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This won't help me in anyway, and they are trying to penalize citizens in high tax and property states as if we don't give enough to the rest of the country as is.
Maybe you should elect locals who want to lower your taxes. Currently the federal government subsidizes high taxed states. Sounds like Obamacare's subsidies giveaway to rich insurance companies
Yet entire tax revenue for the USA is just 3.2 Trillion
It's mathematically impossible. Didn't you claim to be a tax expert? Never seen a tax expert who can't correctly explain fiduciary responsibility nor do simple math.
as i already asked you, can you try to stay on topic instead of making up nonsense. If you can't figure out how the trillions is figured out, i suggest you go somewhere and ask. There is no point me explaining it to you, because you will just act out.
Butting in here, my husband just sent me last years return and we had $62,000 in deductions last year (which I believe includes 401K contributions, it must). Between property taxes over 20,000, state income tax, mortgage interest (around 20 grand) it was pretty easy to get up there in deductions. Not anymore, much to my dismay.
unfortunately those in low cost states don't understand the struggle. Low cost states, mostly republican therefore they don't care about those in states where buying a home for a million is the norm.
This bill is a catastrophe and will hurt most of the country. But Republican voters will cheer as they lose thousands more in their bank accounts, while the top 1% get millions.
Yes, yes, yes ...that's because it is a Republican bill. But you won't say the same about Obamacare.
For those saying this is NOT a massive give away to the wealthy..
From the Center on Budget and policy Priorities
leans left highly factual. https://mediabiasfactcheck.com/the-c...cy-priorities/
looks like trump just gave himself a big fat tax break...
Dear
This was about a proposal from September.
You really ought to read these things before you post them. You keep making that mistake.
This will result for a very large tax increase for people who make over 100K or so. Should this go through, my taxes will jump by 30%. I am probably upper middle class with just the usual deductions.
Not all people in the 100,000 - 500,000 "upper middle class" bracket will get shafted, only those with large deductions under the previous tax code. My taxes will probably go down a touch, as I rent (by choice) my primary residence. I do own housing, but under Schedule E (not affected by these changes).
This will mostly impact the coastal elites with overpriced housing and enormous local tax bills or expensive college student loans. Red state families get a nice tax cut.
I like that we are simplifying the code -- getting rid of many loopholes. Also like that the corporate tax rate is coming back to earth (should see lots of dividends in the next few years).
Things I would change: with the sunset to the estate tax, then I think the step-up-basis also must go. I also think the top bracket should be a round 40% rather than 39.6, and should kick in lower than one million, maybe 700,000 or so.
looks like trump just gave himself a big fat tax break...
How is it a "give away" when it's their own money to begin with? Now, if Fed Gov were actually cutting them a check from the US Treasury, THAT would be a "give away." That's not what's happening at all.
Ending deductions, especially when it comes to local and state taxes, is a major step to a simplified tax code as well as, hopefully, a smaller federal government.
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