Cykdelic Loc: Now outside of Chiraq & Santa Fe, NM

The Republican tax reform bill didn’t just cut or simplify taxes — it also made them fairer.

First, it set lower rates for middle-class taxpayers. But by limiting the deduction for state and local taxes to just $10,000 — far more than most people pay — the bill also made sure that the wealthy pay their fair share.

This change is part of the reason the Republican tax reform bill actually made the tax code more progressive than it had been previously, according to the Congressional Joint Committee on Taxation.

This change has another salutary effect. It prevents states and localities from exploiting other states’ federal taxpayers in order to keep taxes down for their own wealthiest residents — usually people earning well over $200,000 per year.

It is not uncommon in high-tax states, such as New Jersey, for officials to argue that state and local income-tax hikes don’t matter so much, because residents can deduct the additional payments on their federal taxes, with big savings at much higher marginal tax rates.

The new limit set on this deduction has had a very interesting effect on Democratic politicians. They are usually the first to shriek about tax cuts for the wealthy. But now that the federal tax code will no longer shield their own states’ wealthy residents from the high taxes they have imposed, these Democrat have suddenly become the preeminent champions of the nation’s wealthiest 1 percent.

New Jersey's Phil Murphy is one of the Democratic governors who scrambled to protect the rich from paying their fair share of federal taxes. His idea for c***ting Uncle Sam was a law allowing residents to write off most of their high property taxes as “charitable deductions.”

Murphy wasn’t alone in cooking up such an idea: Governors Andrew Cuomo of New York and Dan Malloy of Connecticut, both Democrats, signed laws creating similar tax-evasion schemes in their respective states. And quite a few other Democratic states, including California, considered but never enacted such dubious ideas.


It’s just as well, because last week, the IRS made clear that such schemes won’t fly. It issued a new rule to clarify that tax payments are tax payments, no matter what the states choose to call them. Although the details are complicated, the effect is to render any deduction resulting from such a scheme useless.

Texcaster Loc: Queensland

The DNC Democrats are now the moderate Pubs of old. They are very sensitive to the wishes of the donor class. The Working class has no party and has been up for grabs for years.

buddah17 Loc: The Bahamas

Personally I don't feel this is a political topic or exercise. I think its the 1% trying NOT to have to pay any more (and hopfully less) that they are use to paying..
As for the long term effect on the middle class? Only TIME will tell... But remember this. Taxes are never LOWERED, only "moved around" OR (as in this case,) "put off.." However, somewhere, and some how, the piper needs to be paid. Despite all the noise in the market, the money to cover the "changes" now in place, HAS to come from somewhere, and ANY windfall from other sources will QUICKLY be claimed by overzelous state and government agencies; and ANYTHING that "goes up" (any kind of taxes, prices at the register, etc...etc..) NEVER comes back down.
Lets' face it, we have "kicked the ball" of more taxes and individual responsibilities to our children and grandchildren.

Elaine2025 Loc: Seattle, Wa

Leave it to a democrat to change the name and BELIEVE it became something else other than what it was.

buddah17 Loc: The Bahamas

Not a Democrat, but time will tell of the permanent results of this bill. (BTW: Most middle class persons will have no lower tax bill within the 10 year "box" of the bill, due to the specifics of the tax cuts.) That is if you are making UP to $300K.
The top 1% will continue to save their 2%. Some people think that as the top 1% own a lot of the companies and businesses and invest more, they deserve a higher (and permanent tax cut) than the middle class. However their business taxes have been cut permanently as well. (To encourage reinvestment.) But as previously stated, the forgone money HAS to come from somewhere..
There is no need to reply, please have a nice day....

