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the big deal..is that people are lying when they say that states like California, get back less than they pay to the feds
45% of California is federally owned, and military or national park....its IMPOSSIBLE for 45% of California to be federally owned AND OPERATED and them not to get more money than they contribute
all your national guard troops and facilities.....paid for by the federal government
all the military bases (32 of them), and the 40 thousand federal troops....paid for by the federal government.......and all those Soldiers, Marines, Airmen and Sailors who work there...spend FEDERAL MONEY IN CALIFORNIA
so "the big deal" is that California does NOT pay for all the red (poorer) states
90% of lower and middleclass get help from the new plan......does it hurt 10%, sure
cant make everyone happy, all the time
Although the Senate bill would help middle class families more than the House bill, 25% of families would see an increase in their taxes next year, averaging $1,000, according to the NY Times.
McConnell is scrambling to make changes now, as his bill increases the national debt, an anathema to Republicans.
As usual, Trump lied about the bill, saying that it wouldn't help him at all. Once the Alternative Minimum Tax is killed, Trump stands to save tens of millions every year. Without the Estate Tax Trump's family gets to keep hundreds of millions that would otherwise go to the Treasury.
It's party time in America if you're in that upper 1%.
Still, there are some conservatives up for re-election next year that may have a sudden attack of conscience, so better hold off on the bubbly.
the whole point of the deductions is to offset the high rates
I make about 75k
I itemize only for the property taxes(12k) with some med expenses(4kish)....state income tax (less than 2.5k)...the itemize comes out to about 18-19k
I am a family of 6 (4 kids under 16)..so does the loss of the exemptions hurt a little....yes
but with the new plan I will be taxed (on my taxable income) at 12% instead of 25%
in the end...I get back about the same amount (just a tiny bit more)
the point..we (the people) dont need the ''''deductions'''' as much, if we are not taxed as much
that is NOT the point of deductions at all. You are saying that only because you are hard pushed for anykind of rebuttal at all.
Deductions are about reducing the burden for those in special circumstance and to encourage or discourage behaviors.
This is not a tricky thing to grasp and you may have noticed the Senate version puts back the medical precisely because it would put some people under extreme burden...
this plan goes after the primary deductions used by the middle class because they need that money to FUND the tax cuts to corps and the wealthy.
we don't really need to debate this all, it is as plain as the nose on our collective face. The New Trump tax cut cut cut plan has a shortfall of 1.x Trillions... because it gives trillions to the rich and corps. while raising taxes on some middle class folk and keeping it about the same for others... ...
Although the Senate bill would help middle class families more than the House bill, 25% of families would see an increase in their taxes next year, averaging $1,000, according to the NY Times.
McConnell is scrambling to make changes now, as his bill increases the national debt, an anathema to Republicans.
As usual, Trump lied about the bill, saying that it wouldn't help him at all. Once the Alternative Minimum Tax is killed, Trump stands to save tens of millions every year. Without the Estate Tax Trump's family gets to keep hundreds of millions that would otherwise go to the Treasury.
It's party time in America if you're in that upper 1%.
Still, there are some conservatives up for re-election next year that may have a sudden attack of conscience, so better hold off on the bubbly.
the AMT needs to be killed...it is hurting the middleclass which is being effected by it now
that is NOT the point of deductions at all. You are saying that only because you are hard pushed for anykind of rebuttal at all.
Deductions are about reducing the burden for those in special circumstance and to encourage or discourage behaviors.
This is not a tricky thing to grasp and you may have noticed the Senate version puts back the medical precisely because it would put some people under extreme burden...
this plan goes after the primary deductions used by the middle class because they need that money to FUND the tax cuts to corps and the wealthy.
we don't really need to debate this all, it is as plain as the nose on our collective face. The New Trump tax cut cut cut plan has a shortfall of 1.x Trillions... because it gives trillions to the rich and corps. while raising taxes on some middle class folk and keeping it about the same for others... ...
This tax plan only helps corporations, not the middle class. Corporations are able to write off...pens, paper, pencils, etc. Yet there is no tax right off for teachers having to pay out of pocket for these very same things plus more for their students who can't afford the basics.
This tax plan only helps corporations, not the middle class. Corporations are able to write off...pens, paper, pencils, etc. Yet there is no tax right off for teachers having to pay out of pocket for these very same things plus more for their students who can't afford the basics.
https://www.irs.gov/pub/irs-pdf/i1040gi.pdf
Line 23 Educator Expenses
Educator Expenses If you were an eligible educator in 2016, you can deduct on line 23 up to $250 of qualified expenses you paid in 2016. If you and your spouse are filing jointly and both of you were eligible educators the maximum deduction is $500. However, neither spouse can deduct more than $250 of his or her qualified expenses on line 23. You may be able to deduct expenses that are more than the $250 (or $500) limit on Schedule A, line 21. An eligible educator is a kindergarten through grade 12 teacher, instructor, counselor, principal, or aide who worked in a school for at least 900 hours during a school year.
Qualified expenses include ordinary and necessary expenses paid: For professional development courses you have taken related to the curriculum you teach or to the students you teach, or In connection with books, supplies, equipment (including computer equipment, software, and services), and other materials used in the classroom. An ordinary expense is one that is common and accepted in your educational field. A necessary expense is one that is helpful and appropriate for your profession as an educator. An expense does not have to be required to be considered necessary.
Last edited by workingclasshero; 11-11-2017 at 12:24 AM..
I would end up in the 25% bracket since I'm not legally married yet (only engaged, still counts as single for tax
purposes) ��
lol No you won't. The first 45k is taxed at 12%. The money above 45k gets taxed at 25%
12%: Applies to incomes up to $45,000 for an individual and $90,000 for a married couple.
25%: Applies to incomes up to $200,000 for and individual and $260,000 for couples.
she isn't talking about current tax law, she is talking about the new proposed tax plan. The house version eliminates the deduction she is referring to.
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That don't make no sense. 
