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.
Democratic 2020 contenders are pushing some of the most progressive tax proposals in decades, a sign that the debate over one of President Donald Trump’s signature achievements–the Republican tax overhaul–could become a crucial issue in the primary elections.
The 2017 tax law was a major victory for Republicans who had long claimed that lowering taxes would drive economic growth. Democrats bitterly opposed the overhaul, arguing that the wealthy and corporations didn’t need a tax cut.
Now, more than a year after Trump signed the tax cuts bill, the two parties are as divided as ever on taxes.
While there’s widespread consensus among 2020 Democrats that taxes on the wealthy should go up, there’s disagreement on the details and no two proposals look exactly alike, a sign that economic policy could dominate the Democratic primaries.
Democratic 2020 contenders are pushing some of the most progressive tax proposals in decades, a sign that the debate over one of President Donald Trump’s signature achievements–the Republican tax overhaul–could become a crucial issue in the primary elections.
The 2017 tax law was a major victory for Republicans who had long claimed that lowering taxes would drive economic growth. Democrats bitterly opposed the overhaul, arguing that the wealthy and corporations didn’t need a tax cut.
Now, more than a year after Trump signed the tax cuts bill, the two parties are as divided as ever on taxes.
While there’s widespread consensus among 2020 Democrats that taxes on the wealthy should go up, there’s disagreement on the details and no two proposals look exactly alike, a sign that economic policy could dominate the Democratic primaries.
Looks like very different takes on how taxes should would and how much.
Most of those tax proposals are disgusting to me. Bernie’s 77% death tax? Please.
And all those other dems who want to raise taxes? The economy is humming along perfectly now. Unemployment is at all time lows. The stock market is up. Why mess with a good thing? If it ain’t broke, dont fix it.
If it weren’t for this issue, I might actually vote for a democrat once in a while. No matter how good they might be in other areas, they always have their hand in your pocket.
Most of those tax proposals are disgusting to me. Bernie’s 77% death tax? Please.
And all those other dems who want to raise taxes? The economy is humming along perfectly now. Unemployment is at all time lows. The stock market is up. Why mess with a good thing? If it ain’t broke, dont fix it.
If it weren’t for this issue, I might actually vote for a democrat once in a while. No matter how good they might be in other areas, they always have their hand in your pocket.
Actually, Trump's tax reform dinged the wealthy. It capped the formerly unlimited SALT tax deduction loophole. And they're squealing like stuck pigs about it. For example...
Quote:
"A $1 million-plus wage earner came to her tax preparer last weekend to see what the Trump tax cuts, which went into effect for the 2018 tax year, would mean for her tax return due April 15. And boy, was she disappointed. Last year, she deducted $245,500 in real estate taxes, state income taxes and personal property taxes. This year her deduction for these state and local taxes was limited to just $10,000, because of the new SALT cap.
“It’s a real hit,” says her tax pro, Claudia Hill, an enrolled agent in Cupertino, California. “This is why people who have this kind of situation are screaming.”
...To fully benefit from the reduction in the top income tax rate, you’d have to live in a state with no state income tax, says tax lawyer Kaye Thomas, who figures that California’s highest earners are facing a federal effective rate that’s 2.7 percentage points higher in 2018 than 2017 because of the interaction between state and federal taxes. (He explains the math in Tax Reform’s Wealthy Losers)."
Because democrats, that are definitely communists, by the progressive tax proposals they undermine the wellbeing and freedom of the ones who are not commies. That's the way the international left operates in the free societies with capitalism economic system in a constitutional state of rights.
Actually, Trump's tax reform dinged the wealthy. It capped the formerly unlimited SALT tax deduction loophole. And they're squealing like stuck pigs about it. For example...
I call BS on the article. First of all, she must be making a lot more than $1M in order to have $250K in deductions without getting hit with the AMT. They said $1M+, which seems purposely deceptive right from the get go.
Then they claimed she got hit with the changes in the mortgage interest deduction, but the mortgage interest deduction is grandfathered in. The only way she would have got hit with that change would be if she moved or refinanced since the change, in which case, she knew what she was getting into, or at least she should have.
Location: Just transplanted to FL from the N GA mountains
3,997 posts, read 4,158,093 times
Reputation: 2678
Quote:
Originally Posted by InformedConsent
Actually, Trump's tax reform dinged the wealthy. It capped the formerly unlimited SALT tax deduction loophole. And they're squealing like stuck pigs about it. For example...
I call BS on the article. First of all, she must be making a lot more than $1M in order to have $250K in deductions without getting hit with the AMT. They said $1M+, which seems purposely deceptive right from the get go.
Could be, but if her effective tax rate (including the SALT deductions) is higher than the AMT tax rate, she'd have to pay the higher tax rate. Now that the SALT tax deduction is capped at $10,000, she'll have to pay even more.
Quote:
Then they claimed she got hit with the changes in the mortgage interest deduction, but the mortgage interest deduction is grandfathered in. The only way she would have got hit with that change would be if she moved or refinanced since the change, in which case, she knew what she was getting into, or at least she should have.
Yeah, well... People are stupid.
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.
