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RE: Senate to vote soon on tax bill - 1/7/2018 12:01:16 PM   
DesideriScuri


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quote:

ORIGINAL: sloguy02246
3. STATE/LOCAL INCOME TAXES and PROPERTY TAXES
In 2017, all your current state and/or local income taxes and your property taxes are fully deductible.
But not any more under the new bill. Beginning in 2018, the total of all your state/local income taxes plus your property taxes are now capped at $10,000/year.
What? Your income and property taxes are over $10,000 a year? You are SOL.


I bet this one is only going to be good for "the rich."


_____________________________

What I support:

  • A Conservative interpretation of the US Constitution
  • Personal Responsibility
  • Help for the truly needy
  • Limited Government
  • Consumption Tax (non-profit charities and food exempt)

(in reply to sloguy02246)
Profile   Post #: 281
RE: Senate to vote soon on tax bill - 1/7/2018 12:03:20 PM   
MrRodgers


Posts: 10538
Joined: 7/30/2005
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quote:

ORIGINAL: sloguy02246

FR -

While this discussion has generally centered on the overall impact of the new tax bill, has anyone noticed the individual provisions in the current law that are being changed, such as:

1. ALIMONY
Paying alimony to an ex-spouse? For 2017 you can now deduct those payments from your gross income, while your ex-spouse must declare the payments as income.
But not any more under the new bill. In 2018 your payments are no longer deductible and the ex doesn't have to declare them as taxable income. You not only must make the payments, but also absorb the taxes as well. Sweet deal for the ex, huh?

2. MOVING EXPENSES
In 2017, certain moving expenses incurred when changing jobs are deductible from income.
But not any more under the new bill. Starting in 2018, no moving expenses are deductible - unless you are in the military and are being reassigned.

3. STATE/LOCAL INCOME TAXES and PROPERTY TAXES
In 2017, all your current state and/or local income taxes and your property taxes are fully deductible.
But not any more under the new bill. Beginning in 2018, the total of all your state/local income taxes plus your property taxes are now capped at $10,000/year.
What? Your income and property taxes are over $10,000 a year? You are SOL.

Lots of other changes as well, like the residency requirement for the one-time $250,000 exclusion when selling your home.
Maybe some of these "other" changes will nullify the "tax cuts" everyone thinks they will be getting.

There are many 1,000's of those in the middle class that will in this bill, see...their taxes go up.

Money talks and if you don't have enough free speech (money) well, you aren't going to be heard.

Don't despair, all of those who mortgaged one of those real nice good size McMansions or larger yet, won't get the full mortgage interest deduction anymore.

_____________________________

You can be a murderous tyrant and the world will remember you fondly but fuck one horse and you will be a horse fucker for all eternity. Catherine the Great

Under capitalism, man exploits man. Under communism, it's just the opposite.
J K Galbraith

(in reply to sloguy02246)
Profile   Post #: 282
RE: Senate to vote soon on tax bill - 1/7/2018 12:17:47 PM   
BoscoX


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quote:

ORIGINAL: MrRodgers

There are many 1,000's of those in the middle class that will in this bill, see...their taxes go up.

Money talks and if you don't have enough free speech (money) well, you aren't going to be heard.

Don't despair, all of those who mortgaged one of those real nice good size McMansions or larger yet, won't get the full mortgage interest deduction anymore.


Leftists are normally the first to criticize what they call "loopholes" and demand that people are taxed (punished) proportionate to their wealth (success)

How is closing this loophole, which hits the wealthy hardest, not right in line with your Marxist ideals


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(in reply to MrRodgers)
Profile   Post #: 283
RE: Senate to vote soon on tax bill - 1/7/2018 12:31:39 PM   
MrRodgers


Posts: 10538
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quote:

ORIGINAL: BoscoX


quote:

ORIGINAL: MrRodgers

There are many 1,000's of those in the middle class that will in this bill, see...their taxes go up.

Money talks and if you don't have enough free speech (money) well, you aren't going to be heard.

Don't despair, all of those who mortgaged one of those real nice good size McMansions or larger yet, won't get the full mortgage interest deduction anymore.


Leftists are normally the first to criticize what they call "loopholes" and demand that people are taxed (punished) proportionate to their wealth (success)

How is closing this loophole, which hits the wealthy hardest, not right in line with your Marxist ideals


Loopholes in a tax code, were created to sell from right off the congressional retail shelf and should be judged as the product of a corrupt congress.

Enemy to the libertarian and if conservatism hadn't sold out and become rent-seeking corporatists, may not be the problem everyone feels they are.

But no, the right in America jumped right on that cash cow and with the dems, have made K St. worth $30 for every 1$ invested.

