Current Events > The DUmpster
So the Dolt45 tax plan kicks in ...
Texacon:
https://www.democraticunderground.com/100211930845
--- Quote ---aggiesal (3,588 posts)
So the Dolt45 tax plan kicks in ...
This year I have to pay an additional $10,700+
This really hurts.
--- End quote ---
--- Quote ---Loki Liesmith (2,813 posts)
2. Mortgage interest deduction changes?
--- End quote ---
--- Quote ---aggiesal (3,588 posts)
3. No ...
Deductions I was allowed to use last year,
was removed from this years tax code.
The bastard!
This is what I believe will happen to a lot of other people.
The standard deduction may have increased, but since I itemize,
the standard deduction won't apply because my itemized deduction
exceed the standard.
Except that the repub a$$holes removed all kinds of deductions
that we actually use and will make everyone's taxes higher.
For example, My property taxes are around $12,000/yr. and my State income tax was $6,600
Total $18,600
Last year I was allowed to deduct all $18,600
This year I was only allowed to deduct $10,000
There are more that I can't deduct.
If the Dems campaign correctly, they should use this as pocketbook politics,
like Ronnie Raygun did to Jimmy Carter during the 1980 election.
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Hey, here's an idea ... tell your state to stop setting their budgets up to be subsidized by states who have kept their taxes low by not giving out shit their citizens can't afford. Anyway, back to the story!
--- Quote ---metalbot (1,031 posts)
5. How did you lose $50k in deductions?
That's insane. Especially if you only lost $8,600 on state and property tax.
--- End quote ---
--- Quote ---aggiesal (3,588 posts)
6. That was just the easist example ...
There are others, like you can only deduct mortgage interest on up to $750,000 mortgage,
My house has a much larger mortgage, so I lose that difference as well.
There are more. My tax form is 72 pages long.
The republicans only care about the 1%. If you look at any of their legislation, it's all about
what/how they can give more to the 1%.
The 1% don't want a middle class because a strong middle class demands too much. They took a
look at the 60's & 70's and didn't like people protesting everything they wanted.
The Vietnam war was all about making money for the Military Industrial Complex that
Eisenhower warned us about. That's just another simple example.
Medicare & voting rights are more examples.
This new Tax reform is all about taking money way from 99% of us, to pay for the 1% tax breaks
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So you lied above when you said it had nothing to do with the mortgage interest deduction and HOLY JEEZE! A $1,000,000.00 house?! LOL That won't be popular with your buddies over there.
There's some more over there, but I thought it was a funny thread.
KC
USA4ME:
This primitive should be overjoyed they get to pay more in order to help others less fortunate. Hopefully the other primitives will hold them to this sacred belief.
.
SVPete:
Maybe there are states whose property taxes are so insane as to exceed property taxes in Silicon Valley, but it sounds like DU-member aggiesal may be one of those people Progs are supposed to believe should pay really high taxes.
franksolich:
--- Quote ---MichMan (2,414 posts) Mon Mar 18, 2019, 11:24 PM
9. Are you sure you aren't in the 1% ?
A million dollar mortgage doesn't sound very much like middle class to me
--- End quote ---
--- Quote ---MrsCoffee (2,791 posts) Mon Mar 18, 2019, 11:41 PM
12. Median home price in Bay Area is $820,000.
If you live on the peninsula it’s well over $1M. And that’s for a basic one or very small two bedroom house.
Just an example.
--- End quote ---
--- Quote ---unitedwethrive (1,186 posts) Tue Mar 19, 2019, 03:30 PM
22. Yup. Strange how the high cost of living states are all Blue States.
I'm sure it's just coincidence that those are the people most affected by this.
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franksolich:
--- Quote ---haele (9,322 posts) Tue Mar 19, 2019, 03:25 PM
21. It's not a millionaire thing. Lots of households make $100K a year with two wage earners.
These can be people who just have an associates from a local CC and a bunch of certificates making $50K - $60K each (because many National companies who do work in California will provide a locality increase in wages for lower to mid level skilled labor) doing lower to mid-level level contractor or technical work. If your'e a contractor or your job requires industry membership - even if you're only making $50K, there's the potential that you can be racking up $5K - $15K a year on what used to be deductible work expenses. Heck, drivers who get paid by the mile, or if you have travel expenses for your work, there's a lot of money out of your pocket just to do your job.
And from what I'm hearing from a lot of contracted, semi-skilled and skilled labor, those deductions are now ether seriously reduced or out and out gone.-- The reduction in mileage is especially difficult for some small indie business owners.
As for near million dollar homes - with good credit, a 20% down payment, and a history of two/three years at around a six figure household income with few debts, a middle aged couple might well have be approved for a 30 year mortgage for an $800K/$900K house in some areas of California over the past decade or so.
From my own experience - since 1992, I have always try to break even, re-setting my exemptions as soon as the new tax tables come out so that I'm usually only $200 a year to the Feds either owing or owed.
This year, I lost around $2500 in business related and SALT deductions that I would normally take, even when taking into account the Trump "Pay Raise" scam, which only would have netted me an extra $1K "in my pocket" for the remainder of 2018.
If I hadn't run numbers and switched up my exemptions right after the tax bill went into effect so that the scam was basically nullified, I would have owed around $4K instead of the $500 I ended up paying the Feds.
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<<<thinks it's a good thing, a great thing, that primitives have to pay more in taxes.
It means their surplus income is being equitably shared with those less fortunate.
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