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which is exactly why moving the top bracket to 1 MILLION is a massive tax break of about 35k for someone earning over 1 million a year. and a quick in my head estimate of 11k reduction for someone earning 500k a year. and of course those are just the tax bracket reductions not any of the other stuff.
Incorrect. But then again, you got fiduciary responsibly wrong too.
Quite a few of the opinion leaders over there in Left Field probably do, but the ignorant masses they seek to lead around by the nose with their stereotypes and propaganda don't.
This is how Mexico has been mis-governed (but stable) for ninety years; it's how the Democrats are destroying California, and it's what they have in mind for everyone outside their elitist club.
DNC chair tried this stereotype on CNBC. But I am not understanding reducing property tax deductions. That is first negative for me.
Here is how the change in the mid on new homeowners affects the rich, assuming people think folks making over 100K are rich. If not, you can 'vote' for where being rich begins.
Better, much better to cite business news than something other. Fiyero, evilcart, notice anything? Where on the income spectrum does this change fall the most? Incase you are math challenged, above 100K, about 75%.
[IMG]Who uses the mortgage interest deduction, by income
Income range*
# of filings
Total amount
0 to $50,000 2.32 million $1.11 billion
$50,000 to $100,000 9.77 million $9.19 billion $100,000 to $200,000 14.6 million $24.85 billion
$200,000 & up 7.18 million $29.78 billion
Totals: 33.87 million $64.93 billion
Source: 2016 data from Joint Committee on Taxation report. *Income ranges include AGI plus variety of untaxed items (i.e., employer contributions to health care plan, nontaxable social security benefits, etc.)[/IMG]
Also, people who hoard multiple rental properties may not like the $500,000 mortgage interest deduction limit, lowering it from $1 million. Rich pay the same rate, get their state tax deductions capped at 10k and mortgage interest deductions capped at 500k. Where they may benefit is lowering the corporate and pass thru rates but rich are hardly a big winner here.
The focus is clearing on the middle class through doubling deductions, increasing child tax credit and lower rates. Also obviously businesses will benefit.
We have to find revenue somewhere and the 10k cap on state on local won't hurt middle class. It may affect some upper middle class but mostly the highest earners in high tax states will feel it which is fine with me
What a stupid title. 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!
nope .
the rich get a massive tax cut. for a start they get a straight up cut of 35,000 if they do nothing and just pay straight income tax.
BUT they wont and dont. they will enjoy their corp tax cut more than you might believe. They will enjoy a new pass through tax rate of 25%. you could put a billion through that and pay 25%.
I do not believe this plan will get through looking anything like it does today, because too many house repubs will find themselves out of office. There are roughly 40-50 house republicans who are in districts where their constituents will see big tax hikes... i dont think i need to say more....
Already a thread, and as we suspected this bill is a middle finger to 90% of America and a massive cut to Trump and his billionaire friends.
Wrong. Get a new talking point
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!
The pass through rate of 25% will mean a lot to active RE investors. I have not spoken to anyone yet but i doubt the mortgage interest cap will matter as much to them as getting the massive tax cut.
Do you really think active RE investors are going to pay 25%? Do you think they currently pay marginal rates?
I am one, I havent paid taxes in years so cutting my taxes from 0% isnt a tax cut..
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