Oh and there is simply no rationale for being able to deduct the interest on any mortgage above $500,000 if that and I think the new limit is $750,000. Like I've said, it's primarily...a moral question.

_____________________________

You can be a murderous tyrant and the world will remember you fondly but fuck one horse and you will be a horse fucker for all eternity. Catherine the Great

Under capitalism, man exploits man. Under communism, it's just the opposite.
J K Galbraith

(in reply to BoscoX)
Profile   Post #: 284
RE: Senate to vote soon on tax bill - 1/7/2018 12:39:17 PM   
BoscoX


Posts: 9572
Joined: 12/10/2016
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quote:

ORIGINAL: MrRodgers


quote:

ORIGINAL: BoscoX


quote:

ORIGINAL: MrRodgers

There are many 1,000's of those in the middle class that will in this bill, see...their taxes go up.

Money talks and if you don't have enough free speech (money) well, you aren't going to be heard.

Don't despair, all of those who mortgaged one of those real nice good size McMansions or larger yet, won't get the full mortgage interest deduction anymore.


Leftists are normally the first to criticize what they call "loopholes" and demand that people are taxed (punished) proportionate to their wealth (success)

How is closing this loophole, which hits the wealthy hardest, not right in line with your Marxist ideals


Loopholes in a tax code, were created to sell from right off the congressional retail shelf and should be judged as the product of a corrupt congress.

Enemy to the libertarian and if conservatism hadn't sold out and become rent-seeking corporatists, may not be the problem everyone feels they are.

But no, the right in America jumped right on that cash cow and with the dems, have made K St. worth $30 for every 1$ invested.


Hilariously foolish non-answer.

_____________________________

Great minds discuss ideas; average minds discuss events; howler minds howl about people.

M

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G

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(in reply to MrRodgers)
Profile   Post #: 285
RE: Senate to vote soon on tax bill - 1/7/2018 12:47:45 PM   
MrRodgers


Posts: 10538
Joined: 7/30/2005
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quote:

ORIGINAL: BoscoX


quote:

ORIGINAL: MrRodgers


quote:

ORIGINAL: BoscoX


quote:

ORIGINAL: MrRodgers

There are many 1,000's of those in the middle class that will in this bill, see...their taxes go up.

Money talks and if you don't have enough free speech (money) well, you aren't going to be heard.

Don't despair, all of those who mortgaged one of those real nice good size McMansions or larger yet, won't get the full mortgage interest deduction anymore.


Leftists are normally the first to criticize what they call "loopholes" and demand that people are taxed (punished) proportionate to their wealth (success)

How is closing this loophole, which hits the wealthy hardest, not right in line with your Marxist ideals


Loopholes in a tax code, were created to sell from right off the congressional retail shelf and should be judged as the product of a corrupt congress.

Enemy to the libertarian and if conservatism hadn't sold out and become rent-seeking corporatists, may not be the problem everyone feels they are.

But no, the right in America jumped right on that cash cow and with the dems, have made K St. worth $30 for every 1$ invested.


Hilariously foolish non-answer.

It is the ideal objective answer. It is you that can't resist the partisan swill.

_____________________________

You can be a murderous tyrant and the world will remember you fondly but fuck one horse and you will be a horse fucker for all eternity. Catherine the Great

Under capitalism, man exploits man. Under communism, it's just the opposite.
J K Galbraith

(in reply to BoscoX)
Profile   Post #: 286
RE: Senate to vote soon on tax bill - 1/7/2018 12:59:03 PM   
BoscoX


Posts: 9572
Joined: 12/10/2016
Status: offline

You really believe that was an answer

Even more hilarious

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M

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(in reply to MrRodgers)
Profile   Post #: 287
RE: Senate to vote soon on tax bill - 1/7/2018 3:27:09 PM   
MasterJaguar01


Posts: 1424
Joined: 12/2/2006
Status: offline

quote:

ORIGINAL: BoscoX


You really believe that was an answer

Even more hilarious


I just hope sensible people take over Congress and repeal this thing before my taxes go up at the end of this year.

(in reply to BoscoX)
Profile   Post #: 288
RE: Senate to vote soon on tax bill - 1/7/2018 4:04:23 PM   
BoscoX


Posts: 9572
Joined: 12/10/2016
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quote:

ORIGINAL: MasterJaguar01


quote:

ORIGINAL: BoscoX


You really believe that was an answer

Even more hilarious


I just hope sensible people take over Congress and repeal this thing before my taxes go up at the end of this year.


Congress isn't making your taxes go up, those are taxes that your state imposes. Congress is simply ending the unfair subsidy that high property tax states enjoy from the federal government at the expense of lower property tax states

If you are really that concerned about your taxes and you had any sense you would hope that fiscal conservatives take over your state rather than hope that leftists take control of Congress

_____________________________

Great minds discuss ideas; average minds discuss events; howler minds howl about people.

