About 30% between $50,000 - $150,000 would pay more tax under new plans (Obama, abortion)
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Ending deductions for state and local income taxes will significantly affect those states with high state income taxes, primarily blue, such as California at 13 percent; Oregon and Minnesota at 10 percent; and New York, New Jersey and D.C. at 9 percent. People who can afford mansions, expensive homes and in high tax states are able to reduce their federal tax bill with this deduction essentially short changing federal coffers while middle class people who can't afford to buy a home (renters) are not able to reduce their taxable income with this deduction. High COL and high tax states will fight this proposal tooth and nail. They want the rest of us to continue subsidizing their state.
During the Obama era these are the same states that claimed high taxes good and noble? Aren't Democrats always moaning that the rich don't pay their fair share? Blue states get what they ask for.
well if I recall, during the Clinton years middleclass was defined as 50-200k
but the point is that this is not a bill, its a proposal.....
and the proposal, is not bad....but also not defined
3 brackets sounds good....but what are the levels of backets..not 12%,etc...but where does the 12% start
for example they could easily say taxes don't start until 40k...so everyone 39,999 and below is 0%
for those with TAXABLE INCOME over 40k are in the 12%, up till 150k(for example)then the next bracket
which means if your married gross is 63999 gross, that's 24k off the top(the new std ded), and your taxable income is 39999, meaning 0%
SO UNTIL, the brackets are defined...its worthless to comment, complain, or praise
I agree with part of this comment. Once,we know where each bracket is we will certainly know more. It is a bit silly to put forth some tax proposal without that major detail, but lack of details is par for the course with this administration.
What we do know is those who currently itemize will have higher taxable income.
We do know middle class families with dependents will have a higher taxable income even if they currently take the standard deduction. It is too early to know the overall tax picture for them without the brackets being defined.
We do know single people without dependents and married couples without dependents that currently take the will see a decrease in taxable income of $1,600 and $3,200. Too early to know the exact impact on taxes without the brackets.
What we do know about the brackets, regardless of where it's set is those at the top will see a sharp decrease in taxes, especially the higher they go income wise.
I agree with part of this comment. Once,we know where each bracket is we will certainly know more. It is a bit silly to put forth some tax proposal without that major detail, but lack of details is par for the course with this administration.
What we do know is those who currently itemize will have higher taxable income.
We do know middle class families with dependents will have a higher taxable income even if they currently take the standard deduction. It is too early to know the overall tax picture for them without the brackets being defined.
We do know single people without dependents and married couples without dependents that currently take the will see a decrease in taxable income of $1,600 and $3,200. Too early to know the exact impact on taxes without the brackets.
What we do know about the brackets, regardless of where it's set is those at the top will see a sharp decrease in taxes, especially the higher they go income wise.
Ok, I'll grant you that, but you should grant that any and all media (including Politico, left wing), making claims for or against this tax proposal is purposely misleading the American people. This is why I warn against people allowing politicians and the media to educate them on the tax code, they have an agenda.
And you do realize that no matter what, you do have control over your taxable income right? I'll give an example, alot of people work under the table... why, so they don't have to pay taxes on the income, others so they qualify for public assistance... they've controlled they're taxable income (or in the latter example, their ability to qualify for handouts). The rich legally use other ways to control their taxable income.
It says 60 percent of those taking home between $150,000 and $300,000, would pay more
Most in this category ARE middle class(upper middle class) and they will be getting a tax increase.
So you think $300K income is middle class and shouldn't pay more (only 60% will btw)?
The price to pay for being blue state scum. There is a price to pay for living in a liberal area. These states voted for the wrong person and they need to be taught a lesson.
We need to all be run like Kansas. Cut everything. Need schooling for YOUR spawn? Pay for it or dont get it. Need health care. If you cannot afford it you do not deserve it.
I honestly can't tell anymore...is this serious or is this sarcasm? It's literally too hard to tell anymore....
Sure the middle class will do fine if you define middle class as earning $40,000 a year
Did you read the report...if you did, you apparently are unable or unwilling to understand what it said....the overwhelming majority of those in the $50-$150K range will pay less.....so no mention of the $40K you are bringing up
All media making claims for or against this tax proposal is purposely misleading the American people. This is why I warn against people allowing politicians and the media to educate them on the tax code, they have an agenda. Educate yourself on the tax code through legitimate means, it will benefit you now and for the rest of your life.
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...haha
