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what until the democrats regain control in Washington and impose federal taxes on every income group to pay for universal healthcare....heads will explode when all americans' taxes go way up to pay for it....and universal health care is coming.
Completely false. When people no longer have astronomical premiums, deductibles, copays, balance billing and out-of-pockets, any taxes paid for national health insurance will be FAR LESS than they are now paying for the LUXURY of their private, FOR PROFIT INSURER.
Canadians pay far less overall for taxes and healthcare than US people do, notwithstanding all lies to the contrary - and they have ZERO worries on huge costs. I know a few very well-to-do people in Canada and some transplants who now live in FL - they think the US healthcare costs are nuts. And, I agree.
Health insurance in this country is a scam. Which is why millions are so relieved when they are finally eligible for Medicare.
Paid $17k in taxes for 2018, got a $734 refund
Paid $22.5k in in 2017, got a $1,947 refund
Sure the refund shrunk, but taxes were reduced by $4,287 for the year. And gotta love living in WA with nothing to even file with the state. So it's a "blue" state which wasn't really impacted.
I did use to itemize with mortgage interest and such, much simpler with the standard. Though my charitable giving doesn't matter anymore tax wise. Still do it, just don't bother getting a receipt anymore.
Paid $17k in taxes for 2018, got a $734 refund
Paid $22.5k in in 2017, got a $1,947 refund
Sure the refund shrunk, but taxes were reduced by $4,287 for the year.
At the expense of a BALLOONING DEFICIT AND DEBIT - all of which creates serious fiscal instability (think financial crash) in this country going forward.
THERE IS NO FREE LUNCH.
The GOP KNEW that tax reform was CRIMINALLY IRRESPONSIBLE when they wrote it - that any little thing could create SPIRALING DEBT. Well Trump sure did with his tariffs - 80% of corporate guidance going forward is lower - which means lower tax receipts and unemployment - causing further deficits.
The bill itself was THEFT - borrowing money this country doesn't - and won't - ever have.
How stupid are the Trump voters in this country??? VERY VERY STUPID.
If you think this is bad, wait until small business S-Corps file, because they will be the hardest his.
Quote:
Originally Posted by InformedConsent
Again, only those in high tax blue states will be negatively impacted.
No, that is simply not true. S-Corps will be hit hard by Trump's tax law, and it has nothing to do with where you live, or with deductions on homes etc.
If they have good accountants, many should've converted to C corps by now and gotten a tax cut, or use the new pass-through deduction.
Majority of the rest will be hammered in high tax states as well, just like individuals. Good. They voted for this in the first place. Pay taxes you voted for, or relocate to a low tax state to get even higher decrease in your taxes.
Nope. Nothing to do with the State you live in. I have a good accountant, and in May he told me he had been to five seminars about the new taxes and no one knew exactly how the law will impact S-Corps, but he said it looked like S-Corps (self employed people) would have to pay Payroll taxes on 70% of their income, which would translate to a massive tax hike, since the main purpose of many S-Corps is to reduce payroll taxes to a minimum, and the old law allowed for it, but the new does not.
I terminated my S-Corp in June, as did many others, but I'll let you know how bad I got hit for the first half of the year.
At the expense of a BALLOONING DEFICIT AND DEBIT - all of which creates serious fiscal instability (think financial crash) in this country going forward.
Wait, you care about government deficit now, but not over the past 8 years when Dems were in power?
Ideally, you'd shrink the government spending and decrease taxes at the same time, we can agree on that.
I'd take increasing deficits by decreasing taxes over increasing deficits by increasing government spending any day though.
It actually angers me that trump supporters are full of glee because the middle class in blue states are being taxed more. trump seems to be a petty vindictive con man. No class whatsoever. I live in a red state in the south, but I am not celebrating the fact hard working middle class people in blue states have to pay more. I guess trump supporters have no problem with the fact that red states take more money from the Feds than blue states. Self righteous hypocrites some trump supporters are. I really hope a dem gets elected in 2020 that will wipe the smile off the faces of the MAGA crowd.
i am middle class in a blue state (IL) and I am paying quite a bit less. i have 0 sympathy for those that feel they need to live in the suburbs and pay thru the nose in property taxes.
Obama was faced with The Great Recession. Ten years later this country is still paying the price for the financial crisis.
DEFICITS ARE APPROPRIATE IN THOSE CIRCUMSTANCES.
Every economist agrees with the foregoing - only myopic Obama haters refuse to acknowledge FACT.
The current stimulus served virtually ZERO useful purpose. Companies used that money for stock buybacks. Only 23% of the tax incentives when to CapEx.
there always seems to be some excuse for obama. he gets to take credit for things when he's not in office and deflect blame when he is. he is almost like a deity to some.
The personal exemption was removed. This means it doesn't make sense for many people to itemize even when they used to itemize. Those that do itemize will no longer have the $4050/per person exemption. This means a couple with 1 child would lose the $12,150 personal exemptions that they previously had. They used to include that $12,150 deduction with their mortgage interest, property tax and state tax when they itemized. Ouch, even for low tax states.
Losing the personal exemption is a major hit for anyone that itemizes, forcing them to choose the standard deduction over itemizing. In other words, many will no longer deduct their mortgage interest or property taxes, regardless what state they live in.
Families should not be subsidized by couples that choose not to have kids. You breed'em. You feed'em.
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