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LSP2005
Bunny kisses are so cute!
Member since 5/05 19454 total posts
Name:
L
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Taxes
Seeing what is coming out of DC is so disheartinging. Getting rid of state and local taxes, changing treatments of 401k deduction, and loosing mortgage interest deduction will destroy the middle class here. If I was confident that the taxes were being used for good things, I would feel better about it, but all I see is that it is not being used for rebuilding after disasters, help the common infrustructure, bring about high speed rail or internet fiber, or healthcare. Instead it is going to line billionaires already deep pockets. I am really upset with it.
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Posted 9/27/17 10:44 AM  |
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Salason
♥
Member since 6/05 9878 total posts
Name:
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Re: Taxes
It's all speculation at this point but we'll know a lot more today when the actual plan is released. Republicans have signaled the mortgage interest deduction and charitable contribution deductions will stay in place. Many people would just opt not to use them because the standard deduction would be doubled. It also supposedly gives Congress the ability to determine a 4th bracket on the highest earners. But the devil is in the details...
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| Posted 9/27/17 11:23 AM |
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LSP2005
Bunny kisses are so cute!
Member since 5/05 19454 total posts
Name:
L
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Re: Taxes
I pay way more in state and local taxes than I do for mortgage interest and I would be shocked if that wasn't the case for most people on Long Island after year one of a mortgage.
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| Posted 9/27/17 11:35 AM |
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bunnyluck
LIF Adult
Member since 1/14 3196 total posts
Name:
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Taxes
It's not looking good for us "rich" New Yorker (who are really middle class bc of our insane COL). Especially if you have over two kids. Stilk no clarity around income brackets or AMT tax?
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| Posted 9/28/17 12:09 PM |
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Jenn79
One more?
Member since 2/12 2410 total posts
Name:
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Re: Taxes
Posted by bunnyluck
It's not looking good for us "rich" New Yorker (who are really middle class bc of our insane COL). Especially if you have over two kids. Stilk no clarity around income brackets or AMT tax?
I haven't been following this as much as I did before the election. What's not looking good now? Why if you have more than two kids?
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| Posted 10/10/17 10:36 PM |
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LSP2005
Bunny kisses are so cute!
Member since 5/05 19454 total posts
Name:
L
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Re: Taxes
Posted by Jenn79
Posted by bunnyluck
It's not looking good for us "rich" New Yorker (who are really middle class bc of our insane COL). Especially if you have over two kids. Stilk no clarity around income brackets or AMT tax?
I haven't been following this as much as I did before the election. What's not looking good now? Why if you have more than two kids?
http://www.businessinsider.com/trump-tax-plan-raise-taxes-middle-income-families-2017-9
If you look at this link, it gives a good breakdown on a middlecalss family in a low tax state. In a high tax state link NY, your taxes would go up much more.
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| Posted 10/11/17 5:15 PM |
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MrsT809
LIF Adult
Member since 9/09 12167 total posts
Name:
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Taxes
The more I learn about these tax plans, I just can't even believe that crap they are trying to push through. They are totally screwing over the middle class to please large corporate donors. It is maddening.
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| Posted 11/15/17 1:20 PM |
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GoldenRod
10 years on LIF!
Member since 11/06 26792 total posts
Name:
Shawn
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Re: Taxes
And since Dotard and his Cabinet are mostly billionaires and/or CEOs of corporations, they will personally make out like bandits if any of this passes!
And of course, trickle-down economics NEVER works, so the economy is going to tank.... for everyone but the billionaires who got massive amounts of money from the government (aka, the middle class...)
AND, it will add roughly 1.5 Trillion dollars to the debt. So much for the fiscally conservative party...
Message edited 11/15/2017 1:44:52 PM.
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| Posted 11/15/17 1:40 PM |
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Pumpkin1
LIF Adult
Member since 12/05 3715 total posts
Name:
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Taxes
I'm confused by how the government will make money by doing away with the individual mandate? Also, it sounds a lot like they are taking from the poor (by eliminating the mandate) and giving it somehow to the middle class, is that right? If so, I don't think I want that tax cut.
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| Posted 11/15/17 2:26 PM |
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LSP2005
Bunny kisses are so cute!
Member since 5/05 19454 total posts
Name:
L
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Re: Taxes
The federal government will add over a trillion dollars of debt because of this bill. If you live on LI and make from 90k to 200k your taxes will be going up, up, up.
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| Posted 11/15/17 2:31 PM |
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GoldenRod
10 years on LIF!
Member since 11/06 26792 total posts
Name:
Shawn
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Re: Taxes
Posted by Pumpkin1
I'm confused by how the government will make money by doing away with the individual mandate? Also, it sounds a lot like they are taking from the poor (by eliminating the mandate) and giving it somehow to the middle class, is that right? If so, I don't think I want that tax cut.
Because with the mandate, millions of people are forced to get insurance, which is subsidized by the government. By eliminating the mandate, up to 13 million people (based on CBO estimates) won't have insurance that they have now, so the government won't have to subsidize their coverage.
*Some* people in the middle class might be getting a very small tax cut. For some, it will definitely increase. Even McConnell admitted that.
The only group guaranteed to have a significant tax cut are the top .1%
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| Posted 11/15/17 2:41 PM |
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Pumpkin1
LIF Adult
Member since 12/05 3715 total posts
Name:
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Re: Taxes
Posted by GoldenRod
Posted by Pumpkin1
I'm confused by how the government will make money by doing away with the individual mandate? Also, it sounds a lot like they are taking from the poor (by eliminating the mandate) and giving it somehow to the middle class, is that right? If so, I don't think I want that tax cut.
