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omg....I have been doing taxes for nearly 40 years
1040 is the long form tax return
1040a is the short form
1040ez is the one pager form tax return
if you ask that question...I have to ask how old are you....I knew this when I did my first taxes at 17 ( I am now 55)
I never pay to have my taxes done...it really is not hard to do yourself...just quite a bit of reading
I'm messing with you. I've always done our taxes too and I'm almost as old as you. I think you're looking at the table wrong but it's not that big of deal because it's not for sure anyway.
The poor are not effected, you *****s.
The poor do not pay income tax. In fact, if they do work and FICA does a withholding, after filing they get back more than they had deducted.
Prop 13 interferes with the free market, and gives people a perverse incentive to not sell, keeping turnover property off the market indefinitely
The alternative to prop 13 would have been runaway increases in property taxes which would have forced many people to sell because they could not afford the property taxes. Especially retired people.
I say do away with all the special treatments for homeowners. It will lower home prices and bring more people into the housing market. I am a homeowner but I think all these breaks cause more harm than good.
The bottom line is that upper middle will pay a good deal more due to loss of exemptions and some deductions. They appear to be the cohort that is going to pay for the tax cuts to corporations and the very wealthy. As this becomes more evident, it will have political implications. This is also the cohort that votes more consistently than any other and votes Republican as well. There is no room to change anything in a way that decreases the burdens without busting the reconciliation rules. It looks very unlikely anything of substance is going to pass without Democrats and who knows what they will demand. So when all is said and done, much will be said and little will be done. We will get a small corporate tax cut that does not blow up the budget or heap new taxes on upper middle class tax payers or reward billionaires. Is that so awful?
Do you have the link to a Trumps tax plan calculator or are you just saying this? I've tried to find a decent calculator but not one include deductions for 401K / IRA / HSA contributions
The tax cut from 260k to 1,0000 is about $35,000 !
THis plan is a massive giveaway for the wealthy a 20% corp tax is a massive drop for Real estate investors and pretty much anyone who can structure their businesses to benefit from the low rate.
Quote:
Originally Posted by pghquest
The mortgage deduction is cut in half.. how do you figure its a giant give away for real estate investors?
There isnt a tax plan on the face of the earth that those who can structure to benefit from, wont..
lines 7-36 are all your incomes...wages...alimony etc
line 37 end side one of the form...it is you total adjusted gross income
lines 40-43 are the:
ln40 std or itemized deduction
line 41 ..line 38 minus line 40
line 42...your personal exemptions (4k x total in household)
line 43...line 41 minus line 42...this is your taxable income
line 44 see tax table ..... this is the tax owed (based on the taxable income) not based on what you already paid into the system
I asked the question in an attempt to get you to think logically. The deductions are subtracted first and then the rates are applied within each corresponding income bracket. For example, a married couple with 114k in income would subtract the 24k standard deduction first, and then the 12% rate would apply to the remaining 90k.
Prop 13 interferes with the free market, and gives people a perverse incentive to not sell, keeping turnover property off the market indefinitely
Quote:
Originally Posted by jackwinkelman
The alternative to prop 13 would have been runaway increases in property taxes which would have forced many people to sell because they could not afford the property taxes. Especially retired people.
I say do away with all the special treatments for homeowners. It will lower home prices and bring more people into the housing market. I am a homeowner but I think all these breaks cause more harm than good.
Very true. The property tax on my parents house would be almost tripled had prop 13 not passed. They would have had to sell the house and in fact I remember seeing a "for sale" sign in the front yard. Fortunately, prop 13 did pass and their house was taken off the market.
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