New Tax Plan

[FlyerInHi]

[quote=flu]Meh. I said it before and I’ll say it again. It doesn’t matter who is in charge…..when they talk about tax law changes , w2 wage earners in the upper income always end up footing the bill the most.

Frankly, I don’t care because I am surprised most of you would be surprised that taxes wouldn’t be going up … I am pretty sure my taxes would have gone up under Hillary too.

That said, I am glad I am making a lot more this year than last year with my new job, and my investments have more or less been doing great. And it’s great living free and clear and only need to be saving/invest in for my kids college…assuming mine goes to college. Maybe after Trump, people don’t need to go to college. Kinda like America’s version of the cultural revolution. Lolol

Some my.my buddies just got their offers from Apple, Facebook, etc…ok, given they are probably above average performers. I was blown away by their comp packages….. Just senior level engineers, not management , around $300-$350k total. I’d say tech is still doing pretty well in CA[/quote]

What an interesting post.

You say you don’t care but you care a great deal. BTW, Hillary had a tax plan whereas Trump’s promises are nebulous as always. The only certainty with Trump is that he’s out for himself.

And about Trump, remember that the “American Cultural Revolution” is aided and abetted by the Republicans. But no wonder because the American pitchfork peasants vote for the exactly opposite of what they want. At least the Chinese pitchfork peasants who supported Mao’s cultural revolution were more rational. what characterizes pitchfork peasants universally is the low education culture. However, now in the 21st century, the Chinese have become wiser and universally want university education for their kids (even is they can’t afford it, they still want it). It won’t be long before China matches the educational levels of South Korea.

Anyway… we can let the free market and the free flow of capital decide who deserves the economic rewards of the future.

[Coronita]

[quote=FlyerInHi][quote=flu]Meh. I said it before and I’ll say it again. It doesn’t matter who is in charge…..when they talk about tax law changes , w2 wage earners in the upper income always end up footing the bill the most.

Frankly, I don’t care because I am surprised most of you would be surprised that taxes wouldn’t be going up … I am pretty sure my taxes would have gone up under Hillary too.

That said, I am glad I am making a lot more this year than last year with my new job, and my investments have more or less been doing great. And it’s great living free and clear and only need to be saving/invest in for my kids college…assuming mine goes to college. Maybe after Trump, people don’t need to go to college. Kinda like America’s version of the cultural revolution. Lolol

Some my.my buddies just got their offers from Apple, Facebook, etc…ok, given they are probably above average performers. I was blown away by their comp packages….. Just senior level engineers, not management , around $300-$350k total. I’d say tech is still doing pretty well in CA[/quote]

What an interesting post.

You say you don’t care but you care a great deal. BTW, Hillary had a tax plan whereas Trump’s promises are nebulous as always. The only certainty with Trump is that he’s out for himself.

And about Trump, remember that the “American Cultural Revolution” is aided and abetted by the Republicans. But no wonder because the American pitchfork peasants vote for the exactly opposite of what they want. At least the Chinese pitchfork peasants who supported Mao’s cultural revolution were more rational. what characterizes pitchfork peasants universally is the low education culture. However, now in the 21st century, the Chinese have become wiser and universally want university education for their kids (even is they can’t afford it, they still want it). It won’t be long before China matches the educational levels of South Korea.

Anyway… we can let the free market and the free flow of capital decide who deserves the economic rewards of the future.[/quote]

I don’t care anymore than I use to because I am used to getting screwed in taxes before….some of you folks that are getting screwed over now for the first time are complaining about what the rest of us that use to get regularly screwed over have been complaining about , but fell on deaf ears… That’s why it doesn’t bother us nearly as much as apparently it’s bothering you. We’ve already been seasoned by it…. Welcome to tax hell… Doesn’t feel good when you get taxed to support people and regions you don’t like, does it? Welcome to tax hell.

[Anonymous]

Lol, blame the realtors:

Koch Group Says Realtors Among Those ‘Jeopardizing’ Tax Overhaul

https://www.bloomberg.com/news/articles/2017-10-11/koch-group-says-realtors-among-those-jeopardizing-tax-overhaul

[FlyerInHi]

Among the Tax Bill’s
Biggest Losers: Blue
State Taxpayers Who Earn
More Than $200,000

https://www.nytimes.com/interactive/2017/12/05/us/politics/tax-bill-salt.html?action=click&module=Top%20Stories&pgtype=Homepage

[Coronita]

[quote=FlyerInHi]Among the Tax Bill’s
Biggest Losers: Blue
State Taxpayers Who Earn
More Than $200,000

https://www.nytimes.com/interactive/2017/12/05/us/politics/tax-bill-salt.html?action=click&module=Top%20Stories&pgtype=Homepage%5B/quote%5D

Those of us that had documented AGIs above $200k were going to lose either way with Hillary or Trump. With this change, more people in CA are going to lose overall….

[FlyerInHi]

Flu, I think Hillary however would have narrowed the deficit which is apparently no longer a consideration.

