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Started By
Message
So is it fair to say middle class got fked by tax reform?
Posted on 9/28/17 at 9:43 am
Posted on 9/28/17 at 9:43 am
Lower class pays less via higher deductions
Upper class pays less via lower tax cap rate
Who is left to pay more?
Upper class pays less via lower tax cap rate
Who is left to pay more?
9
Posted on 9/28/17 at 9:49 am to fareplay
I'm confused about your premise .
Posted on 9/28/17 at 9:51 am to fareplay
Just open your gullet and let the left pour whatever they want down it
Posted on 9/28/17 at 9:52 am to Lsupimp
quote:and
I'm confused about your premise .
Posted on 9/28/17 at 9:52 am to gthog61
quote:
Just open your gullet and let the left pour whatever they want down it
Posted on 9/28/17 at 9:58 am to fareplay
quote:There hasn't been any tax reform yet, so how can you say "got"? Whatever is being discussed right now will certainly not resemble any final bill. But you can bet your arse it won't hurt the wealthy.
got
Posted on 9/28/17 at 10:09 am to fareplay
You don't think the higher standard deduction will benefit the middle class?
Posted on 9/28/17 at 10:11 am to airfernando
quote:
There hasn't been any tax reform yet, so how can you say "got"? Whatever is being discussed right now will certainly not resemble any final bill. But you can bet your arse it won't hurt the wealthy.
But you forget about the Tinkle Down theory of economics.
Posted on 9/28/17 at 10:13 am to fareplay
So the middle class will pay more in taxes ? First I have heard about that . Can you show us where you seen this ?
Posted on 9/28/17 at 10:14 am to LSURussian
Removing state deductions pretty much increases it for me.
Posted on 9/28/17 at 10:28 am to fareplay
quote:The last IRS stats I saw showed that only one out of three taxpayers itemize, with the highest income groups using itemized deductions rather than the standard deduction much more frequently than middle and lower income groups.
Removing state deductions pretty much increases it for me.
So, the higher standard deduction will likely benefit the middle class taxpayers more than than losing state tax deductions will hurt them.
Posted on 9/28/17 at 10:40 am to LSURussian
quote:
The last IRS stats I saw showed that only one out of three taxpayers itemize, with the highest income groups using itemized deductions rather than the standard deduction much more frequently than middle and lower income groups. So, the higher standard deduction will likely benefit the middle class taxpayers more than than losing state tax deductions will hurt them.
Dude must live in a Blue state, NY, CA. Over 10%, or so I've heard.
Posted on 9/28/17 at 11:02 am to Bass Tiger
I live in San Mateo where average income is 170k or so
Posted on 9/28/17 at 11:06 am to LSURussian
Define middle class. Is it fair to suggest those making six figures are going to have taxes increase, especially if they itemize?
Posted on 9/28/17 at 11:08 am to fareplay
quote:
Lower class pays less via higher deductions
The deductions will apply to all taxpayers (many middle class use the standard deduction, so they will benefit as well).
quote:
Upper class pays less via lower tax cap rate
That will be a wash in some respects due to the loss of the deductibility of state taxes (guess where most of the "rich" live? in states with high state taxes).
Posted on 9/28/17 at 11:10 am to fareplay
quote:
So is it fair to say middle class got fked by tax reform?
no!Posted on 9/28/17 at 11:11 am to fareplay
quote:
Removing state deductions pretty much increases it for me.
But why should the tax payers in low tax states essentially subsidize the people in high tax states? I've never understood why state taxes are deductible. Your federal tax responsibility should be independent of where you live.
Also, I believe they want to eliminate some deductions, so high income people may pay more taxes even if the rate is lowered slightly. We can't really say at this point what the effect would be.
I am all for simpler (and lower).
Posted on 9/28/17 at 11:11 am to LSURussian
quote:
You don't think the higher standard deduction will benefit the middle class?
It depends.
The personal exemptions are being eliminated along with many itemized deductions, so doubling the standard deduction could be a wash for some and may hurt larger families.
The bracket cutoffs are not set. No one knows how raising the lowest rate from 10% to 12% or removing the 15% and 28% brackets will really effect them yet.
While the proposal clearly reduces taxes for corporations and high-income individuals; it's affect middle income workers is unclear.
Posted on 9/28/17 at 11:13 am to fareplay
quote:San Mateo, California??
I live in San Mateo where average income is 170k or so
If so, a quick google search shows the average household income for San Mateo County, California is $121,024. The median household income is $88,122.
Posted on 9/28/17 at 11:18 am to fareplay
quote:
I live in San Mateo where average income is 170k or so
What's the CA tax rate on ordinary income? Do you have any local earnings tax?
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