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No. The Byrd Rule stipulates, among other things, that for a bill to pass throuugh the reconciliation process it cannot add to the deficit beyond 10 years. So knowing that they were not going to work with Democrats on the bill Republicans built in the sunset so that they could get the bill passed using a simple majority. It would still have been in there even if the Democrats supported the bill.
60 votes, as I stated, is more than a simple majority. If a handful of Democratic senators had done something for the American people, rather than simply trying to undercut Trump, this would have been permanent. But no-Dems put their temper tantrum above the American people.
Honestly though-do you really believe it won't be extended? Do you really think that Democrats will survive 2027 if they become known as the party responsible for one of the largest, if not THE largest, middle class tax increase in history?
I would save under the new bill if I continue to rent. However, I am looking to purchase a home within the next couple of years and if I do so my taxes would be higher under the new plan.
Are you sure about that? Living on LI, I would guess you make a pretty decent income. Under this bill, even though you lose some tax and interest deductions, you also will pay a lower rate, not to mention a higher std deduction, and if you have kids a higher child tax credit. In addition, as perhaps an upper middle class income earner-you currently have to worry about the Alternative Minimum Tax hammering you. That risk goes way down.
Better question-if you lose your ability to write off the horribly excessive NYS property tax-will this cause you and others to go to your local taxing districts and demand that they reign in their spending? I left the state over twenty years ago-taxes were a large part of that. I paid more in property tax there, in 1993, on a place I sold for $70k than I pay today, in today's dollars, on my current place, at around 1/2 mil.
Are you sure about that? Living on LI, I would guess you make a pretty decent income. Under this bill, even though you lose some tax and interest deductions, you also will pay a lower rate, not to mention a higher std deduction, and if you have kids a higher child tax credit. In addition, as perhaps an upper middle class income earner-you currently have to worry about the Alternative Minimum Tax hammering you. That risk goes way down.
Better question-if you lose your ability to write off the horribly excessive NYS property tax-will this cause you and others to go to your local taxing districts and demand that they reign in their spending? I left the state over twenty years ago-taxes were a large part of that. I paid more in property tax there, in 1993, on a place I sold for $70k than I pay today, in today's dollars, on my current place, at around 1/2 mil.
I'm not married, in my 30's and do not have kids, rent and take the standard deduction
Under the current plan if I continue to rent, I would benefit from the lower rate and the higher standard deduction, although the amount I would benefit would diminish each year due to the change in the structure to how the brackets will increase.
However, with the SALT deduction capped at $10,000 and the loss of the personal exemption my taxable income would be a bit higher than the current plan, and the savings on the lower rate would not make up for the higher taxable income.
I do not make enough to be impacted by the AMT changes either way.
You guys are rejoicing about gaining a few thousands dollars a year, which doesn't amount to much in each paycheck. Yet the rich will gain hundreds of thousands if not millions of dollars by this tax plan which they don't even need. It's the middle class who needs the help not the rich. I feel like the GOP threw a dog bone to the middle class just to excite them.
You guys are rejoicing about gaining a few thousands dollars a year, which doesn't amount to much in each paycheck. Yet the rich will gain hundreds of thousands if not millions of dollars by this tax plan which they don't even need. It's the middle class who needs the help not the rich. I feel like the GOP threw a dog bone to the middle class just to excite them.
But but, Gary Cohn said we can renovate our kitchen and buy a new car with the $1000 extra we're getting back! Yeah right Gary! Maybe if we "downsize" to 5 inches that $1000 can indeed buy us a kitchen renovation or new car.
"Economic advisor Gary Cohn said Thursday that an American family could save $1,000 under the Republicans' proposed tax reform plan, and it could use that money to pay for a new car or a kitchen.
"If we allow a family to keep another thousand dollars of their income, what does that mean? They can renovate their kitchen, they can buy a new car, they can take their family on vacation, they can increase their lifestyle," he said. "That's what our tax plan has to do.""
If your argument is "a family that is pay check to pay check is only going to get a couple thousand dollars a year" you are losing.
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