M

A

G

A

(in reply to MasterJaguar01)
Profile   Post #: 289
RE: Senate to vote soon on tax bill - 1/7/2018 4:10:32 PM   
MasterDrakk


Posts: 321
Status: offline
So what are you doing about all the deadbeat rightist states that pay no taxes and mooch it off the federal government, to the detriment of just about half the states? Oh, you didn't know about that? Or you are spewing factless lying propaganda?

I vote you are howling dementedy like the rightwing imbecile you are.

(in reply to BoscoX)
Profile   Post #: 290
RE: Senate to vote soon on tax bill - 1/7/2018 4:13:38 PM   
MasterJaguar01


Posts: 1424
Joined: 12/2/2006
Status: offline
quote:

ORIGINAL: BoscoX


quote:

ORIGINAL: MasterJaguar01


quote:

ORIGINAL: BoscoX


You really believe that was an answer

Even more hilarious


I just hope sensible people take over Congress and repeal this thing before my taxes go up at the end of this year.


Congress isn't making your taxes go up, those are taxes that your state imposes. Congress is simply ending the unfair subsidy that high property tax states enjoy from the federal government at the expense of lower property tax states

If you are really that concerned about your taxes and you had any sense you would hope that fiscal conservatives take over your state rather than hope that leftists take control of Congress



Ummm no. Congress took away my exemptions. That has NOTHING to do with my state. Try again?

Oh and considering my state has the #1 ranked state economy in the nation, I think we are doing ok :)

(in reply to BoscoX)
Profile   Post #: 291
RE: Senate to vote soon on tax bill - 1/7/2018 5:10:06 PM   
MrRodgers


Posts: 10538
Joined: 7/30/2005
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quote:

ORIGINAL: MasterJaguar01

quote:

ORIGINAL: BoscoX


quote:

ORIGINAL: MasterJaguar01


quote:

ORIGINAL: BoscoX


You really believe that was an answer

Even more hilarious


I just hope sensible people take over Congress and repeal this thing before my taxes go up at the end of this year.


Congress isn't making your taxes go up, those are taxes that your state imposes. Congress is simply ending the unfair subsidy that high property tax states enjoy from the federal government at the expense of lower property tax states

If you are really that concerned about your taxes and you had any sense you would hope that fiscal conservatives take over your state rather than hope that leftists take control of Congress



Ummm no. Congress took away my exemptions. That has NOTHING to do with my state. Try again?

Oh and considering my state has the #1 ranked state economy in the nation, I think we are doing ok :)

Well the limit on state income tax favors those states that substitute that with a fairly high sales tax and that's still deductible to my knowledge and could be more than your state income tax deduction.

Amazing isn't it how we are to vote for fiscal conservatives, that turn out to be anything but and have failed to now, for about 40-50 years.

Repubs have presided over trillion$ in red ink for that long. And yet, we are to still vote for them.

_____________________________

You can be a murderous tyrant and the world will remember you fondly but fuck one horse and you will be a horse fucker for all eternity. Catherine the Great

Under capitalism, man exploits man. Under communism, it's just the opposite.
J K Galbraith

(in reply to MasterJaguar01)
Profile   Post #: 292
RE: Senate to vote soon on tax bill - 1/7/2018 5:21:34 PM   
MasterJaguar01


Posts: 1424
Joined: 12/2/2006
Status: offline

quote:

ORIGINAL: MrRodgers


quote:

ORIGINAL: MasterJaguar01

quote:

ORIGINAL: BoscoX


quote:

ORIGINAL: MasterJaguar01


quote:

ORIGINAL: BoscoX


You really believe that was an answer

Even more hilarious


I just hope sensible people take over Congress and repeal this thing before my taxes go up at the end of this year.


Congress isn't making your taxes go up, those are taxes that your state imposes. Congress is simply ending the unfair subsidy that high property tax states enjoy from the federal government at the expense of lower property tax states

If you are really that concerned about your taxes and you had any sense you would hope that fiscal conservatives take over your state rather than hope that leftists take control of Congress



Ummm no. Congress took away my exemptions. That has NOTHING to do with my state. Try again?

Oh and considering my state has the #1 ranked state economy in the nation, I think we are doing ok :)

Well the limit on state income tax favors those states that substitute that with a fairly high sales tax and that's still deductible to my knowledge and could be more than your state income tax deduction.

Amazing isn't it how we are to vote for fiscal conservatives, that turn out to be anything but and have failed to now, for about 40-50 years.

Repubs have presided over trillion$ in red ink for that long. And yet, we are to still vote for them.



Actually it treats state sales tax and state income tax the same. They are both capped. So one isn't favored over the other.

