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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.
It's ok companies like Coke will "invest" when they bring money back from oversees at a discount.
The states are not going to simply reduce their taxes. Real life doesn't work that way.
On the other, trickle-down has not historically materialized hence the moniker "voodoo economics."
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.
Absolutely nobody is saying that eliminating the SALT deductions will hurt the poor. It will hurt the middle class, however, and THAT is what people are saying.
I just proved that it doesn't hurt the middle class
The only people I see crying about this are people who live in the Bay Area, SoCal, or any other pricey part of California
He/She got screwed at least twice - first time was at birth.
You mean states aren't subject to austerity? Why?
More than half of the middle class use itemize.
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.
Lots of dishonesty being spread here.
Goran_K saysYou mean states aren't subject to austerity? Why?
The wrong people will get hit by that. Yes, there are bad budgets and bad spending in CA. Federal funds are also wastefully dispersed in CA. Remember, the entire government is connected. There is no separate country.
If you are advocating a state bankruptcy in the largest state economy in the country, that is a very strange position to take in relation to MAGA.
Goran_K saysI just proved that it doesn't hurt the middle class
Actually you proved it does. More than half of the middle class use itemize. So you showed the exact opposite of what you claim.
Goran_K saysThe only people I see crying about this are people who live in the Bay Area, SoCal, or any other pricey part of California
Open your eyes then.
If people in high COL states are so financially stretched thin because they bought way too much house and then can't take some hit on their tax deductions, that's on them. This is why so many people are screaming because they're hanging on by a thread so they can have that house on the hill and the Beamer. This is the reckoning for reckless financial spending, and I love it.
Trickle down does absolutely work. There is more personal wealth in the Western World than there has been individually in recorded human history across any nation on the Earth. Just because there are poor people doesn't mean that a highly profitable and hot private sector ISN'T a good thing.
Apple has a market cap approaching a Trillion dollars. How many people does the company employ? How many have cushy benefits plans? How many have bought nice homes in the Bay Area due to their huge salaries? How is this not an example of trickle down economics?
If people in high COL states are so financially stretched thin because they bought way too much house and then can't take some hit on their tax deductions, that's on them. This is why so many people are screaming because they're hanging on by a thread so they can have that house on the hill and the Beamer. This is the reckoning for reckless financial spending, and I love it.
Timeout - not all of these comments are uncivil. Just need to avoid the personal attack types. It's a pain, but I'm really on board with cleaning this place up.
Goran_K saysTrickle down does absolutely work. There is more personal wealth in the Western World than there has been individually in recorded human history across any nation on the Earth. Just because there are poor people doesn't mean that a highly profitable and hot private sector ISN'T a good thing.
Apple has a market cap approaching a Trillion dollars. How many people does the company employ? How many have cushy benefits plans? How many have bought nice homes in the Bay Area due to their huge salaries? How is this not an example of trickle down economics?
anon_8cbcb saysTimeout - not all of these comments are uncivil. Just need to avoid the personal attack types. It's a pain, but I'm really on board with cleaning this place up.
Fucking White Male saysSome of the lefties have gone off the deep end just like when Trump got elected.
That's errc hitting all the posts as uncivil. It's Saturday, he's developed a pattern of going off the deep end on Saturdays. Just go back and look at his postings on Nov. 11th and go look at Comment Jail from that date. You'll see.
errc saysThat's errc hitting all the posts as uncivil. It's Saturday, he's developed a pattern of going off the deep end on Saturdays. Just go back and look at his postings on Nov. 11th and go look at Comment Jail from that date. You'll see.
Look at you lying again. Why do you need to lie so frequently?
A lie??
Really?
How many comments do you have in Comment Jail today?
How many went in last Saturday?
Do you have a problem with facts?
https://patrick.net/comment_jail
Why do you accuse OTHERS for what you do here on a regular basis? Projecting?
It's nice that you told Patrick you were going to clean up your act? Too bad that didn't last more than a day.
The next time you need intense medical or legal assistance, or want your vehicle to stay safe when you crash - I hope you remember what you typed here.I'm 100% comfortable with what I typed here because I don't live beyond my means and I save like a motherfucker. Medical or legal assistance is nothing when you've planned your life and expenditures properly. It's called peace of mind.
People can certainly foot the bill - but how is fair to them, when people on either side of the income levels are catching a break?
anon_f1625 says
He/She got screwed at least twice - first time was at birth.
@WookieMan, this is what @Patrick is talking about.
@Patrick, anons probably should be blocked at this time. The above is someone who was put on ignore but still wants to troll. Why give them the chance?
#1 - The folks paying over $500K in mortgage interest
just any guy saysAssuming a 20% down, roughly $650K mortgage. Plus, the plan is to grandfather existing homeowners to the $1M limit.
#1 - The folks paying over $500K in mortgage interest
How big a mortgage do you need to pay over 500k in mortgage interest?
Why should renters have to subsidize taxes for homeowners?
How big a mortgage do you need to pay over 500k in mortgage interest?
bob2356 says
How big a mortgage do you need to pay over 500k in mortgage interest?
Assuming 4% rate, a single year's worth of the mortgage would be: $12,500,000.
bob2356 saysjust any guy saysAssuming a 20% down, roughly $650K mortgage
#1 - The folks paying over $500K in mortgage interest
How big a mortgage do you need to pay over 500k in mortgage interest?
That's a hell of an interest rate to pay 500k interest a year on a 650k mortgage. Loan sharks do mortgages now?Indeed.
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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.