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Location: Live:Downtown Phoenix, AZ/Work:Greater Los Angeles, CA
27,606 posts, read 14,604,784 times
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Quote:
Originally Posted by lifeexplorer
If everybody is not paying the same amount, you ARE getting money from the rich.
Could we just be honest? If you want their money, just say so. No need to hide.
Most people would need the contribution of the rich, as you know, the income scale in this country is shaped like a hockey stick, with a crap load of people who only make $20-$30k/year and a small subset of millionaires+.
Take another look at my analysis and rethink your out-of-hand dismissal of Sen. Schumer's assertion. If you are married, do you pay more than $24k in annual mortgage interest? If not, you will lose the deduction (unless your charitable donations add up to carry you over the $24.X line).
Exactly. Middle class families in much of the nation today are in a position where they currently itemize, but probably won't under the Trump plan due to the loss of deductions for local & state taxes. Combined with the exemption loss, lots of people will see their taxes increase.
Eliminating the estate tax, AMT, and worldwide taxation on corporations is a giant tax giveaway to the wealthy and corporations. Of course they currently use sophisticated methods to reduce their tax burden, but those three changes alone will be a tremendous boon to their bottom line--before factoring in the reduced marginal rates they would pay under the Trump plan.
Washington, eh? Sure, you've got a unique tax situation. I bet there aren't many who track all of the sales tax they pay for federal reductions. And that happens to be where the biggest chunk of your State revenues come from.
The income ranges matter, of course, but the difference is highly likely to be less material than the change to deductions.
As your mortgage is paid down the tax benefit is reduced. Eventually you won't meet the minimum. I'd rather have a higher standard deduction than higher debt.
The Rubber is about to hit the Road. This is simple enough for people to actually understand.
If its simple, why won't they explain how it will be financed. Looks like it would put us $5 trillion in the hole, and that's on top of the $10 trillion hole the Congress already committed us into. Maybe it is a part of the plan they have not yet explained.
As your mortgage is paid down the tax benefit is reduced. Eventually you won't meet the minimum. I'd rather have a higher standard deduction than higher debt.
EXACTLY! It's just a deduction, anyway, not a credit. It only helped us a tiny bit the first few years.
There is NO TAX on your State Tax that goes to the Federal Government - Not Now and not in the future.
Where did you get such an idea???
Your State Tax is based on your income - you pay it to the State. You subtract the tax you paid to the state from your income for calculating federal income tax.
Your Federal Tax is based on your income - you pay it to the Federal Government.
There is no double Taxation unless you are counting the State Tax as Double Taxation.
No Tax on a Tax -- just Tax on Income.
Added a step that you should answer your question. Is it not double taxation.... to count the money you paid in taxes as income, and then tax that???
EXACTLY! It's just a deduction, anyway, not a credit. It only helped us a tiny bit the first few years.
Yep, and people don't understand that it's better that there is a build in the tax code to keep more of your money without going into sky high debt. People who can't get a mortgage benefit too.
I'm so confused about the AMT. I read that it only really hits people in the $150k-500k range (which I consider middle to upper middle) who take specific deductions. It seems like you're saying only people with really high incomes get hit with the AMT?
No. It phases itself in in the middle class range because that was considered ""wealthy" at the time of its implementation. It still hits people above the $500k range, but not with quite the same impact because as your income rises, you lose many of those deductions anyway. Also, there are only so many deductions to be had. If you earn enough, you will eventually have a higher tax burden than the AMT. but if you live in a state with very high income and property taxes, it will take a higher income to reach that point.
No. It phases itself in in the middle class range because that was considered ""wealthy" at the time of its implementation. It still hits people above the $500k range, but not with quite the same impact because as your income rises, you lose many of those deductions anyway.
Oh yes, the phase out where high income earners don't get to take deductions the middle and lower classes are able to take plus are hit with an additional AMT.
PEP and Pease are two provisions in the tax code that increase taxable income for high-income earners. PEP is the phaseout of the personal exemption and Pease (named after former Senator Donald Pease) phases out the value of most itemized deductions once a taxpayer's adjusted gross income reaches a certain amount.
LOL uh huh, ok. I did very well thank you and now I can live without working another day if I wanted. It's just what we want to put into it. Why should I risk my money or take on debt only to be taxed out the ass end for taking the risk. psst, I didn't say my company is failing, it's still doing well,... the difference is my choice. Maybe when I ramp up, I'll build it way up to sell it. That's where the real money is.
So what was your personal earning's and what rate did you pay. Then you can tell us about this great business. What rate did it pay?
POTUS has lied again and you try to support it.
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