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We need to talk about this shitty tax plan


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2017 Nov 16, 5:39pm   32,805 views  111 comments

by NewOldUser   ➕follow (0)   💰tip   ignore  

#housing

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.

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1   NewOldUser   2017 Nov 16, 5:45pm  

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?
2   WookieMan   2017 Nov 16, 6:36pm  

FP says
Sucks to be stupid, eh?


What are you getting at? Sucks to support Trump or the tax plan? Don't care either way, just looking for clarification.
3   Strategist   2017 Nov 16, 6:59pm  

NewOldUser says
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.


NewOldUser says
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.
4   WookieMan   2017 Nov 16, 7:27pm  

Strategist says
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'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.
5   FortWayne   2017 Nov 16, 8:17pm  

I like that they are reducing tax benefits for flipping houses.
6   NorthBrief   2017 Nov 16, 8:41pm  

FortWayne says
I like that they are reducing tax benefits for flipping houses.


Are they? Which benefit is that?
7   NorthBrief   2017 Nov 16, 9:01pm  

WookieMan says
Strategist says
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'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.


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.
8   anonymous   2017 Nov 16, 9:13pm  

FortWayne says
I like that they are reducing tax benefits for flipping houses.


Which?
9   FortWayne   2017 Nov 16, 9:23pm  

anon_25c83 says
FortWayne says
I like that they are reducing tax benefits for flipping houses.


Which?


the one on tax free gains. they are lowering the amount to 600k as max.
10   WatermelonUniversity   2017 Nov 16, 9:31pm  

this plan is shitty.
11   NewOldUser   2017 Nov 16, 9:45pm  

NorthBrief says
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.


Thankfully an intelligent person showed up.
12   NewOldUser   2017 Nov 16, 9:57pm  

WookieMan says


What are you getting at? Sucks to support Trump or the tax plan? Don't care either way, just looking for clarification.


Good moderation, thanks. There was no mention of the insanity of eliminating certain deductions during the campaign. I'm not even sure Trump is looking closely at the plan. Seems like he has delegated it to his Jews. It is horrible.

To clarify, I'm actually losing about $40k in reductions.
13   anonymous   2017 Nov 16, 10:03pm  

FortWayne says
the one on tax free gains. they are lowering the amount to 600k as max.


But it's 500k for a couple now.
14   FuckTheMainstreamMedia   2017 Nov 16, 11:14pm  

NewOldUser says
NorthBrief says
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.


Thankfully an intelligent person showed up.


It’s shouldnt have that large an impact.

I’ll bet you he is not considering the larger personal exemptions as well as increased brackets.

I don’t own a home and continually am just below the cutoff where it’s more beneficial to take the standard deduction rather than itemize.

Trumps plan would save me around $2800 a year. Of course we will have to see exactly what happens. Right now the ones that get screwed are the six figure and up crowd in high price housing locations who are homeowners, but we shall see what the final bill contains.
15   anonymous   2017 Nov 16, 11:34pm  

I see it as most everyone losing out. The power(money) will be further concentrated on the top while we all are saddled with more debt. How is that conservative?
16   anonymous   2017 Nov 17, 12:53am  

NewOldUser says
I fully support Trump


And that's why you're in this predicament.
17   missing   2017 Nov 17, 11:55am  

WookieMan says
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.
18   marcus   2017 Nov 17, 11:59am  

We need to up the annual deficit and total debt as much as possible, so that if and when democrats are in power again, we can use the debt as a reason to obstruct everything they want to do.

Americans never get tired of that game.
19   anonymous   2017 Nov 17, 12:41pm  

FP says
That if you support Trump/the republicans, this is the tax plan that you should expect.


Nonsense. Every CA Republican representative is fighting this plan tooth and nail.

Go back to the politics forum if you want to troll about D vs. R
20   HEY YOU   2017 Nov 17, 3:12pm  

Convict FP @ 4,
Why would one use "stupid" when "fucking idiot" would suffice?

anon_99eb9 says
Go back to the politics forum if you want to troll about D vs. R


Republican "politicians" are responsible for the tax increases that Republican voters will experience & it affects more than #housing.

NewOldUser says
I fully support Trump, but this shit is a total slap in the face.


Perfect example of pretzel logic & voting/supporting those that are against one's best interest
at the cost of $500/month.
21   missing   2017 Nov 17, 3:44pm  

anon_99eb9 says
Go back to the politics forum if you want to troll about D vs. R


LOL
Where did you get the D vs. R part?? There's more than R and D; both are right of center parties.

If you think fiscal/economic policy, politics, and class divisions are not connected, you are in for more surprises.

FY, I preferred Trump over Hillary, as I believe she would have had worse long-term consequences. However, I am not surprised in the least of what is going on in Washington now.
22   NewOldUser   2017 Nov 17, 5:34pm  

HEY YOU / FP - this is not a politics thread. Remove yourselves if you have nothing on-topic to contribute.

Back to this crap tax plan proposal:

Standard Exemptions - gone at ~$4000 per family member?
State Income Tax - gone altogether?
Property Tax - capped at $10k?
MI limited to $500k on new purchases as interest rates are predictably going to rise? Wow...

