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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.
Trust me, we still pay our fair share of federal taxes. As I said before, the middle class in high cost states usually get screwed.
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.
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.
You said Trillions for the Rich. It's right there in your title and OP so it's on topic.
I can imagine why you want to pretend it's something else now. It's mathematically impossible.
The overarching promise made to the middle class by Trump and congressional Republicans is that lower taxes would fuel faster economic growth, which, in turn, would cause incomes to rise. Kevin Hassett, chair of Trump's White House Council of Economic Advisers, estimates that lowering the corporate tax rate to 20 percent from 35 percent would lead to an average income gain of $4,000 a year.
But most mainstream economists have disputed that claim. Kent Smetters, faculty director of the Penn Wharton Budget Model, estimates that the income growth after a decade would range between $500 to $1,500.
Some tax experts say the tax overhaul might also hurt those who aspire to be middle class. The bottom half of taxpayers now pay no net income tax, according to Treasury Department figures. Many receive refunds via the Earned Income Tax Credit. The plan unveiled Thursday would require eligible taxpayers to provide their Social Security Number to receive this benefit, thereby creating a possible delay in receiving a refund as the IRS enforces this provision.
Hopefully the lobby groups keep their fingers out of this. Home builders aren't happy about the 500k mortgage interest deduction, they will put big money up against it. If the republicans can keep this thing largely the same and pass it they'll pickup seats in 2018 which is crazy to think of after their healthcare failure. This would save them if passed but the senate is full of shaky republicans at best.
So, where are the tax breaks for the "mega wealthy?"
I think doubling of the standard deduction is a huge break for the "poor." Don't you? More of those you call "poor" will pay no tax.
Leftists always spin tax cuts the same way. When was the last time a Democrat administration cut anybody's taxes? They like to raise taxes, not cut them.
new pass through
new corp rate
ending estate taxes
take your pick .... combined we are talking about trillions of dollars. it will be much much bigger than trumpy and ryan want you to know.
look i make out like a bandit from this plan, it is a huge win for me. So this is not sour grapes, i live in WA so i don't pay state taxes, and much of my income is asset based. I don't do much of my taxes but i am confident they will have some ideas and have me all set for 2018..
The tax cut from 260k to 1,0000 is about $35,000 !
THis plan is a massive giveaway for the wealthy a 20% corp tax is a massive drop for Real estate investors and pretty much anyone who can structure their businesses to benefit from the low rate.
Since we currently have the highest corporate tax rate in the world, the idea is to keep business from fleeing the country. Some, including me, were hoping to see it go to 15%.
Liberals always fail to see the cause and effect relationship of taxation. They somehow think the more you tax the better off the country is. I don't see how that works, but that's what they think.
The top 10% are currently paying 70% of all taxes. And the left thinks they aren't taxed enough!
Hey, my high taxes goes towards accessibility, Where else in this country do you get 24/7 public transportation. I don't own a car because of that. I can walk to the park, movie theater, wine store, 5 star restaurant. My high taxes go to living in one of the greatest cities in the world.
If i wanted to pay no state taxes I would move to boring florida where old people go to die.
My family (middle class) will benefit from this plan. The uber rich will pay the same rate but the limits to state and local deductions will impact rich liberals who should be happy to pay more taxes. Everything about this plan feels fair and well thought out. Nice work for once GOP!
I agree. Raising the 12% rate to $45k gives me a bit more money as makes it so I'll basically stay in the 12% bracket when you factor in the standard deduction. Seems like a good plan. Liberals are whining they have to pay more?
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