I’m not so convinced all these tax increases, as annoying as they are, are really devastating.
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I agree. Not devastating to any individuals, except in rare situations. Low income people can get hit with higher taxes. For those making $30K with 3 kids, losing $500 can be devastating. It could also be devastating to
The problem is not so much with itemized deduction changes. Outside sales people and W-2 truckers could get killed. I can think of a few others that will also.
A HUGE windfall for some wealthy and ALL uber-wealthy.
It could be devastating for what it portends, and what it holds for the economy down the line. It’s pretty similar to the tax cut from the late 20’s. Something bad happened after that.[/quote]
Agreed. Which is why I sort of chuckle at the irony here. I have a feeling the ones that are going to get hit the most, some of them probably voted for Trump and wanted this without really knowing about it…
(BG where are you?.. Lololol)
I mean how many senators actually read the 500 page tax reform before voting on it….just like how many read the actual ACA before folks voted on it. Maybe one of these days Congress can actually start doing things not out of spite for the other party. Lol.
I think the only positive.to come out of this is everyone this time feels a certain level of annoyance and financial pain such that next time, we.are a little more careful asking for “tax reform” or taxing more… And by financial pain, I mean almost Everyone.
Carenter, you were wishing for a repeal of prop 31 and felt people should be taxed more on their propety…. Well…wish granted… everyone is now…. Even folks with primary homes. Your property tax deduction is now capped. Lol…be careful what you wish for…[/quote]
The Prop 13 reform that I advocate for does the exact opposite of what this reform does — I believe it should only apply to owner-occupied residences (with a similar effect for owner-occupied commercial/industrial properties), with “capital” paying market rates on rentals and second homes, etc. I want the working/middle classes to benefit from reform, and these Republican tax reform bills do the exact opposite — massive windfalls for capital, and the middle class (what little is left of it) will take the hit for it…again.
It’s crazy to see how people still hang on to trickle-down economic theory, even though it’s proven to be a complete and utter failure at every turn. And, as some have already pointed out, the worst part is seeing very average working folks champion these bills. Idiocy at it’s finest.
