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FL? I didn't think about that. I don't even know if corporations pay taxes here. We have no personal state taxes.
Well I'm gonna read this and kind answer my own question lol. I guess it would have to be an S corporation but I forgot how those are taxed. I recall something about being taxed differently than regular corporations. I have a feeling there would be no benefit then unless that extra 5.5% in corporate state taxes still make that worth it. Well I'm babbling now.
One of the issues with tax reform is the definition of wealthy, middle class in those areas you mentioned would be considered wealthy in other states. Where you draw the line will always be up for debate.
I agree... it's tricky. Making the bracket cut offs inclusive enough that everyone within it is still functionally within the same lifestyle, no matter where they live, may do the least harm. If that bracket cut off was raised to say $400k I think that would ensure everyone within it is still "middle class," anywhere. I personally wouldn't be crying foul that someone living a very wealthy lifestyle on $400k in AL would still fall within that "middle income" bracket.
Gary Cohen is on tv, sounding like an imbecile. Bragging about how everyone will have an extra $1000 to buy a car, house, or remodel their kitchen. What the heck??
Don't let the media educate you about taxes, they have an agenda.
Schumer intended to try to fool people who don't understand taxes into believing that the rich would benefit and the middle class would not when the opposite is true. If he had misspoken he would have corrected it when given the opportunity but he didn't, instead he tried to spin it.
NO.
YOU have an agenda which is to carry water for Donald Trump.
As usual, there are very little specifics about Trump's plan. The only thing I can see is that the top bracket gets a substantial break, plus the elimination of the AMT and the estate tax the Trump families are making out like bandits.
So, Trump only provides specifics on what benefits him.
This is all trickle down economics paid for by the middle class.
It's subjective I suppose but I'd consider that pretty lower to average middle class in places like NYC and Bay Area, if they have a family. COL is just higher in those areas. Of course there's always ways for one to scrimp and do with less but I can definitely see scenarios where a couple can be "just getting by" on that salary - especially with student loans, medical bills, high property taxes in some regions, etc.
Those places have higher a COL for a variety of reasons, but high state and local taxes are a major contributor. Also, the mortgage interest deduction and the deduction of property and income taxes plays a part in driving up real estate values, meaning cost of living goes up as well.
YOU have an agenda which is to carry water for Donald Trump.
As usual, there are very little specifics about Trump's plan. The only thing I can see is that the top bracket gets a substantial break, plus the elimination of the AMT and the estate tax the Trump families are making out like bandits.
So, Trump only provides specifics on what benefits him.
This is all trickle down economics paid for by the middle class.
Wonder WHY there was no attempt to provide the income ranges for the brackets? Sure, it's all subject to subsequent negotiation.
But why not let the PUBLIC get an heads-up on how this really will impact their families with the 10% and 15% brackets gone, replaced by 12%?
What happened to head-of-household isn't even clear (this time).
Given how health-care reform played out, it's pretty clear the Trump will sign anything that crosses his desk (though no doubt his accountants will brief him on his personal impact in time for possible legislative tweaks).
Any hope that there will be clarity well BEFORE Congresses passes anything? Time for a meaningful public response? Or another last-minute deal?
So what was the harm in providing some ranges here?
Hmm. So how about Texas which is pretty red, and has no state income tax. Property taxes are huge, and for a lot of people, that combined with interest deduction, sales tax deduction and what not exceeds significantly the current standard deduction. And then they can have the exemptions.
TX isn't as much of a problem as IL, NY, etc., where BOTH real estate and income tax bills are huge. At least in TX, it's one but not the other. Blue states/cities have BOTH.
Gary Cohen is on tv, sounding like an imbecile. Bragging about how everyone will have an extra $1000 to buy a car, house, or remodel their kitchen. What the heck??
I saw that........ Ok, I give him some credit for giving a more realistic scenario than the cherry picked one he's used before, with a family of 6 making $80k or something like that.
Those places have higher a COL for a variety of reasons, but high state and local taxes are a major contributor. Also, the mortgage interest deduction and the deduction of property and income taxes plays a part in driving up real estate values, meaning cost of living goes up as well.
Not sure I'd say they're a major contributor. In my area, home prices doubled or even tripled over just the last 5 years though there weren't really any changes to the tax code. Wouldn't be surprised if it was the same for NYC. If you took out all those deductions, I'm not sure any costs would go down as a direct result of that. Of course, in the long-term, if people move out or the politicians tweak the state taxes as a result, that would probably have an impact.
Location: Live:Downtown Phoenix, AZ/Work:Greater Los Angeles, CA
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Quote:
Originally Posted by DKM
How do you propose to pay for your single payer healthcare? If you pay for your own healthcare now, how is it going to improve if we switch to your idea?
To the first point, taxes would have to go up. Not going to deny it for a second. But without having to pay premiums or deductibles anymore, it would be a net wash or benefit for a lot of people.
And per the bolded, my employer provides insurance which they pay 80% of the premium, and I pay the other 20%, but I still struggle to make the deductible, which is 4 figures, and I make twice the median income for my area. It will also help the people who's jobs don't provide insurance and who can't afford to buy their own, but still earn too much for Medicaid.
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