131–140 of 275 posts
So people making over 200K a year will pay more taxes, cry me a river.
This is what a lot of commenters aren't getting. Complaints about raising my taxes to lower corporate taxes is kinda ironic because 200K+ is rich as far as most of America is concerned.
I'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…
Disclaimer: This bill adversely affects me as well, and I'm not in favor of it, but: >This tax bill utterly fucks me, to the point I'm considering selling my house to get ahead of the inevitable housing crash. Can you imagine any type of reasonable tax reform that would not cause someone's tax to go up? Just the fact that some folks' taxes will go up does not make it a poor plan. If your deductions are about $60K, th…
You are confusing income with wealth. They are somewhat causally related to be sure, but totally different. Case in point: I started receiving a high income at the age of 40 in SF, where before I earned a poverty wage. At 42, I have much less wealth than your average SF school teacher of the same age.
Let'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.
I'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…
There are numerous items written by economists that discuss in detail why state and local taxes and mortgage interest should not be deductible from federal taxes. It's very highly agreed upon. Perhaps you should seek out some of this literature. I also strongly suspect that you are overestimating the magnitude of the tax increase you will see but if course it's very hard to know without the details of your particular…
Earlier quoted context omitted.
You got it mixed around. Income is equal for both parties, but the family in the 300k house pays more in taxes because they deducted less interest from their income.
I assume this was a typo, but to clarify the family with the $300k mortgage pays more in taxes.
I'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 is not theft to remove a deduction. state and city taxes should never have been deductible before this. That deduction favored those who could itemize, the well off. People harp all the time on this site about the plight of the poor, the undeserved, and more but damn you guys don't suck. You are damn generous when it comes to some other person's money but have you pay more and it is Armageddon. Quit bemoaning the…
Go read the CBO report. This is blatantly false. If you believe this and are not a troll, please educate yourself.
Earlier quoted context omitted.
You got it mixed around. Income is equal for both parties, but the family in the 300k house pays more in taxes because they deducted less interest from their income.
I assume this was a typo, but to clarify the family with the $300k mortgage pays more in taxes.
Earlier quoted context omitted.
Disclaimer: This bill adversely affects me as well, and I'm not in favor of it, but: >This tax bill utterly fucks me, to the point I'm considering selling my house to get ahead of the inevitable housing crash. Can you imagine any type of reasonable tax reform that would not cause someone's tax to go up? Just the fact that some folks' taxes will go up does not make it a poor plan. If your deductions are about $60K, th…
This is not a reasonable tax reform - its a net negative 1.5 trillion dollars to the federal budget, but really it's giving even more than that to corporations and the rich while increasing taxes on people who primarily make their income from labor (vs capital rents).
Earlier quoted context omitted.
There are numerous items written by economists that discuss in detail why state and local taxes and mortgage interest should not be deductible from federal taxes. It's very highly agreed upon. Perhaps you should seek out some of this literature. I also strongly suspect that you are overestimating the magnitude of the tax increase you will see but if course it's very hard to know without the details of your particular…
The main argument is that richer people buy more expensive houses and get bigger deduction then lower income people and basically lower income people are subsiding rich people mansions. BUT there is a cap which I would guess would work good enough to mitigate this.