Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Retirement plans can be raided by up to $100K if you're in a Federal disaster zone.
No more deduction of local taxes (sales tax, state income tax, property tax) Unless a business under section 212. Otherwise it's limited.
No Exemptions
Education loan amounts that are forgiven are not taxable.....but are they forgiven???
Qualified tuition disbursement programs are $10K a year
You are now required to prepare an income tax return. No more below minimum's don't worry about it.
No more home interest deduction.
No itemized misc deductions
466 pages of pure genius....I'm going to go cry now.
NO, property taxes and mortgage interest are still deductible with proposed caps. Lots of misinformation on this thread. I'd recommend reading both Senate and House bill to see what the proposed changes really are.
In Staten Island -- $70,295
In Manhattan -- $66.739
In Queens -- $54,373
In Brooklyn -- $44,850
In the Bronx -- $38,900
These median/average figures are meaningless. A lot of people in NYC are poor or on the edge of poverty, and are receiving assistance and subsidized housing. There's hardly any middle class left -- squeezed out by the high cost of housing on the one hand, and subsidies for a huge impoverished class on the other. People with middle class jobs are commuting in from NJ, CT, and Long Island.
There are some 20-something/Millennial technology types sharing lofts in Manhattan and the like and they are a counter-example to what I said, but their lifestyle is "I'll do anything to be in the City where the action is" and not likely to settle down and raise a family under such circumstances.
New York City is a vast population on welfare with a tiny population of fabulously wealthy denizens, and hardly anything in between. Sad.
I don't get all the hyperventilating. For most people this bill will have very little effect. I will get a slight cut due to the increased standard deduction (even with loss of personal exemption) the only people hugely effected are people paying a boat load of local taxes.
If you think the Dems care about the middle-class and have their best interest at heart, come to Illinois. The Dems here will quickly disabuse you of that notion.
Can't tell if you're kidding or not. I pay for my apartment, I paid for my neighbor's apartment...
Actually you paid for your landlord's profit. If it had been "socialist" everyone's rent would have been cheap.
But so what? Rent control has nothing to do with socialism, but is rather current residents voting themselves a huge benefit at the expense of those who came later. Like Prop 13 in CA. When I lived there I paid more property tax than people with houses worth 10x as much. **** like that should be illegal.
I don't get all the hyperventilating. For most people this bill will have very little effect.
I don't get why you don't get all the hyperventilating. Interesting, "for most people this bill will have very little effect". That doesn't bother you??? It should. For decades the corporations and the wealthy have been putting distance between themselves and the middle class and every economist in the country regardless of affiliation has said that our income/wealth inequality is extreme and hurting the country. So what does the GOP do when they have the ball? Double down on crazy, and write a tax overhaul that "for most people has very little effect". But for the wealthy, for the corporations, it gives them a $2T(!) tax amnesty AND ongoing reductions in their top rates. During Obama's eight years the GOP cried "Cut Spending". They became 'Deficit Hawks'. They engineered The Sequester'. When they get the ball again they waste no time adding 1.5 Trillion (minimum!) to The Deficit. If all what I've said doesn't spike your vital signs, then I don't know... I'll leave it there.
I don't get why you don't get all the hyperventilating. Interesting, "for most people this bill will have very little effect".
Reducing corporate taxes and regulations will hopefully induce GDP and job growth.
And I'd much prefer elected officials that do nothing than the Dems who turn everything they touch to excrement. Literally here in Illinois every time a Democrat says they are going to help me [the middle class] I reflexively duck and cover.
Sometimes doing nothing is preferable than doing the exact worst possible thing.
Reducing corporate taxes and regulations will hopefully induce GDP and job growth.
Not in the US!
The US economy is depressed because consumer buying power is depressed. The rich have oodles of $$$ to invest in production right now, but they aren't doing it because consumer spending cannot rise unless consumer wages and benefits rise!
So no. Giving the rich a bigger share of the pie does not magically create jobs. It only makes them richer. We may get a slight boost due to deficit/debt escalation stimulus. If they'd targeted that stimulus at the poor and middle class it would have been much more effective, however.
New York City is a vast population on welfare with a tiny population of fabulously wealthy denizens, and hardly anything in between. Sad.
The reality is not quite so scorched earth as you opine. The truth about Welfare is that the majority of people on it are not black and/or indigent. NYC is for all practical purposes 1/3 black/1/3 hispanic and 1/3 white. The majority of blacks are NOT on welfare, the majority of hispanics are NOT on welfare, and a much larger percentage of white New Yorkers are on welfare than anyone knows or acknowledges. But that total is still smaller than anyone knows or acknowledges. More to the point: there hasn't been anything called Welfare since Clinton's reforms. What now passes for a Social Safety Net is called TANF (Temporary Assistance to Needy Families). Single black male = prison. Single hispanic male = low wage employment. Hispanic unemployment until Trump was non-existent. New York hispanics kept NYC's heart beating, and Trump (a New Yorker) will prove to be New York's undoing. Mark my words.
I left NYC only 8 years ago. Prior to that I was employed in IT and had music gigs on the side. No higher education. Self taught in both music and Computer Repair, and later Network Administration. Lack of credentials and racial realities meant I never earned more than $45K in any tax year between 1995 and 2009. I raised a family. Owned a car between 1995 and 2000. And own a home. I've paid all the taxes due, and then some, because I did not have fancy Tax Attorney's massaging my 1040's. I'm not seeking praise or pity, I'm telling you that there are millions more like me in NYC. Pretensions to the middle class, a modicum of sophistication and civility. White collar employment in job description, if not compensation.
I don't really care which side of this you are on, but the continued throwing of the obsolete term "Welfare Class" into the argument should stop. There is no such thing anymore. "Working Poor" is a more accurate descriptor of the trap that those who are not lucky enough by dint of birth or attainment to find themselves comfortably in the "Middle Class" or anything higher.
Last edited by Leisesturm; 12-06-2017 at 09:39 AM..
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
