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Started By
Message
Ok “Libtards”. This looks like a decent plan to me. Problems?
Posted on 11/2/17 at 5:58 pm
Posted on 11/2/17 at 5:58 pm
I’m just going to put this out there.
I’ll acknowledge Trump has something ‘going’ (finally) for the average American citizen here.
Yes we can agree/acknowledge that much smarter people than Trump, (which is true of most administrations but triply-true with trump)designed this, and true, it’s not quite tax reform, but I see little to no real issues.
The dependency of GDP growth to excell to off-set deficits is an issue for another time IMHO.
What say you? Please conservatives, let us caucus.
I’ll acknowledge Trump has something ‘going’ (finally) for the average American citizen here.
Yes we can agree/acknowledge that much smarter people than Trump, (which is true of most administrations but triply-true with trump)designed this, and true, it’s not quite tax reform, but I see little to no real issues.
The dependency of GDP growth to excell to off-set deficits is an issue for another time IMHO.
What say you? Please conservatives, let us caucus.
17
Posted on 11/2/17 at 6:11 pm to EthanL
Who are you and what have you done with EthanL?
Posted on 11/2/17 at 6:12 pm to EthanL
There has been a TON of discussion in other threads along with discussion of who benefits and who does not.
Posted on 11/2/17 at 6:13 pm to EthanL
I posted this in a different thread. Anyway...
It looks like I’ll pay a few hundred less, which is cool.
Look, I think Trump is an idiot, but I have no problem with the reform. I also know he had nothing to do with it, other than putting his name on it, but that’s the same with any president.
Looks like they’ve stayed away from removing the mortgage deductions which is a big deal for me. Plus the death tax stuff is good for me, god forbid.
I do think my parents might pay a bit more. They’re above the property tax threshold, and can’t take all the deductions because of retirement shite. However the new higher standard deduction might make it a wash for them.
Overall, I think it’s just a shuffling of tax law for us middle class folks. Rich folks who itemize here in CA will likely pay more, but I’m ok with that.
It looks like I’ll pay a few hundred less, which is cool.
Look, I think Trump is an idiot, but I have no problem with the reform. I also know he had nothing to do with it, other than putting his name on it, but that’s the same with any president.
Looks like they’ve stayed away from removing the mortgage deductions which is a big deal for me. Plus the death tax stuff is good for me, god forbid.
I do think my parents might pay a bit more. They’re above the property tax threshold, and can’t take all the deductions because of retirement shite. However the new higher standard deduction might make it a wash for them.
Overall, I think it’s just a shuffling of tax law for us middle class folks. Rich folks who itemize here in CA will likely pay more, but I’m ok with that.
Posted on 11/2/17 at 6:14 pm to Obtuse1
They are all about somebody paying their fair share but take away their mortgage deductions on anything over half million and all hell breaks lose.
Pay your fair share libs
Pay your fair share libs
Posted on 11/2/17 at 6:19 pm to beebefootballfan
Question, where are most of the $500k houses located?
That’s the price of the average house in most parts of CA.
I’m way below that because I bought in 2009 at the bottom, but most folks buying now are in that $500k area.
Hell, Zillow says I’m at $485k now. They are beating us up because we’re a blue state, but like I said, whatever.
It doesn’t really affect me personally, so I’m fine with it.
That’s the price of the average house in most parts of CA.
I’m way below that because I bought in 2009 at the bottom, but most folks buying now are in that $500k area.
Hell, Zillow says I’m at $485k now. They are beating us up because we’re a blue state, but like I said, whatever.
It doesn’t really affect me personally, so I’m fine with it.
Posted on 11/2/17 at 6:19 pm to Obtuse1
quote:
here has been a TON of discussion in other threads along with discussion of who benefits and who does not
I understand. But I read a few knee-jerk reactions based solely on the source of this reform. I just want honest Left’s opinions.
Is this a big deal? Doesn’t seem like anything bad or anything to fight like a stupid-arse wall or repeal-shite. It is ‘sound’.
Posted on 11/2/17 at 6:21 pm to EthanL
plan looks good..so far
still think trump is a moron
still think trumpkins are brainwashed sheep
that is all
still think trump is a moron
still think trumpkins are brainwashed sheep
that is all
Posted on 11/2/17 at 6:21 pm to rocket31
here here.
