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