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Thread: GOP Tax Plan

  1. #21
    Quote Originally Posted by Gilligan View Post
    Where did you find that? I didn't see it....
    In the PDF link above your post.
    Crybaby Cripplecrow Hanging on a Monkey's Toe Club

  2. #22
    Quote Originally Posted by awpitt View Post
    In all fairness, I took a look at my last tax return and found if the doubling of the Standard Deduction comes true, the elimination of the "SALT" deduction wouldn't matter. I wouldn't have to itemize and could use the "short form" for filing taxes.
    Seems to be why they did it. Easier for the plurality, increase the burden on the more financially successful.

    Should be but one tax bracket.
    There are only two possibilities; one is that we are alone in the universe, the other is that we are not.
    Both are terrifying.

  3. #23
    Quote Originally Posted by kwillia View Post
    Why are we even now allowed to write off state taxes? I see it as just a money laundering game allowing states to use their citizens to syphon more money from the feds. California has a state tax rate pretty close to double that of the next highest tax rate state (NY). They get to suck in that dough all year long then when their citizens file taxes for the year allowing them to use what they paid out to the state the past year as a deduction is reimbursement on that tax burden from our federal coffers. Why wouldn't we want to remove it?
    Sam gave a great answer, but I'll go more broad - why do we have any deductions? I've heard many people say "if it can't vote, then it can't speak" when it comes to donations to politicians. Well, if it can't vote, it shouldn't get taxed, either. That means, no taxes on anyone under 18 or otherwise ineligible to vote, and 0% business taxes. The business taxes are hidden anyway. And, everyone should pay the same rate on every type of income, of every age, with no deductions whatsoever.

    then, the government needs to run on the money provided via that. And, we need to take that job away from the business, and put it on the people. When you have to write a quarterly or monthly or weekly check, you'll damned sure pay more attention to where that money is going.
    There are only two possibilities; one is that we are alone in the universe, the other is that we are not.
    Both are terrifying.

  4. #24
    Quote Originally Posted by SamSpade View Post
    We have deductions to encourage that behavior - mostly. The other reason is - whether you agree or not - to level the playing field so to speak.
    The only behavior I see is states knowing they can tax the hell out of their citizens because the fed will dump money back to those citizens to off set it. That means those of us paying federal taxes are paying for California's (and other states who tax income) budget choices. How is that leveling any playing field?
    Imagine how much better America would be if you would simply don a pair a pants before sitting down at your Playskool My First 'Puter.


    LibertyBeacon

  5. #25
    Quote Originally Posted by kwillia View Post
    The only behavior I see is states knowing they can tax the hell out of their citizens because the fed will dump money back to those citizens to off set it. That means those of us paying federal taxes are paying for California's (and other states who tax income) budget choices. How is that leveling any playing field?
    A Californian is just as likely to say that since they average more fed dollars OUT than they get back - you're not subsidizing anything.
    “Good intentions will always be pleaded for every assumption of authority. It is hardly too strong to say that the Constitution was made to guard the people against the dangers of good intentions. There are men in all ages who mean to govern well, but they mean to govern. They promise to be good masters, but they mean to be masters.".Daniel Webster

  6. #26
    Quote Originally Posted by SamSpade View Post
    A Californian is just as likely to say that since they average more fed dollars OUT than they get back - you're not subsidizing anything.
    But yet is subsidizing just the same. California elite is pretty vocal about wanting the rich to pay their fair share of taxes so I would think we will hear them rallying around this part of the new tax plan on tonight's entertainment news shows...
    Imagine how much better America would be if you would simply don a pair a pants before sitting down at your Playskool My First 'Puter.


    LibertyBeacon

  7. #27
    Quote Originally Posted by Chris0nllyn View Post
    In the PDF link above your post.
    I found it elsewhere..finally. So yeah..the 25% max on pass-through income is still in there. Meh....it's a bit less effectively than the max I'm paying now, but only marginally so. I was hoping for 20%..like the proposed corporate tax rate.

    Better than nothing, I guess...IF it ever passes as proposed.
    You can't be a real country unless you have a beer and an airline. It helps if you have some kind of a football team, or some nuclear weapons, but at the very least you need a beer. -Frank Zappa

  8. #28
    Quote Originally Posted by awpitt View Post
    I think the proposed elimination of the state and local income and property tax deduction will be a problem.
    Quote Originally Posted by This_person View Post
    Only for the states that have an income tax. Many do not. Those that do not would become more attractive in which to live by some amount per person.
    Also would not apply to the many (~70% of returns) that use the standard deduction instead of itemizing.
    Go back and search before you rock back that Pez dispenser of Stupid called a mouth. ~ Pete

  9. #29
    Quote Originally Posted by awpitt View Post
    I think the proposed elimination of the state and local income and property tax deduction will be a problem.
    Quote Originally Posted by This_person View Post
    Only for the states that have an income tax. Many do not. Those that do not would become more attractive in which to live by some amount per person.
    Also would not apply to the many (~70% of returns) that use the standard deduction instead of itemizing.
    Go back and search before you rock back that Pez dispenser of Stupid called a mouth. ~ Pete

  10. #30
    INGSOC GURPS's Avatar
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    The new GOP tax overhaul would strip illegal immigrants of the ability to claim several major tax credits, saving the government $23.1 billion over the next decade, according to the bill’s authors.

    For years Republicans have complained that despite a general ban on taxpayer benefits flowing to illegal immigrants, the IRS has allowed them to collect the child tax credit, the American Opportunity Tax Credit and the Earned Income Tax Credit.

    Efforts to shut down those claims have been tried in the House but have never cleared Congress.

    But the new tax overhaul tries again, calling for taxpayers to have to submit work-eligible Social Security numbers in order to claim the credits.


    http://www.washingtontimes.com/news/...dits-illegals/
    We’re tempted to suggest a conspiracy here — but it’s just liberals agreeing yet again that conservatives have hidden, evil motives, because modern liberals simply can’t conceive of any other reason to disagree with the liberal consensus.

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