[Coronita]

[quote=FlyerInHi]Flu, I think Hillary however would have narrowed the deficit which is apparently no longer a consideration.[/quote]

Ah ha ha ha ha… I want whatever you are smoking…

Everyone in california now gets to pay more taxes to special interests and causes out in Randomplace, America when they really don’t want to…. Join the club. Some of us have been doing this for the past 8 years. I don’t think you’ve learned your lesson quite yet Brian.

[FlyerInHi]

Flu, just spell out the lesson to be earned because I don’t get it.

[FlyerInHi]

More on the consequences to California.

[Coronita]

The lesson to learn is….

It’s easy to say “we” should be taxed more to support programs/people/things that “we” think should be supported (regardless of how those who actually bear the tax burden should feel)…so long as the “we” does not include “me”….

Welcome to the past 8 years for many of us tax- classified W2 “wealthy”.

Hey, I don’t like the tax “reform” any more than anyone else. Hopefully, many of you will now think twice about encouraging government to “raise taxes” on select groups of people to fund a program/group,especially when it’s for something you don’t really like….Aren’t you glad some of your taxes paid will now go to Christian Evangelists in the South who are interested in teaching good family values and religion in schools? (sarcasm)

There are always lessons to be learned from everything.

[spdrun]

Maybe this is evidence that what most Californians and Northeasterners want isn’t the same as what people in Oklahoma and Mississippi want. Maybe the world would be better with Calexit, NYexit, etc. Almost 240 years is a pretty good lifespan for a united country — why do we need to be tied to each other forever? The Union shouldn’t be a suicide pact, sometimes amicable divorce is the best option.

[FlyerInHi]

[quote=flu]The lesson to learn is….

It’s easy to say “we” should be taxed more to support programs/people/things that “we” think should be supported (regardless of how those who actually bear the tax burden should feel)…so long as the “we” does not include “me”….

Welcome to the past 8 years for many of us tax- classified W2 “wealthy”.

Hey, I don’t like the tax “reform” any more than anyone else. Hopefully, many of you will now think twice about encouraging government to “raise taxes” on select groups of people to fund a program/group,especially when it’s for something you don’t really like….Aren’t you glad some of your taxes paid will now go to Christian Evangelists in the South who are interested in teaching good family values and religion in schools? (sarcasm)

There are always lessons to be learned from everything.[/quote]

Flu, in proportion, the military or war takes up the biggest amount of spending. That’s the lesson I learned. Only stupid people who want to feel nationalistic and badass by association would want more of that. Plus you have to account for the lifetime benefits and support of the service people who return whack and disabled from a tour.

[FlyerInHi]

[quote=spdrun]Maybe this is evidence that what most Californians and Northeasterners want isn’t the same as what people in Oklahoma and Mississippi want. Maybe the world would be better with Calexit, NYexit, etc. Almost 240 years is a pretty good lifespan for a united country — why do we need to be tied to each other forever? The Union shouldn’t be a suicide pact, sometimes amicable divorce is the best option.[/quote]

I agree. San Diego could a free trade zone. Something like a Hong Kong on the Pacific. A tech hub, an entrepôt center, a financial center. We have the location, the climate, the labor.

[henrysd]

I hear so many negative comments on tax bill. Yes the house bill is negative to Californians: low mortgage amount to deduct interest, limit prop tax to $10K, remove SALT deduction, and 35% tax rate kicks in so early starting from $260K family income. House bill hits hard on those $200-500K income range Californians. But the senate bill is much different and quite friendly to pigs on this board:
1) Mortgage amount to deduct back to $1m.
2) Added many lower tax rates to benefit family with income less than $200K. For high earners, $32% tax rate kick in much later at $320K (all assuming married couple) and it is low 24% before hitting that threshold.
3) $2000 child credit. Not reward family with multiple children, but still decent credit.
4) The new AMT tax is much more friendlier. Do not listen to journalists about the bad things on that, do you own calculations. In 2016 tax filing, the AMT exemption is $83,800 and exemption phase-out starts at $159,700. Senate bill AMT bill increases exemption to $109,400 and exemption phase-out starts at $208,400. For a family with $200-400K, currently most are hit by AMT here due to high SALT tax. My guess is the new plan probably would hit only about 20% of people in the income range, those get hit is by much smaller amount. For a family with $300K AMT income (federal AGI – mortgage interest – charitable contribution), the old AMT tax is $66.9K and new AMT tax is $56.3, a full $10K less.
5) Multiple children and high SALT, high mortgage and high property tax are normally higher earner, thus are already paying AMT and those deduction are not allowed currently any way.

[scaredyclassic]

Ok.

Still this bill makes me despise republicans. I’m registered green, dislike many democrats, sometimes vote republican, but they have LOST ME FOREVER.

republicans can SCREW OFF for the foreseeable future for screwing calif.

This is just too much pure raw bullshit with an evil heart. dont tell me youre helping me when youre not.

That coupled with Roy Moore means the republicans can go to hell. If and when I see my Repub rep at the 4th of July parade I will be yelling at him from the sidelines if he votes for this. Piece of shit shakes people’s hands. Voting DIRECTLY against my interest???!! bullshit

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