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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.
Obama hammered (hurt) small business and not only are they paying a price because of his tax policies so are the middle class. Notice that the rich skirted around tax increases. Believe me, if you thought Obama and Democrats were being honest with you're what they call a "useful idiot".
70% of people in the $50-$150K range will see their taxes go down...is that top 1% in your mind?
Here's an easy way to gauge whether or not you will save more under this plan....if you are a couple that pay over $12K in state income tax and property tax, then you are likely going to pay a bit more. If you pay less than $12K in state income tax and property tax, you will pay less.
My state, Washington, I pay no state income tax and our property taxes are much more reasonable than places like NJ & Conn.
If you have any dependents your taxable income will go up under this plan even if you currently take the standard deduction as the elimination of the personal exemption will outweigh the increase in standard deduction.
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.
So you get a higher standard deduction now but you'd rather be in a lot of debt and have a more complicated tax code.
And as you paid down your mortgage you would have lost the ability to deduct it anyway. Do you plan on being mortgage free someday so you can retire. You would have lost the ability to itemize along time ago. This should encourage you to be in "less" debt.
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.
The population of CA and NY alone amount to nearly 1 out of 5 Americans, never mind all the population of other states being screwed over.
I guess with the electoral college, screwing over high populations of people doesn't matter, but if he's trying to get respect from the blue states (and it does seem like the lack of respect bothers him), this isn't the way to go about it.
One deduction on the chopping block is the deduction for state and local income tax.
"By 2027, about 30 percent of those earning between $50,000 and $150,000 and 60 percent of those taking home between $150,000 and $300,000, would pay more under the Republican plan."
I think that this may partly be a result of reducing the number of tax brackets, which could put some people in the bottom of a higher tax bracket than before, combined with loss of some deductions.
Of course, the highest bracket will see a dramatic cut. Attachment 190817
Taking a bit more 'off the top'.
There is a lot more information we have yet to see about the plans, little has been released and there has not been much time to study it, plus we might be treated to 'alternative' facts from the administration.
Why should anyone be surprised that the and his repub partners in crime are trying to line the pockets of the rich while simultaneously screwing the middle class? It's what they do!
Last edited by CaseyB; 10-02-2017 at 01:27 PM..
Reason: Language
Cisco, have you ever worked under the table? If you have, you've reduced your taxable income.
Do people realize that no matter what comes about, you do have control over your taxable income? Example, 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.
So no matter what happens, the rich will make adjustments so they can keep more of their money. Now it's up to you to allow the tax code to change so you can keep more of your money.
You're really suggesting people work under the table to avoid paying taxes? That's the "relief" for middle class families paying more under this plan - fleece the gov't? Let me guess, you're cool with illegals too because that was THEIR way of "controlling their taxable income"?
Obama hammered (hurt) small business and not only are they paying a price because of his tax policies so are the middle class. Notice that the rich skirted around tax increases. Believe me, if you thought Obama and Democrats were being honest with you're what they call a "useful idiot".
I thought the goal was to help middle class families.... you know, the economic engine of the economy - whether they live in red states or blue states? The level of political ill-will is just ridiculous... no, people do not deserve to be "punished" for who they vote for. America is better than that.
I can get on board with having high tax states paying more into the coffers than low tax states but why even remove this for low tax states? That's what I don't get... there aren't that many deductions that anyone in the US can take, no matter their lifestyle choices (unless another deduction benefits them more). At least make it a 5% of income deduction for everyone, with high tax states paying the balance, to protect the families in low tax states too.
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