You really can tell the AP stories. Sure hope this thing is DOA. (And talk about burying the lead – the tax cuts for the super rich are close to the bottom, and the change in the mortgage deduction goes above the elimination of the deductibility for state income taxes.)
The GOP was vehemently against deficits before they were for them!!
My N.J. property taxes are $16k, which is fairly typical for my part of the State. So it looks like the Red States are picking my pocket for about $2k.
Blue states provide the feed, red states (and the rich) feed at the trough…
And I guess your mortgage is under $500K, or that’s another ding. And if you’re paying state income tax, that’s another hit.
Talk about class warfare.
Look at it on the bright side, Don J,. Eric, Ivanka, Tiffany and Barron would not have to pay taxes when Trump kicks the bucket.
Wonder why nobody in the mainstream media or anywhere else is bringing up the issue of Trump taxes?
“Failure is not an option,” said Rep. Chris Collins, R-N.Y.
Failure is always an option with a Trump at the helm.
Just follow the idiot’s tweets as he works towards failure.
Once again, single people and especially single non-breeders get the shaft.
The legislation is a longstanding goal for Capitol Hill Republicans who see a once-in-a-generation opportunity to clean up an inefficient, loophole-cluttered tax code.
…The tax system would be simplified, and most people would be able to file their returns on a postcard-sized form.
Hello Marcy and Andrew, the lines above are how Republicans are trying to market the plan, not what the plan is actually about. Nothing, NOTHING, indicates they’re simplifying the tax code for a post card, and the Republicans see EVERY legislative session as a once-in-a-generation opportunity for tax cuts.
Please also note the last round of updating the inefficient, loophole-cluttered tax code was performed with these selfsame Republicans, marketing exactly the same points… making it more inefficient unless you have a professional Accountant… and loophole-cluttered so 75% of the largest corporations don’t pay any taxes during high-profit times.
Please don’t broadcast their memes.
It’s frustrating to me that the articles on this tax plan always talk about the “doubling” of the standard deduction, but they rarely mention the elimination of personal exemptions. Currently, the typical married couple with two children can take a standard deduction of $12,700 plus four exemptions totaling $16,200. This is a combined $28,900 deduction. Under the new plan, they get a $24,000 standard deduction and no exemptions. Therefore, under the new plan their taxable income INCREASES by $4,900.
On top of that, the lowest tax bracket is INCREASING from 10% to 12%, so a family of four making about $48,000 per year will actually pay about $960 MORE in federal taxes under the new plan.
Have you thought of writing a column in the financial pages?
eliminating the deduction for state income taxes, which generated significant opposition from
This is the one that fucks Oregonians top to bottom.
Thanks GOP for raising my taxes so Trump and billionaires get to pay less of a percentage in taxes than I do.
I hope that postcard thing is a metaphor. Imagine the outcry when people have their personal info stolen from their tax return.
There you go showing off your math skills, and this is why you’re not a Republican.
If voters can’t figure out that this hurts the middle class bigly, Americans are just beyond redemption in so many ways.
I’m sure this will sail right through the Congress, just like the ACA repeal…lol. To quote Charlie Pierce, these really are the mole people. I guess they think the rest of us can’t read or add numbers. I think the Tea Party will kill this for us, or so I hope.
I share the frustration. One thing that will help is that after all the details are out there will be websites and thinktanks that will crunch all these numbers and I expect there will be calculators that show what your taxes are under current law and what they would be in the new plan, and I bet a lot of people will be in for an unpleasant surprise. That, of course, is why they want to move it so quickly, so I sincerely hope these tools get released quickly and are widely disseminated.