Snow Drift
[Off-Road Assist] Activated
The proposal means you can only deduct the interest paid on the first $500k of your new homes mortgage. It doesn't mean you can deduct $500k in interest.
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Politics - Quarantine Thread
- Thread starter steve841
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The proposal means you can only deduct the interest paid on the first $500k of your new homes mortgage. It doesn't mean you can deduct $500k in interest.
This is the federal tax code. It applies to more states than just California. It's an interesting quirk of our federal government.
Uh... I hope this doesn't force you to refile for past years, there is no Federal Real Property Tax is there?
I think the reason why is because the Feds are the #1 property owner, and I don't think they could afford it...
Or you can go the GOP route and enrage most people while allowing the national dept to spiral out of control in order enrich the 1%.
voip-ninja
Give me some sugar baby
Oh my... we're going to go that way? Where was the concern with what happened with the debt over the past 8 years when spending hit unprecedented levels?
It seems people only become concerned about the national debt when the political party they disagree with is in power.
This info-graphic is potentially biased (I'm not sure it takes capital gains income into account which accounts for much of the wealth of .1% types) but does indicate that those in the middle of the road are getting a better tax cut percentage wise than the wealthy do.... It's also worth noting there are far fewer of people at the higher income level to make tax contributions.
The hypothetical family below with a $2M annual income get a 5% break the $85,000 middle average family gets a 10% break.
K-MTG
Sunshade Captain of TMC
According to the above chart by new tax liability would be a lot lower....but I would rather keep the current tax policy and maintain the $7500 rebate
Snow Drift
[Off-Road Assist] Activated
I think it is bc they are high earners and the only example with pass-through income (currently taxed @ 39.6, proposed @ 25%)
voip-ninja
Give me some sugar baby
Snow Drift
[Off-Road Assist] Activated
Yes, and in the old plan their $200k in pass-thru income was taxed at 39.6. In the proposed plan it is only 25%. That is why in the example they have the largest change in taxation. It is not just because they make $800k, it's the $200k of pass-through income.
bkp_duke
Well-Known Member
Oh my... we're going to go that way? Where was the concern with what happened with the debt over the past 8 years when spending hit unprecedented levels?
It seems people only become concerned about the national debt when the political party they disagree with is in power.
This info-graphic is potentially biased (I'm not sure it takes capital gains income into account which accounts for much of the wealth of .1% types) but does indicate that those in the middle of the road are getting a better tax cut percentage wise than the wealthy do.... It's also worth noting there are far fewer of people at the higher income level to make tax contributions.
The hypothetical family below with a $2M annual income get a 5% break the $85,000 middle average family gets a 10% break.
Finally, someone that can bring some hard numbers to this thread where everyone is running around with their hair on fire.
bkp_duke
Well-Known Member
SageBrush
REJECT Fascism
"Tax reform" is just corporate pandering.
T34ME
Active Member
If anyone deserves to be hosed, it is Ohio citizens who gave their State to what Secretary of State Tillerson calls a moron. Congratulations Ohio, you got what you voted for. And this is only the beginning. #RESIST
bkp_duke
Well-Known Member
I live in CA, and even I think we should not be able to write-off our state and local taxes on the federal taxes. Why should federal tax payers subsidize those people that chose to live in high-tax areas?
T34ME
Active Member
It is strange that some people feel they are entitled because they come from a certain ethno-economic background. I know a lot of Mexicans who work a hell of a lot harder out in the fields than someone in a nice cushy office. SAD!
T34ME
Active Member
The reason is called "double taxation". You will pay taxes on taxes.
bkp_duke
Well-Known Member
I know and understand that.
It also means that states like CA with high tax rates will have these taxes brought front and center into the spotlight. I would LOVE for the idiots up in Sacramento to be put under a microscope.
T34ME
Active Member
Good luck with that since the Dems have, thankfully, a super majority. I suppose some would like to go back to the Terminator years when the State was on the verge of bankruptcy. If the people in Sacramento are 'idiots", count me proudly among them. We are now the fifth or sixth largest economy in the world, but we could always MCMA (Make California Mediocre Again) by getting rid of those "idiots" in Sacramento.
T34ME
Active Member
Yes, that is the "Party of NO" talking point. Too bad it is not true since the tax rate for the lowest wage earners goes from 10% to 12% and a lot of standard deductions are eliminated. SAD!
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