,000 check or something.

[in_newengland]

Trickle down economics was Reagan's plan and it didn't work. The rich didn't really create jobs like he said they would. It didn't help ordinary people. It only helped the rich to get richer.