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Why would you bother voting for either political party?
Yep, I already knew the implications of Obamacare and how it was going to screw over Middle Class families that weren't subsidized. I was stupid enough to think the Republicans would take care of it after they were awarded the House, Senate, and Presidency, but nope, apparently they played me for a sucker. And now, it looks like any ability my family had to itemized taxes is going by the waist side with the inability to write off state, local, and possibly property taxes. Not to mention, forcing everyone into after tax 401k savings beyond $2400 so the ability to reduce taxable income is negated. Well, Happy Happy Joy Joy.
WTF?!!!
And here I was thinking the Obama Administration was a clusterfk. Oh, I can't wait to see how much more we'll be paying in taxes in 2018. And please don't waste my time even commenting in this thread if you don't have a good knowledge of math or taxes (because you are going to be eaten alive with your Red team/Blue team BS). This is absolute BS!!!
And unless you know of something I haven't read so far, your itemized deductions for a married couples are going to need to exceed $24k or you'll just be taking the standard deduction. And without state, local, and possibly property taxes, most Middle Class people in High COL areas are not going to be able to take the deductions they were taking. In addition, if you were able to sock away $20k+ into a 401k like we were, well now over $18k+ is going to taxable income. And yeah, I know you won't pay that when you retire. BFD. Your taxable income should be substantially less at that point any way. But by all means, I'm more than willing to hear any explanations on how this new tax plan is not going to increase taxes on families like mine.
how is this possible? states get the revenue they need whether in the form of sales tax, property tax or income tax. CA just wanted a more progressive form of taxation hence the income tax
how does other states subsidized other states?
Because in California most of the state taxes are paid by affluent people who tolerate the burden because they are deductible. Affluent people also deduct their property taxes.
Two families - one lives in San Fran area and one in Nevada. They live in similar homes. One of those families can itemize and lower its tax burden at the expense of another taxpayer living next door. The Nevada family doesn’t get to itemize.
Because in California most of the state taxes are paid by affluent people who tolerate the burden because they are deductible. Affluent people also deduct their property taxes.
Two families - one lives in San Fran area and one in Nevada. They live in similar homes. One of those families can itemize and lower its tax burden at the expense of another taxpayer living next door. The Nevada family doesn’t get to itemize.
you are referring to taxpayers paying federal taxes not states. maybe there is some truth to that but you do realize the high cost of living in CA? that your $1 is equivalent only to something like $0.70?
so if they disallow state inc tax deduction, that $1 might be the equivalent of $0.60 thus more hardship to people living in CA
Look at it another way - why is the value of labor for identical jobs like a cashier vastly different in San Fran vs someplace like Topeka. Two identical jobs. Exact same company. Same level of effort.
Why would you bother voting for either political party?
Yep, I already knew the implications of Obamacare and how it was going to screw over Middle Class families that weren't subsidized. I was stupid enough to think the Republicans would take care of it after they were awarded the House, Senate, and Presidency, but nope, apparently they played me for a sucker. And now, it looks like any ability my family had to itemized taxes is going by the waist side with the inability to write off state, local, and possibly property taxes. Not to mention, forcing everyone into after tax 401k savings beyond $2400 so the ability to reduce taxable income is negated. Well, Happy Happy Joy Joy.
WTF?!!!
And here I was thinking the Obama Administration was a clusterfk. Oh, I can't wait to see how much more we'll be paying in taxes in 2018. And please don't waste my time even commenting in this thread if you don't have a good knowledge of math or taxes (because you are going to be eaten alive with your Red team/Blue team BS). This is absolute BS!!!
And unless you know of something I haven't read so far, your itemized deductions for a married couples are going to need to exceed $24k or you'll just be taking the standard deduction. And without state, local, and possibly property taxes, most Middle Class people in High COL areas are not going to be able to take the deductions they were taking. In addition, if you were able to sock away $20k+ into a 401k like we were, well now over $18k+ is going to taxable income. And yeah, I know you won't pay that when you retire. BFD. Your taxable income should be substantially less at that point any way. But by all means, I'm more than willing to hear any explanations on how this new tax plan is not going to increase taxes on families like mine.
