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Old 11-27-2017, 01:11 PM
 
9,893 posts, read 3,271,164 times
Reputation: 7254

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Quote:
Originally Posted by ColoradoOnMyMind View Post
They should let the estate tax stand for now and I bet they will
what about AMT. If not for AMT i would have years i pay zero federal taxes... do you really want liberal elites like me getting away with paying zero? really???
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Old 11-27-2017, 01:12 PM
 
Location: Grove City, Ohio
10,129 posts, read 12,376,133 times
Reputation: 13941
Quote:
Originally Posted by Ted Bear View Post
I ran a very middle class tax calculation. Average homeowner couple making $110,000 joint income with a (former) write-off of real estate taxes will have about a $2,000 Tax INCREASE if this plan goes through.
Good.

Why should someone in California purchasing a $2 million dollar home get a huge write off while someone like me could purchase the exact same home in Flyoverville for $150k only to end up with a much, much smaller write off insuring I would be paying higher taxes?

Can you explain to me where the fairness you speak of so often is in this scenario?
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Old 11-27-2017, 01:13 PM
 
Location: Crooklyn, New York
28,251 posts, read 26,220,119 times
Reputation: 11706
Quote:
Originally Posted by ColoradoOnMyMind View Post
Pretty sure I'm not a globalist, just a middle class individual that would see higher take home pay under this plan
Pretty sure you're a Globalist. You're looking forward to another vacation home in Aspen, I'm sure.
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Old 11-27-2017, 01:13 PM
 
Location: Little Rock, AR
2,976 posts, read 920,099 times
Reputation: 1850
Quote:
Originally Posted by BajanYankee View Post
Why would you not believe it when Steve Bannon and Breitbart have been rather vocal critics of the bill? How can you be a "populist" while at the same time defending gigantic tax cuts for the Globalist elites who own private jets and vacation in the South of France?



Or they could vote against it because they are more aligned with Bannon's America First vision rather than Globalists.
Or it's because they aren't capable of governing as a party. Sadly, nongoverning is still better than governing democrats
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Old 11-27-2017, 01:14 PM
 
Location: Little Rock, AR
2,976 posts, read 920,099 times
Reputation: 1850
Quote:
Originally Posted by BajanYankee View Post
Pretty sure you're a Globalist. You're looking forward to another vacation home in Aspen, I'm sure.
Wow I wish. I wouldn't be on this forum begging for a measly 2,000 extra per year from this tax plan if that was the case. That measly 2,000 is a big deal for me
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Old 11-27-2017, 01:15 PM
 
Location: Crooklyn, New York
28,251 posts, read 26,220,119 times
Reputation: 11706
Quote:
Originally Posted by ColoradoOnMyMind View Post
Or it's because they aren't capable of governing as a party. Sadly, nongoverning is still better than governing democrats
You guys are adept at not answering questions.

How can you be a populist while defending gigantic tax cuts for the wealthy?

I bet most of you were the types who cheered against Robin Hood growing up. You probably wanted Robin Hood to steal whatever little the masses possessed and deliver it to King Richard.
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Old 11-27-2017, 01:17 PM
 
4,956 posts, read 2,197,701 times
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Government always talks about 'cutting taxes' and they never do. They just move the taxes here or there and inevitably, the people at the bottom of the pile end up paying more.

Having enough money is not the problem for government. State and federal taxes amount to about 6.5 TRILLION dollars EVERY YEAR.

The problem is the government has no clue on how to spend that much money without wasting a large portion of it or funneling large amounts of it into some friends pocket.
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Old 11-27-2017, 01:20 PM
 
Location: Crooklyn, New York
28,251 posts, read 26,220,119 times
Reputation: 11706
Quote:
Originally Posted by ditchoc View Post
The problem is the government has no clue on how to spend that much money without wasting a large portion of it or funneling large amounts of it into some friends pocket.
Trump proposed a $1 trillion+ infrastructure plan. Why doesn't he take Bannon's advice and tax the rich to pay for it? I thought he was America First.
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Old 11-27-2017, 01:23 PM
 
Location: Crooklyn, New York
28,251 posts, read 26,220,119 times
Reputation: 11706
How do reconcile these two statements?

Corporations are full of Globalists who have sold America up the river by putting profit over country and exporting all of our jobs to China and Mexico.

Corporations are our only hope of growing the economy and we must accommodate them as much as possible, including raising taxes on some middle class families, in order to give them more money so they can save America.

I really don't know whether the Globalist corporations are supposed to be villains or heroes. Seems like it changes by the day.
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Old 11-27-2017, 01:24 PM
 
Location: Denver
1,303 posts, read 434,362 times
Reputation: 1239
Quote:
Originally Posted by ColoradoOnMyMind View Post
Pretty sure I'm not a globalist, just a middle class individual that would see higher take home pay under this plan
What's your approximate salary? What is your real estate taxes? What is your breakdown of mortgage interest paid monthly?

If you're not a homeowner, than there's your answer. Standard deduction helps you. If your house is only worth $100k because you're in Little Rock and you're only paying $4000/year in interest, that's your answer. If you're only making $45k/year, that's your answer.

Pretty much any homeowner in one of the major cities (NYC, Boston, Seattle, Chicago, Portland, LA, San Francisco, Denver, etc) who has a house worth more than $150-200k+ is going to lose out on this new tax plan.

If you actually moved to Colorado like your username suggests, you'd be in the same boat.

The issue with federal tax plans is that incomes vary so much. You have entry level white-collar jobs in San Fran going for $60-70k vs entry level jobs in Mississippi going for $30k. So while the person in SFO is making 2x what the person in Mississippi is making, the COL is significantly higher -- hell, good luck trying to find a one-bedroom apartment near SFO on that salary. Meanwhile in MS, $30k will go a lot further. Of course, the person in SFO is paying a higher percentage of taxes, further reducing their buying power.
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