Tax Cuts
POSTED BY: THGRRI
UPDATED: Thursday, April 17, 2025 01:12
VIEWED: 22355
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Quote:link please.
Um, Granny? We already had this conversation and I already corrected your intended insults ("Daddy's business..."), or don't you remember?
I recall you saying that both your parents had Alzheimer's/ dementia, and when I expressed my sympathy you (of course) pissed on it. Other than that ... ?
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Pity would be no more,
If we did not MAKE men poor - William Blake
America is an oligarchy
http://www.fireflyfans.net/mthread.aspx?tid=57876
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Buffett's disingenuous claims that he pays less taxes than his secretary is all the reason in the world why his comments on this matter are meaningless.
* The above video was posted back in July. The law now in effect has undergone many changes.
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For those paying attention:
Reportedly Tax Reform has eliminated the itemized deduction for property taxes. So if you want to itemize your property taxes, you must pay them in the next day.
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Wow... is that true JSF?
That's not something I read before. I certainly don't see how that benefits the working class at all.
Doesn't bother me one way or the other, personally. I'm 38 years old and I've never had close to enough things to itemize that I wouldn't get more out of the standard deduction.
Do Right, Be Right. :)
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Quote:I heard the news report that 2 States had their Governors sign urgent quick laws to allow their residents to pay their property tax early, so it could be before Dec 31. I think NY and NJ.
Originally posted by 6IXSTRINGJACK:
Wow... is that true JSF?
That's not something I read before. I certainly don't see how that benefits the working class at all.
Doesn't bother me one way or the other, personally. I'm 38 years old and I've never had close to enough things to itemize that I wouldn't get more out of the standard deduction.
Do Right, Be Right. :)
I never heard of Governments that did not allow taxes to be paid early. How stupid is that? Free money for the coffers early, less I terest to pay, etc.
OTOH, can you imagine the chaos in Property Tax Offices this week?
In terms of overall benefits of Tax Reform, the simpler the better. Which means less or fewer different kinds of deductions, which would be the case here.
In terms of specific application, consider examples of 2 different taxpayers. 1 is similar to you, or even barely had a benefit of itemizing. 2 is carrying a Million Dollar home. The standard deduction and personal exemptions were raised, one of them doubled - that is for everybody, regardless of Income bracket. By trading an increased Universal deduction and exemptions with elimination of property tax deductible, which party gets the greater benefit? How about a family with one house but more kids? Or somebody not owning property? Those benefitting the greatest from property tax deductible were likely higher income, with more property values. The hard working shlub did not benefit as much, if at all.
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Quote:AURaptor deleted a four-letter word ("tax rate" changed to "taxes") from what Buffett said, which turns Buffett's true statement into a lie. Then AURaptor attacks Buffett for lying.
Originally posted by AURaptor:
Buffett's disingenuous claims that he pays less taxes than his secretary is all the reason in the world why his comments on this matter are meaningless.
Buffett says his tax rate is lower than his employees’ because money made off investments is taxed at a lower rate than wage income. In a fair tax system, wages would be taxed at a lower rate than capital gains from the stock market, but that is not the tax system the top 1% of Americans will be living with. The view is glorious at the top, looking down at all the wage-slaves.
www.politifact.com/truth-o-meter/statements/2016/oct/18/hillary-clinto
n/clinton-correct-buffett-claimed-pay-lower-tax-rate/
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Had to write this twice, just to be sure you saw it.
Quote:AURaptor deleted a four-letter word ("tax rate" changed to "taxes") from what Buffett said, which turns Buffett's true statement into a lie. Then AURaptor attacks Buffett for lying.
Originally posted by AURaptor:
Buffett's disingenuous claims that he pays less taxes than his secretary is all the reason in the world why his comments on this matter are meaningless.
Buffett says his tax rate is lower than his employees’ because money made off investments is taxed at a lower rate than wage income. In a fair tax system, wages would be taxed at a lower rate than capital gains from the stock market, but that is not the tax system the top 1% of Americans will be living with. The view is glorious at the top, looking down at all the wage-slaves.
www.politifact.com/truth-o-meter/statements/2016/oct/18/hillary-clinto
n/clinton-correct-buffett-claimed-pay-lower-tax-rate/
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Quote:
Originally posted by JEWELSTAITEFAN:Quote:I heard the news report that 2 States had their Governors sign urgent quick laws to allow their residents to pay their property tax early, so it could be before Dec 31. I think NY and NJ.
Originally posted by 6IXSTRINGJACK:
Wow... is that true JSF?
That's not something I read before. I certainly don't see how that benefits the working class at all.
Doesn't bother me one way or the other, personally. I'm 38 years old and I've never had close to enough things to itemize that I wouldn't get more out of the standard deduction.
Do Right, Be Right. :)
I never heard of Governments that did not allow taxes to be paid early. How stupid is that? Free money for the coffers early, less I terest to pay, etc.
OTOH, can you imagine the chaos in Property Tax Offices this week?
In terms of overall benefits of Tax Reform, the simpler the better. Which means less or fewer different kinds of deductions, which would be the case here.
In terms of specific application, consider examples of 2 different taxpayers. 1 is similar to you, or even barely had a benefit of itemizing. 2 is carrying a Million Dollar home. The standard deduction and personal exemptions were raised, one of them doubled - that is for everybody, regardless of Income bracket. By trading an increased Universal deduction and exemptions with elimination of property tax deductible, which party gets the greater benefit? How about a family with one house but more kids? Or somebody not owning property? Those benefitting the greatest from property tax deductible were likely higher income, with more property values. The hard working shlub did not benefit as much, if at all.
That certainly sounds reasonable... but unfortunately I don't see anything aobout either one of them doubling. That would mean either an increase of the personal exemption from $4050 to $8100 or an increase of the standard deduction from $6350 to $12,700.
The current combined total is $4050 + $6350, or $10,400.
The article I'm reading says that both will be combined into a single larger standard deduction of $12,000. So... not really a double at all since it eliminates the personal exemption. Just an increase of $1,600 for a single filer. A larger increase than normal years, so good for me since I use it, but not really all that great.
http://www.businessinsider.com/tax-brackets-2018-trump-tax-plan-chart-
2017-12
Chances are that most low income earners wouldn't come close to being able to itemize at $12k if they were before. If nothing changes for me, almost my entire paycheck next year will be under that $12k cap. Whatever isn't I'll likely put into an IRA to avoid any taxes.
Here's hoping Indiana ups their pitiful $1k deduction soon since they recently fucked us all with a large local tax where I live. State and Local income taxes have always hit me the hardest no matter where I lived.
Do Right, Be Right. :)
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Quote:Come to Texas, fastest growing state in the Union. There are no income taxes. Never will be, either.
Originally posted by 6IXSTRINGJACK:
Here's hoping Indiana ups their pitiful $1k deduction soon since they recently fucked us all with a large local tax where I live. State and Local income taxes have always hit me the hardest no matter where I lived.
The Joss Whedon script for Serenity, where Wash lives, is Serenity-190pages.pdf at www.mediafire.com/folder/1uwh75oa407q8/Firefly
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