I am surprised this has not generated a discussion. I call it the "Trump Tax" because President Trump set tax reform in motion. Trump Tax is just as important, if not more than, ObamaCare is. The whole proposed tax plan is worthy of discussion, including the lies the Dumbocrats have tried to peddle, earning them four Pinochios.
After the tax reform framework was revealed last month, some lawmakers grumbled about a provision that would eliminate state and local tax deductions – meaning taxpayers in high-taxed states would lose a write-off. This impacted mostly blue states, such as California and New York.
The latest bill ditches a full repeal of the deductions, called SALT, and instead leaves in place state and local property tax deductions up to $10,000. However, other deductions – such as income and sales tax – would be eliminated.
“I view the elimination of the deduction as a geographic redistribution of wealth, picking winners and losers,” said Rep. Lee Zeldin, R-N.Y.,., who also said he doesn’t support the current bill.
I never knew citizens could deduct state and local taxes, . WTF, I repeat, what the frack ? Say it with me folks. "Taxation without representation". As the article says, the Blue States (California, NY, etc), benefit from this, because they elected people to make their taxes higher. Why should other people subsidize their fair share of the Federal tax burden ?
Riddle me this. Who is this moron from NY, Rep. Lee Zeldin, (R) ? Talking about picking winners and losers, ? He is a Republican ?
He has a convoluted thinking style. Those, or the provision in the tax code allowing state and local federal tax deductions, picked winners and losers. The only reason he is thinking he is going to be a loser is because he was picked as a winner. MORON !
There is much more to talk about regarding Trump Tax. Discuss.
[This message has been edited by cliffw (edited 11-03-2017).]
I never knew citizens could deduct state and local taxes
Not all can. It usually depends what is being bought and taxed. (I'm assuming you were aware you could deduct your county property tax payments? If not, you need a better tax preparer)
At this point, I'm giddy. If for no other reason than that Taxes are being seriously addressed.
The shrinking middle class has been and is carrying the vast majority of the burden. Personally, I'm all in favor of doing away with all deductions and going to a flat tax. Pick a percentage, I don't care at this point. Everyone pays (let's say) 20% of their income. Yeah, I know that'll just cause some of us to barter and make cash payments more prevalent but, that's already going on.
I'm just happy to see it being looked at. High five to President Trump. I fully expect some changes, I don't agree with corporate taxes being reduced as much as 15% but, it's a start of a very important discussion. Regardless of how much corporations get taxed, they simply pass that cost on to the consumer so, we are paying it anyway so, maybe it's not such a bad deal.
Originally posted by maryjane: (I'm assuming you were aware you could deduct your county property tax payments? If not, you need a better tax preparer)
I was not aware of that. Why should I deserve to be able to ? You, ... should be able to collect your SS and what other benefits.
Again, somebody else would be paying for my Federal tax dodge. Known as a loophole. How is this fair to people who rent ? They pay property tax indirectly, built into their rent. How is this fair ?
Telling is that every ... entity that claims being a loser in the Trump Tax, is a Blue State. Not only do they want to spend 'other people's money', they want me to spend my money on them.
quote
Originally posted by blackrams: The shrinking middle class has been and is carrying the vast majority of the burden.
No. The stats are that, the richest fund the vast amount of the tax burden, True that the Middle Class is getting screwed.
Lots more to learn but so far it looks like I as a single retired guy will have to pay more so that giant corporations and rich people can have more. I hope I'm wrong.
Lots more to learn but so far it looks like I as a single retired guy will have to pay more so that giant corporations and rich people can have more. I hope I'm wrong.
Using a crystal ball, tea leaves, tarot cards or what? That's very insightful, especially since the whole of Congress hasn't had a look at it. And, no changes have been made yet (to my knowledge).
This won't be like the Affordable Health Care Act, everyone will get a chance to read it prior to voting it into law. I feel quite certain there will be some compromises made by both sides. Both sides want to win votes by taking some credit.
------------------ Ron
Isn't it strange that after a bombing, everyone blames the bomber, his upbringing, his environment, his culture, his mental state but … after a shooting, the problem is the gun.... Open your frigg'n minds, think about all the other tools that can be made into WMDs.
I sincerely hope that life is never discovered on another planet because, sure as hell Progressives and Socialists will want to send them money.
Originally posted by cliffw: I never knew citizens could deduct state and local taxes, . WTF, I repeat, what the frack ? Say it with me folks. "Taxation without representation". As the article says, the Blue States (California, NY, etc), benefit from this, because they elected people to make their taxes higher. Why should other people subsidize their fair share of the Federal tax burden ?
Riddle me this. Who is this moron from NY, Rep. Lee Zeldin, (R) ? Talking about picking winners and losers, ? He is a Republican ?