What's good about this plan for middle class families again???
23   missing   2017 Nov 17, 6:03pm  

NewOldUser,

Yeah, you got screwed, buddy. How's this for being on topic?
24   NewOldUser   2017 Nov 17, 6:34pm  

Bye troll.
25   NewOldUser   2017 Nov 17, 6:37pm  

Sniper says
Remember, EVERY news source has an agenda, what agenda is YOURS pushing?


So that's my point - I haven't much about the points that I've brought up. Opposition is STILL harping on Obamacare, or the corporate cuts. Not very many have highlighted the negative impact to the housing markets in the most populated areas.
26   anotheraccount   2017 Nov 17, 6:38pm  

FP says
Yeah, you got screwed, buddy. How's this for being on topic?


It's ok companies like Coke will "invest" when they bring money back from oversees at a discount.
27   lostand confused   2017 Nov 17, 7:39pm  

I am unhappy that they are moving int he right direction for corporations-to a territorial taxation system-same as the rest of the 1st world. however 8 million individuals/expats and countless others get no relief.
If you are going to do for corporations-why not add for ordinary Americans??
The dreaded Obozo the clown's FATCA is still there-nice.
28   Strategist   2017 Nov 17, 7:52pm  

Sniper says
Also, how many middle class families buy $500K+ houses? Do you know what the median house price is in the US?


There is no such thing as a house for $500K in some parts of the county, unless it's in a high crime neighborhood, and falling apart. Small condos you can get in a good neighborhood, but not houses.
What do you do?
29   Strategist   2017 Nov 17, 8:10pm  

Sniper says
Strategist says
There 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.


I totally understand. 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?
30   Strategist   2017 Nov 17, 8:28pm  

Sniper says
Strategist says
What do you do?


Move out of CA, you'll be a lot happier and have more money.


Yes, if i had my choice, I would move to coastal Florida, where I think home prices (% wise) will outperform even California. I am a Fucking Capitalist Peeg. :)
But socially, we want want to be close to our kids, friends, family, and most importantly, our future grand kids.
Truthfully.....We are just a simple, modest family. We don't care for more. Trust me on that.
31   Tenpoundbass   2017 Nov 17, 8:51pm  

Oh and this wonderful shitty tax plan gets rid of the Obamacare tax mandate.
32   MrMagic   2017 Nov 17, 9:38pm  

Strategist says
It's a small town in Illinois, where no one wants to live.


Maybe the people there just don't like to play golf?
33   lostand confused   2017 Nov 17, 11:07pm  

Sniper says

Maybe the people there just don't like to play golf?

Or property taxes, they could be on the hook for 10-25k in taxes a year. Not to mention HOA.
34   wave9x   2017 Nov 18, 6:17am  

AMT doesn't allow for SALT or even property tax deductions, so for those paying AMT dropping SALT isn't a big deal.
35   Y   2017 Nov 18, 6:27am  

Until the house and senate reconcile their plans, this is an exercise in futility...

NewOldUser says
We need to talk about this shitty tax plan
36   Booger   2017 Nov 18, 8:31am  

NewOldUser says
To 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.
37   Booger   2017 Nov 18, 8:35am  

Strategist says
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?


Drop the asking price until it sells.
38   Goran_K   2017 Nov 18, 9:06am  

Democrats have been trying to claim the SALT deduction is some sort of poor people savior. That's simply not true. It's actually wealthier Americans who benefit. How do I know? It's because I'm one of those Americans and have gone over the math with my accountant. First off most people don't itemize, this is just a fact. Secondly the deductions are worth far more to people in the highest tiers than compared to people in the lower tiers.



From WaPO (a leftist learning website):
"Look at the last column, which shows the percentage of the deduction received by various income levels. Taxpayers making less than $100,000 may comprise 53 percent of the tax filers, but they get less than 25 percent of the deductions. Tax filers making more than $100,000 get more than 75 percent."

By far the largest contributors to the tax system are the wealthy, overwhelmingly so. I know Romney got skewered for this in 2012, but he wasn't lying.

Here's another table that shows the actual SALT impact across various tax brackets.



See those higher tax brackets? Yeah we're talking 10 to 20 times the hit compared to some guy making $50,000 at an average W2 job.

So the whole "SALT Is going to make poor people pay more" is a bit of a stretch since they overwhelmingly take the standard deduction anyway, and even if they do itemize, wow, a solid $50 a month hit. That's about the monthly impact of the recent gas tax for most commuters in Los Angeles, but Democrats are gleefully onboard with that. Not to mention the extra $25 to $175 per vehicle on top.

Lots of dishonesty being spread here.
39   anonymous   2017 Nov 18, 9:20am  

Booger says
NewOldUser says
To 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.


Agree which is why we need to stop giving the church a free ride. They’ve been harming the country and subverting the Constitution on our dime for far too long. Tax the Church. No more free ride Socialism for anti-American institutions
40   NewOldUser   2017 Nov 18, 9:26am  

So users here are claiming that "upper middle class" is not middle class? That the lifestyle of a family making $220k per year is gross income in a high-cost area trying to provide the best possible life for their children is somehow equivalent to a millionaire?

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