Because with the mandate, millions of people are forced to get insurance, which is subsidized by the government. By eliminating the mandate, up to 13 million people (based on CBO estimates) won't have insurance that they have now, so the government won't have to subsidize their coverage.
*Some* people in the middle class might be getting a very small tax cut. For some, it will definitely increase. Even McConnell admitted that.
The only group guaranteed to have a significant tax cut are the top .1%
But I thought DJT already cut off the subsidies?
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| Posted 11/15/17 4:56 PM |
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MrsT809
LIF Adult
Member since 9/09 12167 total posts
Name:
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Re: Taxes
Posted by Pumpkin1
Posted by GoldenRod
Posted by Pumpkin1
I'm confused by how the government will make money by doing away with the individual mandate? Also, it sounds a lot like they are taking from the poor (by eliminating the mandate) and giving it somehow to the middle class, is that right? If so, I don't think I want that tax cut.
Because with the mandate, millions of people are forced to get insurance, which is subsidized by the government. By eliminating the mandate, up to 13 million people (based on CBO estimates) won't have insurance that they have now, so the government won't have to subsidize their coverage.
*Some* people in the middle class might be getting a very small tax cut. For some, it will definitely increase. Even McConnell admitted that.
The only group guaranteed to have a significant tax cut are the top .1%
But I thought DJT already cut off the subsidies?
I think that was subsidies that went to insurance companies to help keep premiums down. They didn't take away subsidies to individuals.
By repealing the mandate, some young healthy people who struggle financially will likely stop buying insurance. The government won't have to pay to subsidize their plans but it will make costs go up for everyone else. Not to mention when something catastrophic happens to some of those people they'll end up bankrupt and taxpayers will wind up paying anyway.
Aside from that, these tax breaks are only temporary. Either everyone gets a tax increase in a few years or congress will have to renew them which will increase the deficit much more. Oh, but the corporate cuts are permanent. I think I'm in the $70 savings range. So not worth it, even if it was a bigger savings.
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| Posted 11/15/17 9:04 PM |
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Bugaboo
Relax!
Member since 5/05 2133 total posts
Name:
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Re: Taxes
Good news folks!! Huge tax breaks for all of us who own a private jet, a golf course or will be inheriting more than $11MM. 
For everyone else, you're royally screwed.
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| Posted 11/17/17 9:00 AM |
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LIRascal
drama. daily.
Member since 3/11 7287 total posts
Name:
Michelle
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Taxes
Middle America (literally the rest of the country) could see some tax breaks. as opposed to the Northeast. How?
Well, they don't lose their tuition write-off because, well, we have a higher percentage of High school graduates who go on to 4-year schools (On average, we send 70% onto college while the rest of the country hovers around 30-40% with the exception of Georgia and Michigan)
They don't lose a property tax writeoff because they never had one
They don't lose the ability to itemize the expenses for public/state employees work-related costs
So they don't care. To the rest of the country, the "President Cut Taxes" 
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| Posted 11/17/17 11:11 AM |
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blu6385
Member since 5/08 8351 total posts
Name:
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Re: Taxes
Posted by Bugaboo
Good news folks!! Huge tax breaks for all of us who own a private jet, a golf course or will be inheriting more than $11MM.
For everyone else, you're royally screwed.
so it 100% passed every where it has to? (Havent been following)
when does it go into place? And really how screwed are we? Granted we take a lot out of our checks as is and get a pretty decent tax return will this no longer be happening 
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| Posted 11/17/17 11:12 AM |
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GoldenRod
10 years on LIF!
Member since 11/06 26792 total posts
Name:
Shawn
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Re: Taxes
Posted by blu6385
Posted by Bugaboo
Good news folks!! Huge tax breaks for all of us who own a private jet, a golf course or will be inheriting more than $11MM.
For everyone else, you're royally screwed.
so it 100% passed every where it has to? (Havent been following)
when does it go into place? And really how screwed are we? Granted we take a lot out of our checks as is and get a pretty decent tax return will this no longer be happening
The House passed their plan. The Senate still has to pass their plan, and then they both have to get together and come up with a unified plan that they both agree to, and then vote on that.
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| Posted 11/17/17 11:56 AM |
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GoldenRod
10 years on LIF!
Member since 11/06 26792 total posts
Name:
Shawn
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Re: Taxes
This bill, and the "process" to pass it is getting worse and worse... It's changing on a daily basis, if not faster, so nobody actually knows what's in the bill, and what they may or may not be voting for.
There's serious talks about automatically "triggering" a tax increase *if* their debunked trickle-down theory doesn't raise enough economic growth. If they put that in the bill, and it passes, billionaires will get massive amounts of money, $1.5 trillion (minimum) will be added to the national debt, and we'll get a minuscule tax cut the first year, and massive tax increases every year after that.
http://thehill.com/policy/finance/357201-trump-gop-appear-open-to-401k-changes-in-tax-bill
There's still serious talk about limiting pre-tax money we can put into our 401(k)s, from $18,000 per year, to $2,400.
If this bill passes, I seriously think we're heading for another Recession, if not a full-on Depression.... 
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| Posted 11/28/17 8:40 AM |
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