He has a convoluted thinking style. Those, or the provision in the tax code allowing state and local federal tax deductions, picked winners and losers. The only reason he is thinking he is going to be a loser is because he was picked as a winner. MORON !
There is much more to talk about regarding Trump Tax. Discuss.
Yes, you can deduct your local income or sales taxes if you itemize. It is on the Schedule A line 5. You can also deduct your property taxes. All of those deductions are citizens in low tax states subsidizing citizens of high tax states.
My answer to everyone that complains about these deductions going away is for state to allow their citizens to deduct their federal taxes. That way the overall tax burden on the citizens stays the same. No citizen in a low tax state will be subsidizing higher tax states.
Originally posted by Doug85GT: Yes, you can deduct your local income or sales taxes if you itemize. It is on the Schedule A line 5. You can also deduct your property taxes. All of those deductions are citizens in low tax states subsidizing citizens of high tax states.
My answer to everyone that complains about these deductions going away is for state to allow their citizens to deduct their federal taxes. That way the overall tax burden on the citizens stays the same. No citizen in a low tax state will be subsidizing higher tax states.
Thanks for weighing in Doug. We have some smart fellows aboard and I feel this topic needs discussion. Doug, how does one deduct their Federal taxes from their Federal tax ? Do you mean that Federal tax burdens can be used to lower State and local taxes ?
I like that.
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Originally posted by blackrams:
By percentage or by amount paid,
Let's face it, 30% of what I make is no where near what a Paris Hilton could pay.
But, the percentage of our incomes are extremely different.
By percentage AND amount paid. Of course, what you make is no where near what a Paris Hilton could pay. You are blackrams, known the world over. Look at what you said, and, thanks for playing.
The percentages of anyone's income, whatever that means, are going to be different.
quote
Originally posted by blackrams: I'm all in favor of doing away with all deductions and going to a flat tax. Pick a percentage, I don't care at this point. Everyone pays (let's say) 20% of their income.
OK, we can start a discussion there. Your proposal seems fair. Is it ?
You have thought of a flat tax. I am more of a fair tax guy. Taxed on what you spend. Prostitutes, drug dealers, other upstanding citizens, they will not pay a flat tax but they will have to, in most cases, pay a fair tax. Which is a tax on what you spend. The rich will be taxed the most because they spend more.
Originally posted by cliffw: Thanks for weighing in Doug. We have some smart fellows aboard and I feel this topic needs discussion. Doug, how does one deduct their Federal taxes from their Federal tax ? Do you mean that Federal tax burdens can be used to lower State and local taxes ?
I like that.
Yes, deduct federal taxes from state taxes. IMO, that is the fairest way to do it since federal taxes are the same across the country. That way everyone in the same income bracket pays the same across the country. As we have it today, someone making $100k in a high tax state like California pays less federal taxes than someone in a state with no income tax like Texas.
To do that, each state would have to change how they handle their taxes. They have relied on the feds allowing a deduction in order to reduce the tax burden on their citizens. Eliminate that tax deduction and people will put pressure on their state and local governments to lower the tax burden.
Isn't it strange that after a bombing, everyone blames the bomber, his upbringing, his environment, his culture, his mental state but … after a shooting, the problem is the gun.... Open your frigg'n minds, think about all the other tools that can be made into WMDs.
I sincerely hope that life is never discovered on another planet because, sure as hell Progressives and Socialists will want to send them money.
You know Paris Hilton doesn't "make" any money, she is givin' everything.
What middle class?.?.? if you are not rich, you are poor, no middle left.
Yes there are alot of deductions you can take, but unless you run a business, most deductions don't go over the standard deduction (personal taxes) thus is pointless.
"You know Paris Hilton doesn't "make" any money, she is givin' everything."
You do know she OWNs several large businesses all by herself and they have nothing at all to do with Hilton Hotels...right. Shes worth millions without including a dime of hotel money. It is true she prob used some of that to get going. Her perfume business nets over a billion in sales annually by itself.She dont need a dime of dads hotel money. http://stylecaster.com/paris-hilton-net-worth/
Some of you are as knowledgeable of her as you are Tesla...another words pretty much nothing.
my boo boo. sorry. I was typing faster than I was thinking. Perfect english was never my strong subject. Cross is off as speaking as I say it like black say dis, dat, dem, axe...lol
. WTF, I repeat, what the frack ? Say it with me folks. "Taxation without representation". As the article says, the Blue States (California, NY, etc), benefit from this, because they elected people to make their taxes higher. Why should other people subsidize their fair share of the Federal tax burden ?
? He is a Republican ?
Look at what you said, and, thanks for playing.
