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You previously got a tax deduction for 'state sales tax' because your state doesn't have an income tax.
You lost that deduction. If you recalculate your savings, it might be $1000 instead of $1600 since you lost the state sales tax deduction.
You think things are "more balanced and fair now" because people with kids are getting their income taxes raised? Think again - the billionaires are getting massive tax breaks and it's nothing compared to what you are getting. Their breaks are so huge that there's no way to pay for them. So the country will go deeper and deeper in debt each year so the corporations and billionaires get massive tax breaks.
Looks to me like the middle class won't make out so bad.
Cap of $10K on state/local/property tax deductions so the wealthy in their high priced homes will be paying more in Fed taxes.
Limitation to 1 single home for the cap gains tax exclusion and they lengthened the amount of time between sales. Middle class folks don't typically buy and sell RE that often so it affects the wealthy more.
The Republican Tax Reform Bill introduced today - will reduce Taxes even more for the Middle Class AND it will increase Jobs by allowing Businesses to come back to America with a more fair tax structure instead of Leaving the USA because of the 2nd Highest Tax Rates in the developed World.
So silly...corporations are flush with cash they aren't going to expand or hire people unless there is demand and there is virtually nothing in this that will put enough money in the pockets of wage earners to stimulate demand.
The cut in repatriation tax, that's been tried before, Congress in 2004 approved a repatriation tax holiday that brought back $312 billion in overseas profits. Most of the money was used not for economic growth but to give cash back to shareholders. There is nothing new and clever about this plan that should give anyone hope that it will be different this time.
"While empirical evidence is clear that this provision resulted in a significant increase in repatriated earnings, empirical evidence is unable to show a corresponding increase in domestic investment or employment," the Congressional Research Service, Congress' nonpartisan think tank, said in a report. The think tank cited a series of reports into the benefits of repatriation, with a common theme that the 2004 program was "an ineffective means of increasing economic growth." https://www.cnbc.com/2017/08/31/trum...was-tried.html
"Trump’s comments were referring to the so-called “carried interest loophole” - a provision in the tax code which allows private equity and hedge fund managers pay taxes at the capital gains rate instead of the ordinary income rate.
Many fund managers are in the top income bracket, but the capital gains tax bracket is only 20 percent.
While these individuals are also required to pay an additional 3.8 percent surtax on their net investment income, this total rate is still far lower than the 39.6 percent rate that top wage earners must pay on their ordinary income."
It was actually a very popular position for Mr. Trump to take. I wondered whether this tax reform bill addresses the issue.
Exactly.....however, some people around these parts seem to think that their "opinion" on something makes it factual.
Same with people believing 250k can be middle class. It isn't. Earning 250k, and being the mid earners in an upper class neighborhood doesn't make you middle class. It makes you mid upper class.
Agreed, it makes one wealthy, living above their means, not necessarily their fault because to make those wages to begin with you have to live in those areas.
Exactly.....however, some people around these parts seem to think that their "opinion" on something makes it factual.
Same with people believing 250k can be middle class. It isn't. Earning 250k, and being the mid earners in an upper class neighborhood doesn't make you middle class. It makes you mid upper class.
It's considered upper middle class, but Obama and Democrats called people making that "income" rich. And people who are ignorant about money and taxation easily bought his lie.
Looks to me like the middle class won't make out so bad.
Cap of $10K on state/local/property tax deductions so the wealthy in their high priced homes will be paying more in Fed taxes.
Limitation to 1 single home for the cap gains tax exclusion and they lengthened the amount of time between sales. Middle class folks don't typically buy and sell RE that often so it affects the wealthy more.
I don't think the CBO has weighed in on this yet.
So SALT taxes can be deducted up to $10K?
Do you have a link? Nevermind, found an article about the cap. Wow, this really is a tax break for the middle class.
The much-anticipated House Republican tax reform bill unveiled Thursday permits taxpayers to write off up to $10,000 in state and local property taxes, easing many Garden State observer’s fears over the elimination of so-called SALT deductions. https://www.cnbc.com/2017/11/02/hous...form-plan.html
"Trump’s comments were referring to the so-called “carried interest loophole” - a provision in the tax code which allows private equity and hedge fund managers pay taxes at the capital gains rate instead of the ordinary income rate.
Many fund managers are in the top income bracket, but the capital gains tax bracket is only 20 percent.
While these individuals are also required to pay an additional 3.8 percent surtax on their net investment income, this total rate is still far lower than the 39.6 percent rate that top wage earners must pay on their ordinary income."
It was actually a very popular position for Mr. Trump to take. I wondered whether this tax reform bill addresses the issue.
In WaPo's analysis, they state that the law makes no changes in carried interest provisions. They mention that real estate developers also use this loophole as well as Wall Street tycoons. Surprise!
Govt will always try to take more money from the citizens. Democrats are the worst. They never met a tax they don't like. They even tried taxing soft drinks. Never cheer or support politicians going after someone else because eventually it will come to hit you. When they say "raise taxes on the rich" do you not realize the rich are very tax proficient and know how to reduce their taxable income. It's the middle class that can't and they end up right in the bulls eye of the tax increase. In this case, people were so angry they fought back and now something has to be done to reduce the tax burden on the people Obama nailed.
I'm 71 years old and I can't recall a single time that Republicans lowered my taxes...
The Republicans control both hoses of Congress and the Presidency. They propose a tax increase on workers and small businessmen while cutting billions from the taxes on the top 0.1%. Why is this a surprise? This is what the Republican party does and always has done since about 1900.
My suggestion to people that find their taxes going up should simply vote for your local, state and national Democratic Candidates in the next and all the rest of the elections. At least the Democrats try to take care of the people that still have to work for a living.
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