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| Peace through superior firepower  |
Listening to the President now. This sounds really very good. I can't wait to hear what problems the leftists have with his plan. They're going to have to twist themselves into pretzels to complain about a plan that benefits most of them and that they would love if the same words President Trump is saying came out of Hillary's mouth. ____________________________________________________ "I am your retribution." - Donald Trump, speech at CPAC, March 4, 2023 | |||
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The guy behind the guy |
I like it more and more as I keep reading. It will be hard to dislike, but the libs will find some BS to latch on to. The basic unfairness that fiscally responsible states pay disproportionally to the ones who ran up their credit card debt should ring louder for most states. | |||
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| Member |
No doubt, there will certainly be a ton of modifications to this if it even passes. As it stands right now, I think it may be a wash for me. Higher standard deduction and lower tax on my business income would just about offset the elimination of the state tax deduction. Putting the pinch on the insane "generosity" of our MN politicians would be a good thing. | |||
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| 10mm is The Boom of Doom  |
Whatever passes, I'm highly confident that it will raise my taxes. The budget should be balanced, the Treasury should be refilled, public debt should be reduced, the arrogance of officialdom should be tempered and controlled, and the assistance to foreign lands should be curtailed lest Rome become bankrupt. People again must learn to work, instead of living on public assistance. ~ Cicero 55 BC The Dhimocrats love America like ticks love a hound. | |||
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Member |
The liberal response to this will be the usual line "This tax cut does nothing for people who don't pay taxes!" No kidding. ... stirred anti-clockwise. | |||
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| Big Stack |
Do you own your home? Do you pay property taxes on it? If you do, you're probably deducting those taxes from you income for federal tax purposes. That will go away. The question becomes, do you get back enough in the increased standard deduction to make up for that. | |||
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| Member |
I become interested in tax plans when Congress gets through with them. There are always the same arguments. I do remember when we had the LAST effective tax plan. Reagan was President, and we actually had meaningful changes. | |||
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| Lawyers, Guns and Money  |
^^ That was 1986. I remember. It was a good plan. It's gotten worse since. "Some things are apparent. Where government moves in, community retreats, civil society disintegrates and our ability to control our own destiny atrophies. The result is: families under siege; war in the streets; unapologetic expropriation of property; the precipitous decline of the rule of law; the rapid rise of corruption; the loss of civility and the triumph of deceit. The result is a debased, debauched culture which finds moral depravity entertaining and virtue contemptible." -- Justice Janice Rogers Brown "The United States government is the largest criminal enterprise on earth." -rduckwor | |||
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Cigar Nerd |
What does this do for the guy filing single, not buying a house that itemizes due to purchasing tools that equal about 12k a year. I already claim 2 and file 1 so the irs isnt holding a shitload of my money hostage every year. There will be whores, tits and sex. | |||
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| Member |
That's because FL doesn't have any State income tax!!! | |||
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"Member" |
Nonsense. They keep raising taxes because they want more money, Period. They don't think it out any farther than that, they couldn't give a flying fuck. So it's a plan to lower taxes that will raise taxes? Seems like government as usual.  _____________________________________________________ Sliced bread, the greatest thing since the 1911. | |||
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| Member |
This. | |||
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| 10mm is The Boom of Doom |
Would we still be able to deduct property taxes under this plan? The budget should be balanced, the Treasury should be refilled, public debt should be reduced, the arrogance of officialdom should be tempered and controlled, and the assistance to foreign lands should be curtailed lest Rome become bankrupt. People again must learn to work, instead of living on public assistance. ~ Cicero 55 BC The Dhimocrats love America like ticks love a hound. | |||
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| The guy behind the guy |
While that's true, they don't take any heat over high taxes. Now they will...and I love that. Poorly running a state should result in pain, not a deduction. | |||
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| Lawyers, Guns and Money |
Yes, and it shouldn't result in more pain for the rest of us.... and it does because the rest of us have to subsidize the high tax states by paying in more than they do (on the same amount of income). Not enough people realize this. Thanks E.S. Dunbar, for beating that drum. "Some things are apparent. Where government moves in, community retreats, civil society disintegrates and our ability to control our own destiny atrophies. The result is: families under siege; war in the streets; unapologetic expropriation of property; the precipitous decline of the rule of law; the rapid rise of corruption; the loss of civility and the triumph of deceit. The result is a debased, debauched culture which finds moral depravity entertaining and virtue contemptible." -- Justice Janice Rogers Brown "The United States government is the largest criminal enterprise on earth." -rduckwor | |||
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| Big Stack |
As far as I know, no.
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| Lawyers, Guns and Money |
But.... if your standard deduction goes from 12K to 24K that would make up for not itemizing deductions for most people. Some people would still pay more though. If you have a big mortgage, other deductions and after deductions were at the 10% bracket, you would pay a little more. That bracket is going to be 12%. "Some things are apparent. Where government moves in, community retreats, civil society disintegrates and our ability to control our own destiny atrophies. The result is: families under siege; war in the streets; unapologetic expropriation of property; the precipitous decline of the rule of law; the rapid rise of corruption; the loss of civility and the triumph of deceit. The result is a debased, debauched culture which finds moral depravity entertaining and virtue contemptible." -- Justice Janice Rogers Brown "The United States government is the largest criminal enterprise on earth." -rduckwor | |||
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| Mired in the Fog of Lucidity |
Any mention of how capital gains will be treated? I hope they're lowered along with the add-on that is embedded in Obamacare. | |||
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| 10mm is The Boom of Doom |
Well since it seems likely to hurt me, I predict that it will pass. The budget should be balanced, the Treasury should be refilled, public debt should be reduced, the arrogance of officialdom should be tempered and controlled, and the assistance to foreign lands should be curtailed lest Rome become bankrupt. People again must learn to work, instead of living on public assistance. ~ Cicero 55 BC The Dhimocrats love America like ticks love a hound. | |||
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| Big Stack |
I think a lot of the details have yet to be written.
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