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In blue states? Break even if not a homeowner. Hurt if in the lower end of the upper middle-class if a homeowner, break even after AMT in the upper end of the upper middle class. At least according to the anecdotes I've heard, welcome to changing my mind if someone wants to dig up and link data.
The tax plan was seriously partisan based on geography. SALT cap was a middle finger to middle and upper-middle income blue state residents. Lots of angry blue state Republicans, only surprise is these people took so long to figure it out.
So you're saying those in blue states don't believe in higher-income people paying their fair share? That it is right for them to subsidize their high local tax policies-that they voted for-on the backs of federal taxpayers in other states? Tell me-why should two families with the same income pay less in federal income taxes if they live in NY than if they live in Alabama? In what way is that fair? If blue-state taxpayers have a problem-they can go after their local representatives and demand that their taxing districts reign in their out-of-control spending policies.
Obama "inherited" about a $10 trillion debt-he left Trump a $20 trillion one. He can not blame Bush for everything that happened during his administration-any more than he can claim credit for what happened 2 years after he left office.
Fortunately under Trump-we have record high tax revenues-we don't have a revenue problem, we have a spending problem. And that has been true under both parties.
That is a mistake. The record high is on one side of the ledger. It is more then offset by the corporate side which is historically low. The tax cuts have done more harm to the ability to spend then fully understood.
People at the lower and middle income levels have less, while the Top 1% have way more. Corporations are not spending on areas where they used to get large tax breaks.
Between Trump's tax cuts and his tariffs we are watching a slow turn in the economy. Most resent unemployment now at 4% and U6 went up a half percent to 8.5%
Corporations are making huge profits and it is not being seen.
So you're saying those in blue states don't believe in higher-income people paying their fair share? That it is right for them to subsidize their high local tax policies-that they voted for-on the backs of federal taxpayers in other states? Tell me-why should two families with the same income pay less in federal income taxes if they live in NY than if they live in Alabama? In what way is that fair? If blue-state taxpayers have a problem-they can go after their local representatives and demand that their taxing districts reign in their out-of-control spending policies.
Another Obama supporter trying to blame the Obama deficit and debt increase on GWB. Guess what-Obama was pres from 2009 until JA 2017. He actually has some responsibilities-though he did seem forget that.
You clearly are mathematically challenged if you don't understand what the Bush tax cuts and great recession did when Obama took office.
You wouldn't be the only one though. Republicans seem to never care about the national debt unless a dem is the white house
Quite a coincidence this 'news' comes out after Gov. Cuomo revealed NY is billions of dollars in the hole because rich people have moved to Florida to escape NY taxes!
Do you have a link to show him saying that as a the reason?
New Yorkers have been coming here for decades to escape the weather and the rat-race atmosphere of NYC.
For better or worse we as a nation have overspent relative to tax revenue so badly for the last 20 years (fault of both parties, Bush, Obama, and Trump all made things worse) that our government debt is now greater than our GDP. Historically if you look at countries with debt that has gotten that high, you see few cases of actually paying that down (Canada, Netherlands, Australia), a bunch of defaults (outright and inflationary), and a bunch of cases yet to play out fully (now including us).
I would not bet even money that this gets paid back over our lifetime - much more likely the debt either remains or gets defaulted on either explicitly or through inflation.
I half-expect the Federal Reserve to gradually print money out of thin air to buy US Treasuries, the proceeds of which would then be used to pay down the national debt (over several years), much like they created $2 trillion out of thin air to bailout Fannie and Freddie. F&F still owes the Federal Reserve $1.62 trillion, according to the Federal Reserve's latest H.4.1.
All of the property owners in high tax low-child families in CA, NY, NJ, IL should be getting hammered right about now, and rightly so.
And why do you say "rightly so"?
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