My point is.... This horrible Republican tax increase is taking away my exemptions which has NOTHING to do with my state taxes.

AND it is capping my state and local tax deductions. (My sales tax deduction + my Property Tax deduction will be about 13k this year).



I have no idea why people think paying higher taxes is such a good idea.

(in reply to MrRodgers)
Profile   Post #: 293
RE: Senate to vote soon on tax bill - 1/7/2018 5:24:40 PM   
Lucylastic


Posts: 40310
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and insurance will skyrocket on top of it
YAY

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(in reply to MasterJaguar01)
Profile   Post #: 294
RE: Senate to vote soon on tax bill - 1/7/2018 5:33:04 PM   
DesideriScuri


Posts: 12225
Joined: 1/18/2012
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quote:

ORIGINAL: MasterJaguar01
I have no idea why people think paying higher taxes is such a good idea.


Ask those on the Left why paying higher taxes is such a good idea. That's practically their mantra.


_____________________________

What I support:

  • A Conservative interpretation of the US Constitution
  • Personal Responsibility
  • Help for the truly needy
  • Limited Government
  • Consumption Tax (non-profit charities and food exempt)

(in reply to MasterJaguar01)
Profile   Post #: 295
RE: Senate to vote soon on tax bill - 1/7/2018 5:41:12 PM   
MasterJaguar01


Posts: 1424
Joined: 12/2/2006
Status: offline
quote:

ORIGINAL: DesideriScuri

quote:

ORIGINAL: MasterJaguar01
I have no idea why people think paying higher taxes is such a good idea.


Ask those on the Left why paying higher taxes is such a good idea. That's practically their mantra.




I would, but those on the Left didn't pass this horrible tax increase bill :(

I live in a majority blue state, with one of the lowest tax schemes in the country. (Oh =, and the #1 ranked economy in the country)

6.5% sales tax + allowing individual cities and counties to add 0-3%
ZERO income tax.

Basically a consumption tax only :)


Our legislature, due to Republican gerrymandering, is evenly split. Which is fine, because I like our Republican legislators.

Our governor, whom I know personally, is a centrist Democrat who knows how to build a booming economy. All of our statewide officials are Democrats, except our Republican Secretary of State (maybe the only non-corrupt Republican SOS in the country).

And our two Senators, both women,and both of whom I have met are OUTSTANDING!

(in reply to DesideriScuri)
Profile   Post #: 296
RE: Senate to vote soon on tax bill - 1/11/2018 5:47:37 AM   
servantforuse


Posts: 6363
Joined: 3/8/2006
Status: offline
Ad Walmart to the growing list of companies giving raises and bonuses to their employees. Announced this morning, Walmart will raise their minimum to $11.00 per hour and give bonuses of up to $1000.00 to their employees.

(in reply to MasterJaguar01)
Profile   Post #: 297
RE: Senate to vote soon on tax bill - 1/11/2018 7:40:12 AM   
DesideriScuri


Posts: 12225
Joined: 1/18/2012
Status: offline
quote:

ORIGINAL: MasterJaguar01
quote:

ORIGINAL: DesideriScuri
quote:

ORIGINAL: MasterJaguar01
I have no idea why people think paying higher taxes is such a good idea.

Ask those on the Left why paying higher taxes is such a good idea. That's practically their mantra.

I would, but those on the Left didn't pass this horrible tax increase bill :(


Just because you are going to see a tax increase (and let's wait until everything is known about it first, k?) doesn't make it a bad bill overall.

For the majority of people, it's going to be a tax decrease.

How many Lefties who are all about more tax revenues do you think will continue to pay a higher amount of taxes than what they are now owed? That is, assuming they'll owe more taxes for 2017, how many do you think will pay the higher amount?

_____________________________

What I support:

  • A Conservative interpretation of the US Constitution
  • Personal Responsibility
  • Help for the truly needy
  • Limited Government
  • Consumption Tax (non-profit charities and food exempt)

(in reply to MasterJaguar01)
Profile   Post #: 298
RE: Senate to vote soon on tax bill - 1/11/2018 8:15:10 AM   
servantforuse


Posts: 6363
Joined: 3/8/2006
Status: offline
133 companies have given bonuses and or pay raises to their employees as a result of this tax reform bill. That's a big deal. That's just the beginning.

(in reply to MasterJaguar01)
Profile   Post #: 299
RE: Senate to vote soon on tax bill - 1/11/2018 11:23:00 AM   
MasterDrakk


Posts: 321
Status: offline
What is 133 as the ratio of all companies? It doesn't come anywhere close to a big deal. It is, however, very close to not happening whatsoever.

(in reply to servantforuse)
Profile   Post #: 300
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