Posted on Nov 7, 2017
Opinion | Who wins biggest in the GOP tax plan? The lazy rich.
436
1
2
0
0
0
Posted 7 y ago
Responses: 2
Pros and Cons of the new Tax Plan.
"The tax plan eliminates itemized deductions except for those on charitable contributions, mortgage interest, property taxes, and retirement savings. Current mortgage-holders aren't affected." Most of Lower and Middle America are not affected by this. In my opinion to many people use this to get out of paying anything. The Nickle and Dime deductions as I like to call them.
"It eliminates the deduction for state and local taxes" This means if you live in a High tax state your hosed..... I'm going to be blunt I don't care as most of the highest taxed states and cities are run by the Democrats, serves them right.
"doubles the standard deduction for everyone" You keep more of your money come tax time... How is that bad for anyone?
"eliminates personal exemptions" Ok this part is bad, The exemption currently allows taxpayers to subtract $4,050 from income for each person claimed on the tax return. Families with many children would pay higher taxes under the Tax Act despite the increased standard deductions. Kind of a dick move if you want to get America to have kids this is not the way to go. This should be removed.
"The House plan doubles the estate tax exemption from $5.49 million to $11 million. It phases out the estate tax and the generation-skipping transfer tax in six years" I half agree with this, I think the Generation-skipping transfer tax should go away. but the double estate tax exemption should not.
We need a tax plan that promotes home ownership, family growth, and business. Frankly if Washington would stop spending money on stupid stuff we would not be in this issues. Be honest how many billions get funneled into private projects or crap "research" or sent over seas? Congress needs to stop spending money like a petulant valley girl with her daddy's credit card.
"The tax plan eliminates itemized deductions except for those on charitable contributions, mortgage interest, property taxes, and retirement savings. Current mortgage-holders aren't affected." Most of Lower and Middle America are not affected by this. In my opinion to many people use this to get out of paying anything. The Nickle and Dime deductions as I like to call them.
"It eliminates the deduction for state and local taxes" This means if you live in a High tax state your hosed..... I'm going to be blunt I don't care as most of the highest taxed states and cities are run by the Democrats, serves them right.
"doubles the standard deduction for everyone" You keep more of your money come tax time... How is that bad for anyone?
"eliminates personal exemptions" Ok this part is bad, The exemption currently allows taxpayers to subtract $4,050 from income for each person claimed on the tax return. Families with many children would pay higher taxes under the Tax Act despite the increased standard deductions. Kind of a dick move if you want to get America to have kids this is not the way to go. This should be removed.
"The House plan doubles the estate tax exemption from $5.49 million to $11 million. It phases out the estate tax and the generation-skipping transfer tax in six years" I half agree with this, I think the Generation-skipping transfer tax should go away. but the double estate tax exemption should not.
We need a tax plan that promotes home ownership, family growth, and business. Frankly if Washington would stop spending money on stupid stuff we would not be in this issues. Be honest how many billions get funneled into private projects or crap "research" or sent over seas? Congress needs to stop spending money like a petulant valley girl with her daddy's credit card.
(0)
(0)
Read This Next