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Started By
Message
re: Trump Tax Plan Thread - Stream is over (Cliff's in OP)
Posted on 4/27/17 at 7:33 am to BeefDawg
Posted on 4/27/17 at 7:33 am to BeefDawg
quote:
BeefDawg
Don't do that kind of math in Oregon unless you want to be fined as an unlicensed engineer.
0
Posted on 4/27/17 at 7:35 am to Jax-Tiger
quote:
I don't think I have ever seen a tax plan that is so blatantly racist...
I'm not sure if this is satire or serious, but in either case I spit my coffee out from laughter when I read it.
Posted on 4/27/17 at 8:53 am to redfishfan
quote:
In what world? The middle class will be getting the most breaks.
Single homeowners in a lot of states are going to get screwed. I keep hearing everyone praising the higher standard deduction and that it will help most homeowners who's mortgage interest is less.
However, loosing the ability to deduct state, property, and sales taxes is going to grossly outweigh that for someone single.
I can't envision any level of cutoff for the 3 brackets that I'm not going to get totally screwed.
I'm hopeful that legislators in NY, CA, TX (states with either high state income or property taxes) will fight like hell to keep those deductions in effect.
Posted on 4/27/17 at 9:00 am to hogwildinhouston
My deductions this year with all of those things was $13,500. Now I am married so our standard deduction would have been 12,600. My point is the new standard deduction for single would be 12,600. My wife and I combined would barely have enough deductions to go over that amount and we have 200k+ house.
Posted on 4/27/17 at 9:14 am to redfishfan
quote:
My deductions this year with all of those things was $13,500. Now I am married so our standard deduction would have been 12,600. My point is the new standard deduction for single would be 12,600. My wife and I combined would barely have enough deductions to go over that amount and we have 200k+ house.
Being married is the key. Being single however, my deductions will be cut by about $10,000. (I have astronomical property taxes, and the only thing that helped stomach that was the deduction)
Posted on 4/27/17 at 9:18 am to hogwildinhouston
quote:
(I have astronomical property taxes, and the only thing that helped stomach that was the deduction)
See my property taxes are pretty cheap. I hope they keep the ability to deduct those. Man I hate taxes. The majority of people are forced to give more money to the government than they invest in their retirement.
Posted on 4/27/17 at 9:22 am to hogwildinhouston
quote:
Being married is the key. Being single however, my deductions will be cut by about $10,000. (I have astronomical property taxes, and the only thing that helped stomach that was the deduction)
You're speculating about something that hasn't been said.
Why? Just so you can complain?
Posted on 4/27/17 at 9:27 am to BeefDawg
quote:
You're speculating about something that hasn't been said. Why? Just so you can complain?
Trump's plan clearly said that yesterday. Mnunchin was asked specifically about state and local tax deductions, and he clearly said they are eliminated.
As I said earlier, I know that could change in the
final plan and hope it does.
I also wasn't complaining. I was just stating what the potential impact would be.
Posted on 4/27/17 at 9:27 am to hogwildinhouston
The language they used in the press conference made me cautiously confident that the property tax deduction will stay.
The media specified "mortgage interest." Cohn and Mnuchin said things like home ownership or "protecting home owners."
But you're right, no property tax deduction would hurt a lot of people even with the SD doubling.
Eta
They absolutely did not "clearly say" that the property tax deduction would be eliminated.
The media specified "mortgage interest." Cohn and Mnuchin said things like home ownership or "protecting home owners."
But you're right, no property tax deduction would hurt a lot of people even with the SD doubling.
Eta
They absolutely did not "clearly say" that the property tax deduction would be eliminated.
This post was edited on 4/27/17 at 9:29 am
Posted on 4/27/17 at 9:31 am to GRTiger
I must have missed where they said that. The one answer I did hear he indicated that the gov't shouldn't be in the business of subsidizing state/local gov't tax policies. I took that to mean property taxes as well.
I'll definitely be glad to be wrong on that one.
Edit: I do stand corrected. I just read the actual memo that they handed out rather than the various summarized articles. They did say "home ownership deduction" rather than just specifically mortgage interest. So, it's not as clear cut as I previously thought.
I'll definitely be glad to be wrong on that one.
Edit: I do stand corrected. I just read the actual memo that they handed out rather than the various summarized articles. They did say "home ownership deduction" rather than just specifically mortgage interest. So, it's not as clear cut as I previously thought.
This post was edited on 4/27/17 at 9:43 am
Posted on 4/27/17 at 10:21 am to hogwildinhouston
Leave the adoption credit for US adoptions please. If you want to limit abortions make it possible for those dropping 25k to adopt an unwanted child born in America to recoup some expenses.
Posted on 4/27/17 at 10:24 am to Bard
Repealing and replacing ObamaCare was laid out as a red carpet for Trump.
Republicans sabotaged him, yet they will get voted back in.
The same thing will happen with this.
Republicans sabotaged him, yet they will get voted back in.
The same thing will happen with this.
Posted on 4/27/17 at 10:25 am to RFK
quote:
Repealing and replacing ObamaCare was laid out as a red carpet for Trump. Republicans sabotaged him, yet they will get voted back in.
Lol they might be voting on healthcare today.
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