Congress likes to spend money, lots and lots of money.
And the only way they can get their money, money and more money is from you.
You see "cut" is not in their playbook. And that goes for both parties my friend.
In the case of your retirement accounts that may not happen as the big banks and brokerage firms are against it.
So, for a change, the big banks are on our side.
And FWIW Congress has been looking at ways to get to our retirement money for decades..both sides.
Look at it another way - why is the value of labor for identical jobs like a cashier vastly different in San Fran vs someplace like Topeka. Two identical jobs. Exact same company. Same level of effort.
Why would you bother voting for either political party?
Yep, I already knew the implications of Obamacare and how it was going to screw over Middle Class families that weren't subsidized. I was stupid enough to think the Republicans would take care of it after they were awarded the House, Senate, and Presidency, but nope, apparently they played me for a sucker. And now, it looks like any ability my family had to itemized taxes is going by the waist side with the inability to write off state, local, and possibly property taxes. Not to mention, forcing everyone into after tax 401k savings beyond $2400 so the ability to reduce taxable income is negated. Well, Happy Happy Joy Joy.
WTF?!!!
And here I was thinking the Obama Administration was a clusterfk. Oh, I can't wait to see how much more we'll be paying in taxes in 2018. And please don't waste my time even commenting in this thread if you don't have a good knowledge of math or taxes (because you are going to be eaten alive with your Red team/Blue team BS). This is absolute BS!!!
And unless you know of something I haven't read so far, your itemized deductions for a married couples are going to need to exceed $24k or you'll just be taking the standard deduction. And without state, local, and possibly property taxes, most Middle Class people in High COL areas are not going to be able to take the deductions they were taking. In addition, if you were able to sock away $20k+ into a 401k like we were, well now over $18k+ is going to taxable income. And yeah, I know you won't pay that when you retire. BFD. Your taxable income should be substantially less at that point any way. But by all means, I'm more than willing to hear any explanations on how this new tax plan is not going to increase taxes on families like mine.
Don't get too excited yet. A lot of what you're hearing is a combination of trial balloons to see how certain ideas sit with the public and the MSM looking to damage the president.
Why would you bother voting for either political party?
Yep, I already knew the implications of Obamacare and how it was going to screw over Middle Class families that weren't subsidized. I was stupid enough to think the Republicans would take care of it after they were awarded the House, Senate, and Presidency, but nope, apparently they played me for a sucker. And now, it looks like any ability my family had to itemized taxes is going by the waist side with the inability to write off state, local, and possibly property taxes. Not to mention, forcing everyone into after tax 401k savings beyond $2400 so the ability to reduce taxable income is negated. Well, Happy Happy Joy Joy.
WTF?!!!
And here I was thinking the Obama Administration was a clusterfk. Oh, I can't wait to see how much more we'll be paying in taxes in 2018. And please don't waste my time even commenting in this thread if you don't have a good knowledge of math or taxes (because you are going to be eaten alive with your Red team/Blue team BS). This is absolute BS!!!
And unless you know of something I haven't read so far, your itemized deductions for a married couples are going to need to exceed $24k or you'll just be taking the standard deduction. And without state, local, and possibly property taxes, most Middle Class people in High COL areas are not going to be able to take the deductions they were taking. In addition, if you were able to sock away $20k+ into a 401k like we were, well now over $18k+ is going to taxable income. And yeah, I know you won't pay that when you retire. BFD. Your taxable income should be substantially less at that point any way. But by all means, I'm more than willing to hear any explanations on how this new tax plan is not going to increase taxes on families like mine.
The problem is with the State, not the Trump plan. He can't help it if the States taxes are so high. Screw California! That's why we left! The State needs to lower their taxes. They are outrageous.
This will be a tax cut that won't cut taxes. McConnell has already stated it must be revenue neutral. What's the point of that? The point should be to cut spending, which never happens. If we can't get spending cuts in place now, with both a Republican President and Congress, we will never. They are really squandering away this once in a lifetime chance.
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