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Actually they will save massively under this plan except in a few Dem states like NY, NJ, Mass, Con, Cali, DC, Illini, Md, Va....everywhere else, they will save Bigly.
i live in Nj.
My 99,000 income is equal to $55,000 in Kansas...so why should they get a bigger deduction when we have the same standard of living?
Is the tax schedule released? Even so, it's obvious that high COL and high tax states like NY and CA will fight this. The people in those states pay exorbitant amount to buy housing and pay exorbitant taxes to their state and local government but they can write the state and local taxes off against their federal taxes, reducing their federal tax bill effectively short changing the federal government coffers which effects all Americans.
Believe me I know what you mean lived in NY all my life until recently. The amount of taxes paid are enormous. There is one for everything.
People who have large families are able to reduce their taxable bill, something which many of us can't do. So why are you so special because you chose to have lots of kids and I chose to limit it to the number of kids I can afford t support?
People living in HCOL and in expensive homes and people with alot of kids have benefited for years. Most in the middle class are being responsible and limiting the number of kids they have. Why should you continue to get a pass and why should federal coffers be short changed because you had more kids?
When I hear claims like yours, I'm liking the proposal more.
I do not have a large family,and i am a divorcee.
I am head of household.
I am a working single mom who makes $100,000.
So i am not low income,stop ASSuming.
My home is modest btw. I do live in a high cost of living area,but my standard of living is the same as someone making 55,000 in Kansas.
Why should they get a bigger deduction when NJ has higher taxes,and more importantly,we have the same standard of living?
Me and you have been through this before in the economic forum.
You just better hope your husband does not leave YOU one day.
Be careful,he is probably plotting on some sweet young thang.
Believe me I know what you mean lived in NY all my life until recently. The amount of taxes paid are enormous. There is one for everything.
I have a couple friends in NY and wow, the taxes paid are unreal. One finally said sc*w this and moved to FL. Not only do those high taxes and HCOL effect today, it reduces the money that can be saved and invested for their tomorrow. Good move Noc.
Is the tax schedule released? Even so, it's obvious that high COL and high tax states like NY and CA will fight this. The people in those states pay exorbitant amount to buy housing and pay exorbitant taxes to their state and local government but they can write the state and local taxes off against their federal taxes, reducing their federal tax bill effectively short changing the federal government coffers which effects all Americans.
The only states short changing the Feds are the Red states.
Nj sends more money to Washington then it gets back,yet Washington wants to squeeze even more from us?
The mortgage interest isn't taken away, however removing the deduction for state, local and property taxes makes the deduction for mortgage interest useless for most middle class families.
I do not have a large family,and i am a divorcee.
I am head of household.
I am a working single mom who makes $100,000.
So i am not low income,stop ASSuming.
My home is modest btw. I do live in a high cost of living area,but my standard of living is the same as someone making 55,000 in Kansas.
Why should they get a bigger deduction when NJ has higher taxes,and more importantly,we have the same standard of living?
Me and you have been through this before in the economic forum.
You just better hope your husband does not leave YOU one day.
Be careful,he is probably plotting on some sweet young thang.
Well my post was meant for "in general". And in the case of DH leaving me, I functioned though-out my life knowing that it could happen or if I was not treated right I could leave him. Neither of us are dependent on the other and that's as it should be. Hey, I used to be a sweet young thang but I didn't want an old man who didn't have morals and still don't.
Doesn't that mean 70% would pay less tax?
Isn't that a good thing?
No, there's a third option - taxes remain the same. But I would like to see what the same analysis has to say about it.
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