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.
The Federal sales tax deduction was eliminated in 1986.
I am none too keen on any deductions/ credits and favor a simple flat tax on gross income.
I believe this is inaccurate, and I'm familiar with the issue, being in a state with no income tax and high sales taxes.
The SALT cap was one of the best achievements of the Trump admin, along with his moving of our embassy in Israel. Sure there are other problems with the tax system, but we have to take one step at a time.
Over time, the SALT cap will force high tax states to reduce tax rates since they can no longer fob them off on the other 49 states as they had been. It will take time, but will eventuate. I don't see how any sane and honest person could have a problem with this. It's basic fairness.
Spot on. And Republican support of the SALT limit decimated the GOP in California. Gotta love that one of the biggest targets suffering the cost is Texas. Downright poetic. Their property taxes are one of the highest in the country.
And? Why should taxpayers in other states subsidise the state taxes of Texas, CA or any other state? Why should middle class taxpayers anywhere subsidise the state taxes of the rich-which is what has been happening. Now, correct me if I'm wrong, but doesn't this (SALT cap) limit deductions for all state taxes, property, sales and income? IIRC, Texas does have a high property tax-but no state income tax. Their overall tax load is lower than many states.
This does something entirely useful-it encourages taxpayers to demand that their states get spending under control and lower their taxes to something remotely reasonable. When taxpayers in other states subsidized those state taxes, there was far less incentive. Hopefully these high-tax states can be turned around and become far more affordable for their residents.
I paid more taxes because of the SALT limits which I am okay with but I would really like to see limits on investment income taxes... It's 20% for me but I would limit it to the first $100,000, after that it is taxed at the highest tax rate... Then we can give Bill Gates et al what should of happened a long time ago...
The economy got better when the capital gains tax was lowered during the Clinton administration.
Capital gains tax best rate for the rich (income over $400,000/year) is 20%. That's already a higher effective federal income tax rate than the bottom 99%. So, quite clearly, you're wrong... yet again.
That doesn’t address the point, Mitt Romney’s effective tax rate was 14%. Large capital gains, carried interest and other loopholes went unaddressed, if you want fairness let’s start with the obvious rather than cherry picking. The 2017 was supposed to be sweeping reform, it was a failure addressing fairness.
That doesn’t address the point, Mitt Romney’s effective tax rate was 14%. Large capital gains, carried interest and other loopholes went unaddressed, if you want fairness let’s start with the obvious rather than cherry picking. The 2017 was supposed to be sweeping reform, it was a failure addressing fairness.
That's still more than the average effective federal income tax rate paid by the bottom 99%.
It's a very valid argument. 14% of $1 million is $140,000. 10% of $100,000 is $10,000.
Which is more? That is, WHO'S paying MORE in federal income tax?
The $140,000 payer?
Or the $10,000 payer?
For access to the exact same Fed Gov services...
The tax rate for $ 100,000 is just under 20%, where did you get 10%.
Its not a question of who is paying more in gross amount, its supposed to be a progressive system.
The PGPF chart is interesting in that it includes how federal excise taxes and the corporate income tax affects each income group. Most people don't realize that corporate income tax is included as overhead in the pricing formula for goods/services and is therefore embedded in the price of everything we buy. Corporations dont actually pay it. It's passed on to the end users/consumers. It's a hidden tax on whoever buys a corporation's goods or services.
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.
