[quote=dumbrenter][quote=SK in CV]Confirmed today by WH, 401k plans are out as part of this plan, even though not mentioned in yesterday’s release. Presumably referring to current deferrals, not monies already in plans. Why? Because $18,000 deferrals don’t mean shit to really rich people.[/quote]
small blessings for poor folks like me! getting something in return now.[/quote]
Trump is leaving 401k deductions in place. It’s just status quo ante. You’re not getting any something.
No state and local income tax deduction? Are you joking? You’re going to tax people on money they don’t even have because the government has already taxed it away? Good luck with that.
We don’t even know what the cut-off for the new brackets are but they better be substantially higher tiers or everyone in the middle class and upper middle class going to pay A LOT more than they currently are, effectively taking them out of the middle class and it would be the biggest hand out to the rich.
It’s punishment for high-tax states that actually provide services to their residents. Never mind that those states ALREADY pay more Federal tax per capita than they get back.
[quote=spdrun]It’s punishment for high-tax states that actually provide services to their residents. Never mind that those states ALREADY pay more Federal tax per capita than they get back.[/quote]
Exactly, I thought I was dreaming when Mnuchin came out and said “why should other states subsidize high tax states and their high priced homes”! Are you kidding me? It’s the other way around for the past 50 years. High tax states like Ca, NJ, MA, NY have been subsidizing the south and the rust belt through literally every federal program. This is a blatant attempt to bully people who didn’t vote for them, they think this is somehow going to get more republicans in congress but really it’s going to lead to more moderate republicans getting elected or them straight up losing all republican house seats in these states.