Elaine2025 Loc: Seattle, Wa

[quote=buddah17]Not a Democrat, but time will tell of the permanent results of this bill. (BTW: Most middle class persons will have no lower tax bill within the 10 year "box" of the bill, due to the specifics of the tax cuts.) That is if you are making UP to $300K.
The top 1% will continue to save their 2%. Some people think that as the top 1% own a lot of the companies and businesses and invest more, they deserve a higher (and permanent tax cut) than the middle class. However their business taxes have been cut permanently as well. (To encourage reinvestment.) But as previously stated, the forgone money HAS to come from somewhere..
There is no need to reply, please have a nice day....[/quote

You are simply parroting what you have heard. This tax cut is more that lib f*****t socialist dems have done. They want more taxes, open borders and had no qualms about running a liar and criminal as their candidate. No qualms about her stealing the e******n from Bernie.

incognito

You are simply parroting what you have heard. This tax cut is more that lib f*****t socialist dems have done. They want more taxes, open borders and had no qualms about running a liar and criminal as their candidate. No qualms about her stealing the e******n from Bernie.[/quote]

A v**e for Elizabeth Warren is a v**e for a 60% plus tax rate and open borders. Get your wallets out and bury them in the back yard so she won't find them!!!!

LWW Loc: Banana Republic of America

The Dems have always been the champions of the 1% ... higher marginal income tax rates are the best defense the 1% has against the uppity 99%.

amyinsparta Loc: White county, TN

Please. Both parties operate at the behest of the richest 1%. Wh**ever tax cuts are made will benefit them and may or may not help the rest of us over the long haul. To make of it a war between the parties is dumb and exactly what they want to happen. When you argue amongst yourselves, it leaves them room to starve both.

thom w Loc: San Jose, CA

State taxes are higher than you seem to think, in States that have sidewalks and more than one street light. By the way, real highways aren't clay and gravel.

Shouldn't you have attributed this piece?

thom w Loc: San Jose, CA

[quote=Elaine2025][quote=buddah17]Not a Democrat, but time will tell of the permanent results of this bill. (BTW: Most middle class persons will have no lower tax bill within the 10 year "box" of the bill, due to the specifics of the tax cuts.) That is if you are making UP to $300K.
The top 1% will continue to save their 2%. Some people think that as the top 1% own a lot of the companies and businesses and invest more, they deserve a higher (and permanent tax cut) than the middle class. However their business taxes have been cut permanently as well. (To encourage reinvestment.) But as previously stated, the forgone money HAS to come from somewhere..
There is no need to reply, please have a nice day....[/quote

You are simply parroting what you have heard. This tax cut is more that lib f*****t socialist dems have done. They want more taxes, open borders and had no qualms about running a liar and criminal as their candidate. No qualms about her stealing the e******n from Bernie.[/quote]

I've been putting off asking this, but are you a moron, or just really stupid? I really didn't want to ask that, but somebody had to. You can tell me. No one else will know.

Cykdelic Loc: Now outside of Chiraq & Santa Fe, NM

Come on,Tex!

The DNC dems are the ones who attempted the tax evasion described above for the benefit of HIGH earners with big houses

Cykdelic Loc: Now outside of Chiraq & Santa Fe, NM

Not within the box, but at the end. The reason for this is that zero Dems would v**e for anything put up by Trump.

Making this permanent is what will be attempted in phase II.

As for now, instead of worrying about the ten years I suspect most the middle class is spending their cut NOW...... who knows who will be alive in 10 years.

Texcaster Loc: Queensland

That would be the favored 'donor class' I mentioned.

Cykdelic Loc: Now outside of Chiraq & Santa Fe, NM

Not important.....i quoted it so all would know it wasn't my original work. The point is to put it out there ( it's accurate) so others could understand it and MAYBE be curious enough to research the tax changes.

Bottom line... Despite desperate attempts by the progessive left to paint them as all 1%, the simple fact is that our tax code is even MORE PROGRESSIVE with the latest cuts.

Couple of factoids...
>The top 10% paid an exorbitant percent ofv taxes before the cuts, and pay even more now.

> Only about 6% of taxpayers will pay more taxes with the cuts, almost exclusively those making more than $250,000 or so and living in high tax states (see Tax Policy Center)

Finally, we are discussing FEDERAL taxes....i couldn't give a fcuk about state taxes.