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not reading through 20+ pages, but appears that high property tax states like New York, NJ, Illinois etc, will get screwed with this plan. Property tax deduction to be capped at $10K per year.
Any state with an income tax along with people with more than 1 kid or anyone with medical expenses (like nursing home), anyone with kids in college (the tax credits from the Bush tax cut are gone), will get screwed.
And then the state and local governments can tax you more to help your fellow citizens in you city and state while not subsidizing others.
My domicile is in Florida...no income tax. I live 10 months out of the year in Mexico. Own a large (4,000 sq. ft.) home with pool and casita, one block from Mexico's largest lake. My real estate taxes are under the equivalent of $ 200 USD per year.
Any state with an income tax along with people with more than 1 kid or anyone with medical expenses (like nursing home), anyone with kids in college (the tax credits from the Bush tax cut are gone), will get screwed.
No, the states just raise their corporate taxes and send them back to those in their state who are impacted.
If there is only going to be one thread allowed on this subject, it shouldn't be one with such a sharp partisan spin to it. The mods are essentially saying we are only allowed to discuss this topic through the filter of one side's talking points. Considering that there is already a reputation for biased moderating on this site it might be a better idea to pick a thread with less partisan spin to merge the others in to.
AGREE. The second part of the topic title should be deleted. Can a moderator do this?
I will pay thousands more under the Trump bill. I don't live in a high tax state, don't own a million dollar home. This bill is going to stick it good to anyone who makes over 90K a year where the 25% bracket kicks in. The new standard deduction barely makes up for the loss of exemptions not to mention the rest of the deductions that we have had. No!
unless you have a large family and lose the $4,000 deduction for each of your kids
So now you're worried about mormons, or are you worried about the poor that dont pay taxes?
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