Whoa… I just saw the new stuff about SALT and it’s a big win for us (is being middle/upper middle class NYers). They kept the property tax deduction for up to 10k but now you can split it between property tax and either state sales or income tax. Both bills before had that at up to 10k for property tax only and no state sales or income tax deduction. That’s yuuuuge for anyone with less than 10k in property taxes.
@theblue is just salty because the business AMT thing that “was going to make all the businesses hate it” got dropped just like I said it would.
I agree that’s a great benefit. I’m not super pumped about high-tax states getting more deductions than low-tax states, but it’s important to help all middle-class families.
The property mortgage interest deduction less than 750k is another win for middle-class, and while I think they could have easily bumped that down to 500k, it goes to show that they want to help middle class rather than the 1%.
They haven’t released the details yet, so let’s see what comes out.
Definitely nice to see the blue states not getting totally screwed. They apparently kept the EV credit and Wind energy as well. :tup:
The question is, does this bill still sunset the tax relief for us while high earners benefit from a permanent break? What happens to the $1.5 trillion deficit this creates?
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Just in time to blame it on someone else…
you’d almost forget we have a deficit. bread and games politics
Here you go :lol:
http://www.cnn.com/2017/12/15/politics/republican-tax-bill/index.html
The conference report will also allow individuals to deduct up to $10,000 in state and local taxes. Individuals can either elect to deduct up to $10,000 in state and local income and property taxes or state and local property and sales taxes. Originally, Republicans had tried to repeal the state and local deductions altogether, but pushback in the House and Senate forced leaders to retain the property tax deduction. Then, the conference report went even further and made concessions in order to win over Republicans in the House from high-tax states like New Jersey, New York and California.Unlike previous versions of the bill, the conference committee version leaves the student loan interest deduction untouched.
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The bill lowers the mortgage interest deduction cap. For those who take out a new mortgage on a first or second home, they will only be allowed to deduct the interest on debt up to $750,000 for a primary residence, down from $1 million currently. Homeowners who already have a mortgage would be unaffected by the change.
bump theres your tax plan
nice bump on my bank stocks which make up a big portion of my portfolio and have a US focus. #TRUMPTRAIN !!!
^ Anyone check this now that it’s updated with the new SALT stuff?
:tup: to keeping an extra $1k next year. #MAGA
Obama: “Trump didn’t build that!”
^ The latest BS from the left that was all over social media yesterday was, “Well yeah, the economy was doing great, but it’s not because of Trump because he hasn’t been in office long enough. This is Obama’s economy.” LMAO.
^^^ Chart needs to include those who use the earned income tax credit and get a refund for more more than they paid.
and people who pay the most under a tax cut will save the most money and the people who don’t currently pay taxes well nothing to cut there.
“CNN reports 2/3’s of people surveyed think the tax cut benefits the rich too much”.
No shit that 2/3’s of the people you surveyed don’t like it after #FakeNewsing them for a month that the tax cut is an end of the world giveaway to the rich that is going to recycle the poor into a cheap source of fish food. I wonder if you sent 1000 random people that tax plan calculator I posted then asked them how they felt about it what they’d say?
Tell me how much you’re enjoying that tax cut after 5-10 years. Think you can show me a non-partisan analysis of this bill that says it’s going to be a good thing? Or maybe just answer my question from earlier before going off on yet another tangent about MSM and the left.
As usual, nothing is contributed when @JayS and @LZ1 make broad and useless claims about ‘da libruls!’
Also:
The individual tax cuts expire at a time convenient for the Republicans. This is a common strategy actually. The Democrats made a similar move with Obamacare, front-loading the goodies and delaying stuff like the medical device tax, Cadillac tax, ect until after Obama (and others who voted for the bill) were out of office.
If Democrats win the presidency after Trump, they’ll be stuck having to decide to raise taxes or keep this framework. Just as the Republicans are stuck having to decide what to do with the worst parts of Obamacare.
The CBO can only static-score this. It’s nearly impossible to consider the dynamic consequences of people / businesses keeping more of their money. Certainly not all will horde it as the Democrats claim, and certainly not all will spend every dime to MAGA as the Republicans claim.
As with the stimulus package that Obama championed after his election, there will be both positives and negatives. The reality is no one really knows. IMO Keynes & Hayek can both be right in some ways.