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Actually about $36K. Mortgage was half that, taxes of $8K and I live in a low tax state. As I have said what is really making it hurt is the loss of personal exemptions. I have three and that is $12,000 above the line that is being lost. Doubling the standard deduction then has no effect for me at all. The standard was $12K before and when the exemptions are taken out it is still $12K. Then I just lose deductions that I had before on top of it. This is going to sting for many, many upper middle class wage earners who are in the same boat.
This bill will also allow Churches to endorse political candidates without paying taxes.
Republicans are just plain evil in every sense of the word.
first amendment right to speak..
Quote:
Originally Posted by cheyenne2134
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.
Maybe you should be upset it costs millions to begin with..
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.
losing personal exemption and pretty much every other deduction is a wash at best, a loss most likely...
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
I know why I pay high state taxes. Other states need to stop pandering to get people to live there by not having state taxes and then need the feds to bill them out. For example Houston, no flood insurance, just building cheap houses in flood zones.
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.
That only happens with those on the lower end of the spectrum, no one on the left cares they are being subsidized though.. its weird
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.
I know why I pay high state taxes. Other states need to stop pandering to get people to live there by not having state taxes and then need the feds to bill them out.
Isn't the answer to reduce federal taxes and the federal government?
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