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Sucks to be stupid, eh?
I have no idea why anyone in the government thinks it's a good idea to eliminate MI and LAST tax deductions. If approved and implemented, many middle class people with children will be pinched very hard in the wallet.
This plan will be taking at least about $500 per month out of my net income. Cost of part time pre-school for one kid? $500.
Anyone else got their assholes puckered yet?
This plan will be taking at least about $500 per month out of my net income. Cost of part time pre-school for one kid? $500.
Anyone else got their assholes puckered yet?
Please explain. Not everyone has read the proposed tax changes in detail.
I like that they are reducing tax benefits for flipping houses.
Strategist saysThis plan will be taking at least about $500 per month out of my net income. Cost of part time pre-school for one kid? $500.
Anyone else got their assholes puckered yet?
Please explain. Not everyone has read the proposed tax changes in detail.
I'm confused by this as well. $500/mo NET income? So it's costing you $6,000 in NET income a year? I don't know your tax bracket, but suppose it's 25%, you're saying the tax plan will cost you $24,000 gross. That's what the math comes out to if you're saying $500/mo. The tax plan hurts me, but I'm not sure the scenario where it wipes out $24k in gross income.
FortWayne saysI like that they are reducing tax benefits for flipping houses.
Which?
He never said it wipes out that much in gross. Think about it, losing $24k gross would mean he was losing $18k NET. That's not what he's saying.
What he's losing in the 25% bracket scenario is $24k in deductions, which leads to that $6k extra tax.
How can that be? He already mentioned he's upset about losing Mortgage Interest and State and Local Tax deductions.
What are you getting at? Sucks to support Trump or the tax plan? Don't care either way, just looking for clarification.
the one on tax free gains. they are lowering the amount to 600k as max.
NorthBrief saysHe never said it wipes out that much in gross. Think about it, losing $24k gross would mean he was losing $18k NET. That's not what he's saying.
What he's losing in the 25% bracket scenario is $24k in deductions, which leads to that $6k extra tax.
How can that be? He already mentioned he's upset about losing Mortgage Interest and State and Local Tax deductions.
Thankfully an intelligent person showed up.
What are you getting at? Sucks to support Trump or the tax plan? Don't care either way, just looking for clarification
That if you support Trump/the republicans, this is the tax plan that you should expect.
Go back to the politics forum if you want to troll about D vs. R
I fully support Trump, but this shit is a total slap in the face.
Go back to the politics forum if you want to troll about D vs. R
Remember, EVERY news source has an agenda, what agenda is YOURS pushing?
Yeah, you got screwed, buddy. How's this for being on topic?
Also, how many middle class families buy $500K+ houses? Do you know what the median house price is in the US?
Strategist saysThere is no such thing as a house for $500K in some parts of the county,
You need to get out and see the rest of the country, prices in the real world aren't like CA. The median house price in the US is $315K.
Strategist saysWhat do you do?
Move out of CA, you'll be a lot happier and have more money.
It's a small town in Illinois, where no one wants to live.
Maybe the people there just don't like to play golf?
We need to talk about this shitty tax plan
To clarify, I'm actually losing about $40k in reductions.
My aunt has not been to sell her beautiful 7,000 sq ft home on a golf course even after 3 years, even though the price was heavily reduced to $300K
It's a small town in Illinois, where no one wants to live. What do you do?
NewOldUser saysTo clarify, I'm actually losing about $40k in reductions.
It's a poor practice to expect your government cheese to be unending. The mortgage interest deduction needs to be phased out.
Whatever break you think you are going to get from Washington will get taken away by local and state taxes.
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I have no idea why anyone in the government thinks it's a good idea to eliminate MI and LAST tax deductions. If approved and implemented, many middle class people with children will be pinched very hard in the wallet.
This plan sucks. Period. I fully support Trump, but this shit is a total slap in the face.