Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Democrats want to repel the $10,000 limit on state and local tax deductions.
Quote:
But analysts say repealing the state and local tax limit is worth just dollars to the average middle-class taxpayer. For the wealthy, though, the proposal could lower tax bills by tens of thousands of dollars.
The Tax Policy Center recently found that more than 96 percent of the tax cuts that would come from repealing the cap would go to the top 20 percent of households in terms of income.
The left-leaning Institute on Taxation and Economic Policy concluded this month that 63 percent of the tax benefits that would result from axing the cap would go to the richest 1 percent of taxpayers.
We are a household that was impacted in a somewhat meaningful way by the tax deduction limit but I do support it because the rest of the country shouldn’t pay for reckless state or local spending. The bottom line is this is not a tax cut that will impact the middle class, let alone the below middle class.
Quote:
But Rep. Kevin Brady of Texas, the outgoing Republican chairman, said restoring the old law would mean a tax cut of about $10 for the middle class. Bills for millionaire households, Mr. Brady said, would be reduced by $140,000 a year.
Democrats want to repel the $10,000 limit on state and local tax deductions.
We are a household that was impacted in a somewhat meaningful way by the tax deduction limit but I do support it because the rest of the country shouldn’t pay for reckless state or local spending. The bottom line is this is not a tax cut that will impact the middle class, let alone the below middle class.
It's a direct attack on upper middle class people in blue states almost without exception.
If those people are Trump culters and want to do a "thank you sir, may I have another" while the GOP screws them because they hate liberals, they should offer to pay more. (Taking the line of logic Republicans so often take when it comes to taxes)
Democrats want to repel the $10,000 limit on state and local tax deductions.
We are a household that was impacted in a somewhat meaningful way by the tax deduction limit but I do support it because the rest of the country shouldn’t pay for reckless state or local spending. The bottom line is this is not a tax cut that will impact the middle class, let alone the below middle class.
It's a direct attack on upper middle class people in blue states almost without exception.
If those people are Trump culters and want to do a "thank you sir, may I have another" while the GOP screws them because they hate liberals, they should offer to pay more. (Taking the line of logic Republicans so often take when it comes to taxes)
How is it reasonable that a person making $200,000 in Tennessee pays $62,500 in federal taxes while a person making $200,000 in California only pays $37,500? Why is it reasonable that the state of California gets enriched by $25,000 more than the state of Tennessee?
Seriously, this has nothing to do with partisan politics to me, it has to do with states being fiscally responsible. Again, I was one of the ones whose taxes increased.
__________________
When I post in bold red that is moderator action and, per the TOS, can only be discussed through Direct Message.
Imagine being a liberal leader, one day you are foaming at the mouth against tax cuts that favored the 1% and the next day you are on the 1% side seeking tax cuts in their favor. Talk about looking stupid and hypocritical.
Almost all cuts to the top rate have occurred while Democrats controlled both houses of Congress.
They say one thing on the campaign trail and do another thing in office.
There is another thread on P & C - asking why Wallstreet supports Democrats.
This is exactly why - it is the Democrats that put money in their pockets at the expense of the rest of us.
Even the Left Tax people agree that the Democrats favor the 1%. LIV’s remain clueless.
OR ... they are willfully Blind and like paying their own money to the Rich.
The Tax Policy Center recently found that more than 96 percent of the tax cuts that would come from repealing the cap would go to the top 20 percent of households in terms of income.
The left-leaning Institute on Taxation and Economic Policy concluded this month that 63 percent of the tax benefits that would result from axing the cap would go to the richest 1 percent of taxpayers.
Imagine being a liberal leader, one day you are foaming at the mouth against tax cuts that favored the 1% and the next day you are on the 1% side seeking tax cuts in their favor. Talk about looking stupid and hypocritical.
We all understand WHY the leaders do this.
The real mystery is their dumb followers who fall for this hypocrisy daily. Totally clueless.
We all understand WHY the leaders do this.
The real mystery is their dumb followers who fall for this hypocrisy daily. Totally clueless.
That's because they believe anything their TV's tell them to.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
