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That might be rich to the very poor, but it is not rich in the usual definition. The people usually called rich - say over a million - are getting the bulk of the cuts. That is what will get the liberals upset.
I agree...but the liberals out there say 150k of the top 1%...and therefore are '''rich'''
well then this should make the liberals, who keep saying tax the rich, and rich being any household over 150k, very happy
for a family of 4 making 114k....they will pay less with the new plan
This is just math. Stop arguing the point. Anyone can calculate their liability with the standard deduction under the proposed plan and compare it to last year in about two minutes. FOR MID TO UPPER MIDDLE CLASS PEOPLE WHO ITEMIZE , the odds are that they will pay more. They itemized because the standard deduction was less than actual deductions they could take. The standard deduction was increased by 16% (not doubled as the spin said) when loss of exemptions is considered and even less for some like the elderly or blind. At the same time, many deductions were taken away making it very hard to make up that gap. I calculated my taxes on the new plan and they will go up several thousand on the same income as last year if this passes. There are millions like me who are what could be called affluent suburbanites, including most of my neighbors who all voted for Trump.
I agree...I have said time and again the 250k is still middleclass...upper middle class, but still middleclass....
but the liberfools say I am nuts
Obama had pledged not to raise taxes on the middle class which he defined as $250, I believe. He did anyway with the Obamacare taxes. I'd like to see Republicans come up with a plan that does not increase taxes on incomes less than $250K.
This is just math. Stop arguing the point. Anyone can calculate their liability with the standard deduction under the proposed plan and compare it to last year in about two minutes. FOR MID TO UPPER MIDDLE CLASS PEOPLE WHO ITEMIZE , the odds are that they will pay more. They itemized because the standard deduction was less than actual deductions they could take. The standard deduction was increased by 16% (not doubled as the spin said) when loss of exemptions is considered and even less for some like the elderly or blind. At the same time, many deductions were taken away making it very hard to make up that gap. I calculated my taxes on the new plan and they will go up several thousand on the same income as last year if this passes. There are millions like me who are what could be called affluent suburbanites, including most of my neighbors who all voted for Trump.
Yep as I said anyone making in the 150-350k range is getting royally hosed but hey this is what trump supporters.voted for many of them in that group. I'm pissed. If you are in that range you already don't get the child tax credits because they are phased out.
Obama had pledged not to raise taxes on the middle class which he defined as $250, I believe. He did anyway with the Obamacare taxes. I'd like to see Republicans come up with a plan that does not increase taxes on incomes less than $250K.
I would love to see that same plan. I am middle class and we are going to end up probably paying thousands more this year. The same thousands that took us years to save because with all the expenses of just breathing saving is very hard these days.
This is just math. Stop arguing the point. Anyone can calculate their liability with the standard deduction under the proposed plan and compare it to last year in about two minutes. FOR MID TO UPPER MIDDLE CLASS PEOPLE WHO ITEMIZE , the odds are that they will pay more. They itemized because the standard deduction was less than actual deductions they could take. The standard deduction was increased by 16% (not doubled as the spin said) when loss of exemptions is considered and even less for some like the elderly or blind. At the same time, many deductions were taken away making it very hard to make up that gap. I calculated my taxes on the new plan and they will go up several thousand on the same income as last year if this passes. There are millions like me who are what could be called affluent suburbanites, including most of my neighbors who all voted for Trump.
the fact is 90% of middleclass will pay less
sorry that you wont...but you cant make everyone happy, all the time
the tax system NEEDED to be overhauls, and streamlined....do you have a better plan???
personally, I would like to see the income tax abolished...especially since nearly half of all income is not reported....I would rather see the fair-tax.... www.fairtax.org
every plan will make some happy, some sad
everytime the liberals tough the tax code, the middleclass gets hurt, at least this one helps more than it hurts
Yep as I said anyone making in the 150-350k range is getting royally hosed but hey this is what trump supporters.voted for many of them in that group. I'm pissed. If you are in that range you already don't get the child tax credits because they are phased out.
They did raise (doubled IIRC) the phaseout threshold for child credits. So that will factor in on some people's returns. Childless people or small families, elderly with good retirement incomes, get hit pretty hard though. They also kept 529 plans (Cloverdells are gone) and the American Opportunity credit which, for me, has been a blessing with kids in college.
Yep as I said anyone making in the 150-350k range is getting royally hosed but hey this is what trump supporters.voted for many of them in that group. I'm pissed. If you are in that range you already don't get the child tax credits because they are phased out.
how are you getting '''hosed''
75-150k currently pays in the 25%
150 to 233k currently pays in the 28% bracket
233k to 416k currently pays in the 33% bracket
under the new plan taxable income from 91k up to 260k will be in the 25%
I will use simple math for you
tax on 250k under old system about 82k
tax on 250k under new system about 62k
a savings of 20k...which more than makes up for the personal exemption elimination
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