Among the Tax Bill’s Biggest Losers: High-Income, Blue State Taxpayers
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Re: Among the Tax Bill’s Biggest Losers: High-Income, Blue State Taxpayers
#2Let's just hope this doesn't get flagged off the front page either. It needs to be talked about, as it directly affects most people's livelihoods.
Re: Among the Tax Bill’s Biggest Losers: High-Income, Blue State Taxpayers
#3This doesn't really make sense to me. So it appears that the tax bill generally is reducing the tax code and closing loop-holes (which typically is considered "good" to the left, and the right).
In this case, it looks like the tax reductions are reduced in states that have higher taxes. Well that makes sense, because the states with lower taxes have less to write off (as they have 0% in some cases). Of course Texas would be impacted less, because they have no state income tax. New York and California have a state income tax, so the amount that loop holes help people in those states is much higher. So they effectively will be paying higher taxes. Complain to the state governments, who have crazy high taxes (part of the reason I left California)!
This article honestly just seems to be trying to draw a correlation where there really isn't one. They are simplifying the tax code, that means reductions go away. Perhaps, we should lower taxes? I'd be in favor of that, but I'm also in favor of making it simpler to do my taxes.
Re: Among the Tax Bill’s Biggest Losers: High-Income, Blue State Taxpayers
#4If a person in TX or FL, where there in no income tax lives in a Mansion, they also will have increase in Tax, are they worst hit? no but, they did not have State tax deductions to begin with.
It could be argued, the rich people in blue states were paying less federal tax because of the SALT discounts, and now they have to pay the feds whole irrespective of the case at State.
Re: Among the Tax Bill’s Biggest Losers: High-Income, Blue State Taxpayers
#5I'm a highish earning single homeowner in Alameda County (Bay Area) -- between the Mortgage Interest deduction, the Property Tax deduction, and the State Income Tax deduction being slated for removal, my taxable income is about to go up something like $60k, which is a large chunk of my actual income. This tax bill utterly fucks me, to the point I'm considering selling my house to get ahead of the inevitable housing crash.
I cannot see this bill as anything short of theft. Why do I have to pay double-digit percentage more on my taxes to give the ultra rich a tax cut? In what fucking world does that make any economic sense.
Re: Among the Tax Bill’s Biggest Losers: High-Income, Blue State Taxpayers
#6So people making over 200K a year will pay more taxes, cry me a river.
Re: Among the Tax Bill’s Biggest Losers: High-Income, Blue State Taxpayers
#7This article is more descriptive, not mentioning why the bill is setup like this. But, it's worth saying that this is working as intended from a GOP perspective. This hits mostly democrats. And even if it didn't, high state taxes are seen as propping up big (state) government.
Re: Among the Tax Bill’s Biggest Losers: High-Income, Blue State Taxpayers
#8I'm a highish earning single homeowner in Alameda County (Bay Area) -- between the Mortgage Interest deduction, the Property Tax deduction, and the State Income Tax deduction being slated for removal, my taxable income is about to go up something like $60k, which is a large chunk of my actual income. This tax bill utterly fucks me, to the point I'm considering selling my house to get ahead of the inevitable housing c…
> I cannot see this bill as anything short of theft. Why do I have to pay double-digit percentage more on my taxes to give the ultra rich a tax cut? In what fucking world does that make any economic sense.
My rent isn't tax deductible. Why is yours blessed with such a status (In the form of a mortgage, and property tax deduction)?
All that mortgage tax deductions do, economically, is increase the overall price of homes, and have non-homeowners subsidize home-owners.
Re: Among the Tax Bill’s Biggest Losers: High-Income, Blue State Taxpayers
#9I'm a highish earning single homeowner in Alameda County (Bay Area) -- between the Mortgage Interest deduction, the Property Tax deduction, and the State Income Tax deduction being slated for removal, my taxable income is about to go up something like $60k, which is a large chunk of my actual income. This tax bill utterly fucks me, to the point I'm considering selling my house to get ahead of the inevitable housing c…
It doesn't, and that's why a large majority of economists were wholly against it.
Re: Among the Tax Bill’s Biggest Losers: High-Income, Blue State Taxpayers
#10This doesn't really make sense to me. So it appears that the tax bill generally is reducing the tax code and closing loop-holes (which typically is considered "good" to the left, and the right). In this case, it looks like the tax reductions are reduced in states that have higher taxes. Well that makes sense, because the states with lower taxes have less to write off (as they have 0% in some cases). Of course Texas w…
This is possibly the worst interpretation of the tax bill I have seen yet, maybe excluding Mitch McConnell's ludicrous statement that the bill is either deficit neutral or reduces the deficit.