Tax Reform

[Son of Butch]

California is up in arms about the proposed elimination of federal tax deduction for state taxes.
Seems to me the federal government has been unfairly subsidizing high tax states for too many years by allowing
them and that by eliminating those deductions it levels the playing field for all.

p.s.
Congress has only 12 working days from now until the New Year.
(Nice work if you can get it)

 

[Rafter S]

p.s.
Congress has only 12 working days from now until the New Year.
(Nice work if you can get it)

Would you really want them in session more than they are now?

 

[Brute 23]

If California doesn't like it that pretty much guarantees its a good idea in my book.

 

[Caustic Burno]

If California doesn't like it that pretty much guarantees its a good idea in my book.

Fantastic idea might end the illegal immigrant state funding.

 

[Brute 23]

What is scary is I hope a bunch of people don't get mad and move out of California. :shock:

 

[HDRider]

You are right SOB. I don't like my money going to NY, CA, NJ, etc.

 

[slick4591]

I'm still wondering how this new tax deal will affect us with the cattle. If I can't write them off any longer I'll sure start seeing things differently.

 

[HDRider]

I can't see how business expenses are handled changing.

 

[Brute 23]

I'm still wondering how this new tax deal will affect us with the cattle. If I can't write them off any longer I'll sure start seeing things differently.

Why would you not be able to write them off? I haven't seen any thing that suggested that.

 

[slick4591]

I've not seen the complete bill so I just don't know.

 

[Brute 23]

http://www.taxpolicycenter.org/publicat ... -plan/full

This is about the best breakdown I have seen.

 

[Bright Raven]

I've not seen the complete bill so I just don't know.

Republican Senator Rand Paul, KY, was on the news saying that the bill that is before the senate is a tax increase for middle class Americans. According to him it eliminates so many itemized deductions that most middle class Americans will no longer be able to itemize deductions and will revert to the standard deduction. He threatens to not vote for the bill which is resulting in advertisements that criticize him for not supporting the Trump tax plan. They end by saying, tell Senator Paul to stand with the President on tax reform as he promised.

 

[Brute 23]

The biggest problem is people want to know how much money it will put in their pocket and it's not designed to do that. It's simplifying the tax code by getting rid of some deductions but it lowers the percent you pay as a whole. It is definitely designed to help business more than the individual. It is truely a trickle down plan.

People complain about how complex the tax code is but when Trump tries to clean it up the still complain.

It goes back to most people don't understand taxes so therefore they don't understand the changes.

My tax guy says he has tons of people who show up with receipts from their church or what ever, every year wanting to write them off. He tells them every year is does no good. Every year they show up with the receipts again because so an so at the DQ or a person at the church, go figure, told them they could write it off.

Same thing with the mortgage insurance deduction. We need to quit rewarding people's debt. Let's give a tax deduction to people with paid off homes.

 

[Davemk]

The stupid MFer's in DC have a spending problem. Why don't they come up with a plan that cuts my taxes and cuts overall federal spending. I know that is dreamworld stuff but it pisses me off.

This bill as written is going to raise my taxes in less than 5 years. It nothing more than a tax increase on the very people that put those dumb sumbitches in office. Never again will I vote for any incumbent politician.

 

[Bright Raven]

The stupid MFer's in DC have a spending problem. Why don't they come up with a plan that cuts my taxes and cuts overall federal spending. I know that is dreamworld stuff but it be nice me off.

This bill as written is going to raise my taxes in less than 5 years. It nothing more than a tax increase on the very people that put those dumb sumbitches in office. Never again will I vote for any incumbent politician.

Dave, that is exactly what Rand Paul is saying. Nevertheless, the administration is putting the squeeze on him.

As it looks now, there are no fiscal restraints. The tax burden is being shifted and at the same time the deficit goes up.

 

[boondocks]

Is it correct that the tax cuts for individuals phase out but those for businesses stay?

 

[HDRider]

The biggest take ways I have heard about is eliminating the deduction for state and local taxes.

 

[HDRider]

I've not seen the complete bill so I just don't know.

Republican Senator Rand Paul, KY, was on the news saying that the bill that is before the senate is a tax increase for middle class Americans. According to him it eliminates so many itemized deductions that most middle class Americans will no longer be able to itemize deductions and will revert to the standard deduction. He threatens to not vote for the bill which is resulting in advertisements that criticize him for not supporting the Trump tax plan. They end by saying, tell Senator Paul to stand with the President on tax reform as he promised.

A lot of deductions will be removed. I have been following this pretty close. I googled to find RP's objections but could not find anything recent or since late October.

Do you have a link that outlines his criticism in detail? I like RP, I like what he says about smaller government. But, it is hard to sift through his rhetoric, and his maniacal need to have a camera focused on him. :hat: :hat: :hat:

We need to cut taxes, without question. In my mind we should be even more aggressive on cutting spending. :cowboy:

 

[Bright Raven]

I've not seen the complete bill so I just don't know.

Republican Senator Rand Paul, KY, was on the news saying that the bill that is before the senate is a tax increase for middle class Americans. According to him it eliminates so many itemized deductions that most middle class Americans will no longer be able to itemize deductions and will revert to the standard deduction. He threatens to not vote for the bill which is resulting in advertisements that criticize him for not supporting the Trump tax plan. They end by saying, tell Senator Paul to stand with the President on tax reform as he promised.

A lot of deductions will be removed. I have been following this pretty close. I googled to find RP's objections but could not find anything recent or since late October.

Do you have a link that outlines his criticism in detail? I like RP, I like what he says about smaller government. But, it is hard to sift through his rhetoric, and his maniacal need to have a camera focused on him. :hat: :hat: :hat:

We need to cut taxes, without question. In my mind we should be even more aggressive on cutting spending. :cowboy:

What I saw was on Channel 18 out of Lexington. It was a political advertisement in the form you see during campaigns. I assume it was sponsored by a group that supports the house version of the tax bill. Which my guess would be the wealthy. They are pressuring him to vote for the bill.

 

[HDRider]

The wealthy do pay more taxes, and will see more relief in real dollars.