Florida here, I'm going be paying $4000 ish less in taxes. I hope the tax bill lands and is put to practice quick!
People who make over $200k aren't getting as big a tax break? I don't feel bad about that.
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
#12I don't see why state taxes should be federally deductible to begin with.
Two families both make $250,000 a year. One is in New York and one is in Texas. The family in Texas is carrying more of the federal tax burden than the family in New York. Why? Both are (in theory) receiving the same benefits from the Federal Government and should pay the same in taxes.
If you're a progressive this should make even less sense: rich states are currently keeping additional funds for themselves local, in their rich states, via high taxes, that are then shielded from the federal government via deductions.
Re: Among the Tax Bill’s Biggest Losers: High-Income, Blue State Taxpayers
#13So people making over 200K a year will pay more taxes, cry me a river.
That was my feeling too. I read it and kept looking for the downside, but people making over 200k(!) having to pay more taxes doesn't seem to have a downside.
Re: Among the Tax Bill’s Biggest Losers: High-Income, Blue State Taxpayers
#14I'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…
People have been clamoring for more taxes on the rich. Well, this is what it looks like.
Oh wait! You didn't think you were rich, right?
Re: Among the Tax Bill’s Biggest Losers: High-Income, Blue State Taxpayers
#15So 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.
Re: Among the Tax Bill’s Biggest Losers: High-Income, Blue State Taxpayers
#16Coastal liberals are very happy for tax increases except when they have to pay it themselves! This makes the situation more fair - eliminate market warping changes such as the property tax deduction and stop letting states get a free ride when increasing taxes by reducing the federal burden. Seems fair to me.
Re: Among the Tax Bill’s Biggest Losers: High-Income, Blue State Taxpayers
#17I'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…
California is the insane state with created the taxes. The government is trying to simplify the tax code, that means you should be able to say: "I'm taxed at 15%, and that means out of $100k you get $85k take home" Not all the deductions.
I'm not really, for or against this bill. I used to live in Alameda, CA and thought the taxes were insane. The bag tax, the income tax, the property tax, literally if you didn't have deductions out of $100k you might have a $30k take home. That's the crazy part.
Perhaps we should rethink the government being the biggest employer, and actually make taxes simple and uniform.
Re: Among the Tax Bill’s Biggest Losers: High-Income, Blue State Taxpayers
#18I'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.
How do you distinguish between taxation and theft?
Re: Among the Tax Bill’s Biggest Losers: High-Income, Blue State Taxpayers
#19I'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 financial situation. In particular I will note that the mortgage interest deduction is grandfathered in for current homeowners and the elimination only applies to loans over 500k (and that's only in the house bill. the deduction remains completely in the senate bill. it remains to be seen what happens in reconciliation).
Re: Among the Tax Bill’s Biggest Losers: High-Income, Blue State Taxpayers
#20I'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 hom…
Because the person that owns the property you rent is receiving those benefits.