Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Everyone is making assumptions on what the brackets will likely be - you NEED to make some assumptions to figure out how you'll fare. Otherwise how else are you supposed to determine if you support this or not?
And the NYT was being pretty generous if it assumes the first $26k will be taxed at the lowest rate. That would make quite a few people happy.
Yep, and that is why I posted that a politician or the media who is saying this is good or bad is lying to the people. All we can do for now is part it out and evaluate each part.
As it stands, I can see why Trumps plan is to take away the state and local tax deduction if his goal is to all Americans to keep more of their money. Remember, we are currently conducting our finances based on the current tax code. People who've are in more debt, or who have financed a bigger home, or live in a HCOL area will have to make adjustments just like some of us did after Obama tax change, and the rich readjust all the time. Look down the road, it encourages people to take on less debt and maybe get their politicians under control. The swamp (in and outside of DC) are not going to like it.
It's upper middle class. Wealth is based on net worth, not income. That's where the American people were mislead into believing a lie... tax the rich! people making $200k (in one tax year) or more. You can make $300k this year and next year get sick and make nothing the next 5 years. $300k is high income but not rich. People don't understand that and that's why we hear of people hitting the lottery who end up dead broke. They don't understand basic finance like high income within one tax year does not mean you are rich.
This plan will crush middle class single parents and others who are not married.
Large families will take a huge hit also,as are people in high cost of living areas.
The middle income single parents will see the largest increase because the Head of Household deduction will be eliminated.
where does it say that...everything shows the standards deductions will double for all classifications...single/ HoH/ married filing sep/ and married jointly
so a liberal rag (the new Yorker) is making a judgment (prejudging) a plan, that has not even been set as a bill...and without KNOWING the details.......the new Yorker and all the rest that are JUMPING TO CONCLUSIONS have just lost all credibility.....
To be fair though..... the administration put out a proposal that's missing a lot of info, held a press conference on it, has been talking about scenarios on how people will fare (even though they haven't confirmed the specifics on the brackets). So basically the public is doing the same.
People... Don't listen to the New Yorker, Daily Caller, NYT, Breitbart, whatever... unless they're doing math you can actually see. Figure out for yourself what the proposal will mean to you, and what would have to happen for you to do better or worse.
To be fair though..... the administration put out a proposal that's missing a lot of info, held a press conference on it, has been talking about scenarios on how people will fare (even though they haven't confirmed the specifics on the brackets). So basically the public is doing the same.
People... Don't listen to the New Yorker, Daily Caller, NYT, Breitbart, whatever... unless they're doing math you can actually see. Figure out for yourself what the proposal will mean to you, and what would have to happen for you to do better or worse.
You forgot Politico, the left wing outlet OP cited in this thread.
If the above media you cited can't determine how can Politico determine? Everyone in their corners now. That's why it's important to have a reasonable understanding of the tax code and not allow the media to educate you because everyone is in their corners.
So thank you for making my point. Everyone in their corners.
It's upper middle class. Wealth is based on net worth, not income. That's where the American people were mislead into believing a lie... tax the rich! people making $200k (in one tax year) or more. You can make $300k this year and next year get sick and make nothing the next 5 years. $300k is high income but not rich. People don't understand that and that's why we hear of people hitting the lottery who end up dead broke. They don't understand basic finance like high income within one tax year does not mean you are rich.
The IRS taxes you based on your income, not your net worth (except for estate). The current tax plan is all about your income, not your net worth (except for estate). That is why we are talking about income.
No one here thinks a guy making $12k/year sitting on a $5m estate is poor. No one here thinks a guy making $200k a year with 0 savings is wealthy. It's ok... stop preaching in every thread about this. We all already know this; it is no big secret that only brilliant persons like yourself have access to.
where does it say that...everything shows the standards deductions will double for all classifications...single/ HoH/ married filing sep/ and married jointly
It won't technically double, it is slightly less than double. However, the plan only states for single and married what the new standard deduction is. The plan doesn't detail what the new HOH standard deduction will be. Not to mention the loss of the personal exemption will outweigh the increase in the standard deduction for those with dependents.
The IRS taxes you based on your income, not your net worth (except for estate).
EXACTLY!!!!!!!!!!!
OMG, So how can a politician or the media run around claiming to "Tax The Rich" by raising taxes on upper income when taxes are based on income, not net worth. My god, I tried to get that across for awhile and leftist just couldn't grasp that Democrats were lying to them.
Quote:
Originally Posted by BicoastalAnn
The current tax plan is all about your income, not your net worth (except for estate). That is why we are talking about income.
The current tax plan? uhm, it's called INCOME tax for a reason you know.
OMG, So how can a politician or the media run around claiming to "Tax The Rich" by raising taxes on upper income when taxes are based on income, not net worth. My god, I tried to get that across for awhile and leftist just couldn't grasp that Democrats were lying to them.
I don't know, man... politicians spin. That's just what they do. But my point is, let's get past that and talk about the actual plan instead of who said what. It's just not useful... if you're going to point out every spin said about a politician on every issue, you won't have time to talk about anything else. Your point was taken the first time in every thread. But..... you keep going on about it.......
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
