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Did they say when they'll release the full details? I don't know what the timeline is or what we should be expecting next in this process.
Doesn't seem to be any timetable on it. At this point looks like the details are being left up to Congress, with not even a proposal on the details coming from the administration.
State and local taxes, including property taxes, have been excluded throughout the history of U.S. federal income tax to prevent double taxation of the same income. Eliminating that deduction is a radical change in U.S. federal tax law.
The child tax credit will phase out around $110k, meaning most families making $100k-$250k that itemize will be royally screwed.
the child tax credit CURRENTLY phases out at 110k...75k for HoH
Seriously, that "stick it to *******s" mentality y'all have going on is just profusely dumb. At the end of the day you aren't bettering yourself and circumstances but just to see the "*******s" suffer is worth it.
That hate must really allow you to be productive
I hate no one, love everyone, and your personal attack means you know you have lost the argument....thanks for acknowledging your loss. In fact, you made no effort to refute anything I said, which of course is because you can't.
Not necessarily, no. If 30% pay more, and the other 70% pay the same as before. That original statement is factually correct, right? 30% are paying more. That's the only claim actually being made - you're assuming the rest.
Yes, no one will pay exactly the same, the statistics showed that 70% will pay less and 30% (NY, NJ, Conn, Mass, Md, Va, Cali) will pay more.
They haven't even released the levels for each bracket, so that's hard to say. What we do know.
1. Those who currently itemize will have a higher taxable income, higher costs states are most likely to be impacted, but not the only ones.
2. Those who have the standard deduction currently will see their taxable income decrease by $1,600 if single and $3,200 if married, but only if they have zero dependents. Those with dependents who currently take the standard deduction will see their taxable income increase.
3. Those at the very top of the income scale will see their taxes drop regardless where the new brackets are set since the top rate will be lowered.
60 percent of those taking home between $150,000 and $300,000 will get a tax INCREASE
^^^^ Looks like many hard working people will be getting a tax INCREASE so that the billionaires with 7 expensive houses around the world and their own private jet can get massive tax cuts.
Many middle class families earn 150K with both partners working, so this is a tax hike for a LOT of people.
The child tax credit will phase out around $110k, meaning most families making $100k-$250k that itemize will be royally screwed.
The phaseout is already in the tax code. pfft, I wonder what media outlet is trying to attribute the phaseout to Trump because they know people like you don't know the phaseout is already in the tax code. Amazing! Don't let the media educate you because they'll lie. In fact I wonder if the Child Care Tax Credit phaseout was part of the 2012 Obama tax changes. I'd have to do some research.
Vox is an American advocacy news website run by Vox Media, co-founded by liberal columnists Ezra Klein, Melissa Bell, and Matt Yglesias and launched in April 2014. Vox presents with left wing bias in reporting and story choices. Vox is nearly extreme left. You don't want the media to educate you because have an agenda and it isn't having your back.
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In fact, you made no effort to refute anything I said, which of course is because you can't.
