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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.
No. If 30% are paying more, it doesn't mean 70% would pay less. For all we know, 45% could pay the same, or within ~$100 (up or down) of the same. Maybe 25% pay less.
This tax proposal was written by a congregation of very wealthy men. Did you really expect them to raise taxes on themselves and, even more important, their hyper wealthy corporate sponsors? Really, did you?
haha...they didn't get played, most will get a tax break, and will vote for him again...haha
The people getting played are those in NY, NJ, Illini, Cali, Conn, Mass, DC, Md, Virginia...haha
so the middle and upper middle class taxpayers in the jobs and industries that we actually compete globally in and which drive our economy? Sure. let's penalize them.
This tax proposal was written by a congregation of very wealthy men. Did you really expect them to raise taxes on themselves and, even more important, their hyper wealthy corporate sponsors? Really, did you?
I didn't, but I wish they would stop lying about what they're doing. Apparently they've snookered many on this thread.
After the billionaires get their huge tax breaks and many middle class people get their taxes increased, the new tax plan also adds $2 trillion to the deficit.
It's giving the uber wealthy billionaires and corporations a massive tax break but there's no plan to make up the difference of that lost revenue. So the USA goes much deeper into debt each year due to the new tax plan.
The tax plan outlined Wednesday by the White House and Republican leaders in the House and Senate could cost more than $2 trillion over the next decade, according to a preliminary estimate by the Committee for a Responsible Federal Budget, a nonpartisan advocacy group.
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.
the personal exemption alone nullifies the standard deduction increase for most families. That's before you factor in any other deductions/exemptions/credits. Nobody middle or upper middle class will itemize anymore. Simpler =/= better. I'd rather take an hour on Turbo tax and save more $$ then swallow this trash....any middle class person who can rub two neurons together should be able to see this....
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.
I am supposed to believe a person making $50k a year has itemized deductions greater than 12K as an individual or more than 24k as a couple filing jointly?
SERIOUSLY?
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...haha