But we digress
But we digress
Posted on 11/2/17 at 6:25 pm to EthanL
Is there a quick cheat sheet of the tax reform and what he’s talking about with the home value and what it has to do with it
Posted on 11/2/17 at 6:26 pm to beebefootballfan
quote:
They are all about somebody paying their fair share but take away their mortgage deductions on anything over half million and all hell breaks lose.
I think for many the SALT issues are actually a bigger issue. IMO I think the mortgage deduction to simply go away but I think all deductions should disappear and shift the brackets accordingly.
That said I think spending should be the first priority then reduce taxes.
Posted on 11/2/17 at 6:30 pm to EthanL
(no message)
This post was edited on 11/17/21 at 5:09 pm
Posted on 11/2/17 at 6:30 pm to EthanL
the plan as presented would seem to accomplish the stated goals of lower middle class tax burden and economic growth.
as with any financial decision it will take a couple of years or more to fully evaluate the results.
one thing for sure is be glad you don't live in a state with a high state income tax rate.
as with any financial decision it will take a couple of years or more to fully evaluate the results.
one thing for sure is be glad you don't live in a state with a high state income tax rate.
Posted on 11/2/17 at 6:30 pm to EthanL
Other than the fact that it's weighted heavily towards the affluent and wealthy and will add at least $1.5 trillion to the national debt over ten years (no, the tax revenue raised won't offset the lost tax revenue; the Reagan tax cuts didn't, the G.W. Bush tax cuts didn't and neither will Trump's tax cut), I suppose it's alright.
Naturally. Republicans only concern themselves with deficits and the national debt when they are out of power, per George F. Will just recently.
quote:
The dependency of GDP growth to excell to off-set deficits is an issue for another time IMHO
Naturally. Republicans only concern themselves with deficits and the national debt when they are out of power, per George F. Will just recently.
Posted on 11/2/17 at 6:30 pm to EthanL
Posted on 11/2/17 at 6:30 pm to olddawg26
quote:
America's popular mortgage interest deduction is about to lose a lot of its punch.
The House Republican tax plan halves the cap on the deduction of mortgage debt for newly purchased homes to $500,000. It does, however, maintain the current deduction of up to $1 million in mortgage debt for current homeowners. The plan also nearly doubles the standard deduction, meaning fewer taxpayers would itemize and take the mortgage interest deduction.
Currently, about 21 percent of filers take the mortgage deduction, but under the new framework only about 4 percent would, according to recent estimates from the Tax Policy Center.
"The proposal to double the standard tax deduction is one piece of the Congressional Republicans' tax plan that could put more money in middle-income Americans' pockets," Svenja Gudell, Zillow's chief economist, said in a release. "For many Americans struggling with high housing costs and for young adults paying high rents and dreaming of buying their first home, this could be something of a reprieve."
LINK
Posted on 11/2/17 at 6:31 pm to Remote Controlled
So, it for newly purchased homes over $500k.
Might beat up the housing market out here in CA a bit, but honestly this shite is insane.
A correction is needed.
Might beat up the housing market out here in CA a bit, but honestly this shite is insane.
A correction is needed.
Posted on 11/2/17 at 6:32 pm to olddawg26
quote:
Is there a quick cheat sheet of the tax reform and what he’s talking about with the home value and what it has to do with it
I did a walk through to get you a decent idea. if you are willing to put in a little effort.
LINK
The issue with homes is the mortgage deduction over 500k is gone but that is for new loans. Loans in place will be grandfathered in to 1m.
When I did the numbers for myself it looks like I will pay about 8-10k more but that is mainly is the loss of a lot of SALT deductions and having some income in an upward moving bracket. Through the threads, you see some win some lose, but that is to be expected when you have to stay close to revenue neutral which is why I say cut first lower taxes 2nd.
Posted on 11/2/17 at 6:35 pm to EthanL
This board has been missing fair honest discussions like this for a long arse time. It is weird to me you of all people started this thread haha. I welcome any kind of positivity towards policy and agenda for most Americans no matter the party.
I will say I’m extremely confused with rocket because he was the biggest Bernie supporter in this board. I don’t understand how he supports this tax reform yet was cheering for an open socialist.
I will say I’m extremely confused with rocket because he was the biggest Bernie supporter in this board. I don’t understand how he supports this tax reform yet was cheering for an open socialist.
Posted on 11/2/17 at 6:36 pm to TigersFan64
Tigersfan64, can you explain to me how the bill is weighted towards the rich?
The brackets for the highest earners do not change, and people who own expensive homes will not get the deduction in mortgages
The brackets for the highest earners do not change, and people who own expensive homes will not get the deduction in mortgages
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