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Among the Tax Bill’s Biggest Losers: High-Income, Blue State Taxpayers
31–40 of 275 posts
Re: Among the Tax Bill’s Biggest Losers: High-Income, Blue State Taxpayers
#32Coastal 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.
This is a tax break for the very wealthiest at the expense of everyone else, but sure, keep on that "coastal liberals" nonsense.
Re: Among the Tax Bill’s Biggest Losers: High-Income, Blue State Taxpayers
#33I'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…
The rationale is to encourage home ownership, because that gives people an incentive to care about upkeep and the community. It's hard to create good neighborhoods with renters who can just pack up and leave.
Re: Among the Tax Bill’s Biggest Losers: High-Income, Blue State Taxpayers
#34I'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…
No longer shall the welfare programs in your state be subsidized by the federal government. If Californians are for said programs in their state, then they should subsidize them.
Re: Among the Tax Bill’s Biggest Losers: High-Income, Blue State Taxpayers
#35This 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…
Yes, any change will have winners and losers. The winners will be happy, and the losers will be mad. We all support the idea of simpler tax code, but the devil is in the details. I'm not sure that eliminating the state tax deduction really simplifies anything though. It seems like a transfer of power from the states to the federal government.
Re: Among the Tax Bill’s Biggest Losers: High-Income, Blue State Taxpayers
#36I'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…
The counter argument is, why should the rest of the country and generally lower income tax payers be subsidizing the high State taxes, high property taxes, and higher mortgage deductions on your expensive homes?
If you want to lower your State tax bill then lobby your State representatives. If you want to lower your property taxes then lobby your local officials. Or vote with your feet and move somewhere that doesn’t subscribe to those high tax policies.
Re: Among the Tax Bill’s Biggest Losers: High-Income, Blue State Taxpayers
#37I'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.
That's not true at all. Most economists agree that it's not optimal to tax-advantage home ownership over renting and most economists would agree that state and local tax deductions warp incentives and resource allocations away from where they'd be if the state and local taxes weren't deducted.
The consensus opinion among economists is that the house version of the bill does reduce the amount of consumption that can be structured in a tax-advantaged way but that it's not appropriate to cut taxes right now.
Re: Among the Tax Bill’s Biggest Losers: High-Income, Blue State Taxpayers
#38I'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 hav…
> literally if you didn't have deductions out of $100k you might have a $30k take home.
That is just not true. Up until very recently, I had ZERO deductions I could take. I made over $100k in San Francisco and my take home was about 65% of my income.
Re: Among the Tax Bill’s Biggest Losers: High-Income, Blue State Taxpayers
#39Earlier quoted context omitted.
> 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…
Mortgage interest and property taxes are costs on top of the actual cost of the house. My mortgage itself isn't tax deductible.
It's still a concession to homeowners that renters don't get.
We want taxes to be fair, no?
Re: Among the Tax Bill’s Biggest Losers: High-Income, Blue State Taxpayers
#40So 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.
It doesn't, the tax bill is generally good for lower income people who take the standard deduction. Everyone's screeching about it because of the people in the top income brackets are saving the most, which is a total "no shit" moment given how much more they pay in overall.