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Old 10-01-2017, 07:09 AM
 
29,935 posts, read 34,988,163 times
Reputation: 11823

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Quote:
Originally Posted by Tall Traveler View Post
It's hotter in Phoenix than it is in Minneapolis....yours post has as much to do with how to calculate federal tax as my post about temperature.
Sure! Factor in who subsidizes who. However readers can decide for themselves as is always the case. Just providing a set of data to help them ponder and decide for themselves. I understand you differ.

https://www.cnsnews.com/commentary/d...-federal-mooch

Another look for anyone interested in the varying perspectives

 
Old 10-01-2017, 07:15 AM
 
Location: Washington State
18,887 posts, read 9,728,259 times
Reputation: 16092
Quote:
Originally Posted by mathjak107 View Post
keeping more of ones income they worked for via deductions of any type is not taking money away from others .

how about you have more kids than others ? you own and deduct real estate taxes , someone else rents . once you get in to who is keeping more income via deductions it never ends .

in your example the real winner is those who can't itemize . they may get money back they never spend on deductible items . a couple may have 5 or 6k in deductions in a low tax state .they may see thousands come back without actually spending much money on those deductible items they got credit for . that person in a high tax state actually may have spent those deductible dollars , while the person in the low tax state didn't ,so they may fly the empty seats . .

sorry ,got to disagree with your concept .
Your state, NY, has high taxes and they provide a high level of services and salaries for their workers for those taxes. This additional services that you're paying for are also a deductible for you off of your federal income tax (FIT). This allows you to lower your FIT below someone in my state, Washington, who is paid the same income.....therefore, my federal tax burden is higher than yours....the only reason why is that you are taking more services at the state level or at least the current system allows you to lower your FIT below mine....sorry, I'm tired of subsidizing your expensive state and local services.
 
Old 10-01-2017, 07:17 AM
 
72,304 posts, read 72,246,407 times
Reputation: 49833
nonsense as an over all statement . just because i already showed you how lower cost tax states can't itemize as much and get to fly the empty seats on the standard deduction .

higher tax states have that eaten up with actual dollars being spent . your logic is not correct as a general statement .
 
Old 10-01-2017, 07:17 AM
 
Location: Washington State
18,887 posts, read 9,728,259 times
Reputation: 16092
Quote:
Originally Posted by TuborgP View Post
Sure! Factor in who subsidizes who. However readers can decide for themselves as is always the case. Just providing a set of data to help them ponder and decide for themselves. I understand you differ.

https://www.cnsnews.com/commentary/d...-federal-mooch

Another look for anyone interested
Again, interesting topic that has absolutely nothing to do with the effect of Trump Tax on retirees.
 
Old 10-01-2017, 07:18 AM
 
Location: Cape Coral
5,495 posts, read 6,127,566 times
Reputation: 2216
For a retiree like me that has a small business to supplement his income this tax plan is great! I will pay very little on my pension/401k/SS income and the business income tax is reduced to the 25%. It was as high as 39%. The idea is that I will be able to continue to grow the business that helps give work to scores of people. Charitable contributions are still deductible so that is a plus too.
 
Old 10-01-2017, 07:20 AM
 
Location: Washington State
18,887 posts, read 9,728,259 times
Reputation: 16092
Quote:
Originally Posted by mathjak107 View Post
nonsense as an over all statement . just because i already showed you how lower cost tax states can't itemize as much and get to fly the empty seats on the standard deduction .

higher tax states have that eaten up with actual dollars being spent . your logic is not correct as a general statement .
Nonsense, I'm right and you will soon be paying as much FIT at the same income as someone in my state....no more skating for you and the high state tax moochers.
 
Old 10-01-2017, 07:21 AM
 
14,120 posts, read 7,533,997 times
Reputation: 25822
Quote:
Originally Posted by Tall Traveler View Post
Residents in high tax states deduct their high state taxes from their federal taxes forcing us in lower taxed states to pay a higher effective rate....this is indisputable and if you can't understand and acknowledge this, then you are either an idiot or liar or both.

In my blue state, we pay no state income tax and lower property tax than your now red state, therefore, you are getting a huge deduction on FIT that I do not get so I will pay a higher federal tax at the same income as someone in Wisconsin with the same income...ie, I am subsidizing your huge state tax....you are making generalized red and blue state arguments that are not consistent or relevant to this tax question.
Yep. If you don't have a mortgage, you live in a low tax town, and you own housing sized to 1960 norms instead of 2017 norms, it's tough to come up with enough itemized deductions to add up to $12,700 in a lot of blue states even as a 5%er in a state with state income taxes. Itemized deductions are the "big plastic box" subsidy. It distorts the housing market. It enables juicy union local public sector contracts.
 
Old 10-01-2017, 07:21 AM
 
8,258 posts, read 11,970,750 times
Reputation: 18258
Quote:
Originally Posted by Tall Traveler View Post
Not relevant to the effect on Trump Tax Plan on retirees....you are talking a different subject.
You keep moving the goalposts. Or more accurately, you keep changing sports entirely.

This tangential discussion (which you started) isn't about how the proposed tax cuts affect individual retirees; it is about your statement that individuals in low-tax states are subsidizing those in high-tax states. That statement is patently false and there have been numerous studies over the years that prove it to be untrue. As I mentioned in my earlier reply to you, for every dollar paid in federal income taxes, residents in low-tax states get back more than $1 in federal benefits to their state. Conversely, for every $1 paid in federal income taxes by individuals in high-tax states, those states receive less than one dollar in federal benefits.

That's pretty black and white and should be clear to anyone with a modicum of intelligence.
 
Old 10-01-2017, 07:23 AM
 
29,935 posts, read 34,988,163 times
Reputation: 11823
Quote:
Originally Posted by MadManofBethesda View Post
You keep moving the goalposts. Or more accurately, you keep changing sports entirely.

This tangential discussion (which you started) isn't about how the proposed tax cuts affect individual retirees; it is about your statement that individuals in low-tax states are subsidizing those in high-tax states. That statement is patently false and there have been numerous studies over the years that prove it to be untrue. As I mentioned in my earlier reply to you, for every dollar paid in federal income taxes, residents in low-tax states get back more than $1 in federal benefits to their state. Conversely, for every $1 paid in federal income taxes by individuals in high-tax states, those states receive less than one dollar in federal benefits.

That's pretty black and white and should be clear to anyone with a modicum of intelligence.
Bada Bingo. That's a new club in Jersey. Near Bada Bing! Now that the boys are older they enjoy a good game in the afternoon
 
Old 10-01-2017, 07:41 AM
 
72,304 posts, read 72,246,407 times
Reputation: 49833
Quote:
Originally Posted by MadManofBethesda View Post
You keep moving the goalposts. Or more accurately, you keep changing sports entirely.

This tangential discussion (which you started) isn't about how the proposed tax cuts affect individual retirees; it is about your statement that individuals in low-tax states are subsidizing those in high-tax states. That statement is patently false and there have been numerous studies over the years that prove it to be untrue. As I mentioned in my earlier reply to you, for every dollar paid in federal income taxes, residents in low-tax states get back more than $1 in federal benefits to their state. Conversely, for every $1 paid in federal income taxes by individuals in high-tax states, those states receive less than one dollar in federal benefits.

That's pretty black and white and should be clear to anyone with a modicum of intelligence.
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