11 Million Tax Payers Lose $323 Billion In Deductions In Trump Tax Hit

[ColonelAngus]

Love it! Keep those taxes lower!

 

[Ray From Cleveland]

Let's watch how many Republicans campaign on the Trump tax cuts/reform in 2020.

I would think many of them will since most supporters of Trump are paying less tax. Those blue states won't vote for him no matter what he does.

 

[AntonToo]

Love it! Keep those taxes lower!

Fuck it, lets get rid of them...what could go wrong?

 

[Ray From Cleveland]

Laughable.

Liberals, so despising of upper income groups weep, whine, gnash teeth when those are folks who are suddenly paying what the left calls their "fair share".

If you live in a high-tax state and have a McMansion; a 6 or 7 figure income you Goddamn well can afford your fair share. Even (especially?) if you're a fat-cat Democrat.

Give it up....you're getting what you wanted and now you don't want it anymore.....

The only time Democrats celebrate more taxation is when somebody else is paying it.

 

[ColonelAngus]

Love it! Keep those taxes lower!

Fuck it, lets get rid of them...what could go wrong?

Fuck yea, in fact, let’s get rid of you...what could go wrong?

 

[jc456]

What happened to fair share

 

[Ray From Cleveland]

There’s more bad news for taxpayers. A government report has revealed that 11 million taxpayers are losing out on $323 billion worth of deductions due to a punishing change in President Donald Trump’s tax law.

The hard news comes after early filers were stunned by shrinking — to vanishing — tax refunds.

The deduction wallop detailed in the government report centers on capped deductions for state and local taxes — including real estate taxes. Formerly, all local taxes could be deducted from federal taxes; now it’s capped at $10,000, which particularly hurts homeowners in major metropolitan areas — especially in the Northeast and California — where housing tends to be more expensive.

The cap was imposed to help pay for huge tax cuts to corporations, whose tax rates were slashed from 35 percent to 21 percent.

The deduction hit is so staggering that it could end up swamping modest gains taxpayers had expected to enjoy due to tax cuts.


11 Million Taxpayers Losing $323 Billion In Deductions In Trump Tax Hit | HuffPost

How many votes did Trump win by in 2016 again?

You're looking for sympathy for people that already have money and can afford the loss of those tax deductions. WTF were you people when lower to middle income workers were getting their tax refund checks confiscated because of Commie Care? Where was this sympathy when businesses discontinued their medical coverage for employees costing workers thousands of dollars a year to provide that coverage for themselves?

You losers are such hypocrites.

 

[DustyInfinity]

I still think the dims should feel privileged to pay more property taxes.

 

[DustyInfinity]

What happened to fair share

I'm honestly kinda surprised they whined so much about taxes. Especially since it is their thing.

 

[Lesh]

Anyone check their tax returns yet?

Get that big tax cut did ya?

My tax preparer told me to expect a much larger refund check this year. Part of the tax cuts were to lower the amount of taxable income for everybody. For people with dependents, even better.

Mine told me to expect a $2K tax increase.

We'll see in a couple weeks

 

[Lesh]

There’s more bad news for taxpayers. A government report has revealed that 11 million taxpayers are losing out on $323 billion worth of deductions due to a punishing change in President Donald Trump’s tax law.

The hard news comes after early filers were stunned by shrinking — to vanishing — tax refunds.

The deduction wallop detailed in the government report centers on capped deductions for state and local taxes — including real estate taxes. Formerly, all local taxes could be deducted from federal taxes; now it’s capped at $10,000, which particularly hurts homeowners in major metropolitan areas — especially in the Northeast and California — where housing tends to be more expensive.

The cap was imposed to help pay for huge tax cuts to corporations, whose tax rates were slashed from 35 percent to 21 percent.

The deduction hit is so staggering that it could end up swamping modest gains taxpayers had expected to enjoy due to tax cuts.


11 Million Taxpayers Losing $323 Billion In Deductions In Trump Tax Hit | HuffPost

How many votes did Trump win by in 2016 again?

So more wealthy people are paying more in taxes and we taxpayers are not subsidizing the out of control spending in states run by democrats. More money? Isn’t that what you all have wanted all along?

Besides that 323 billion is 10% of overall tax receipts. I don’t think so.

No they are not. The rich with a lot of excess cash have a number of loopholes they can exploit. If they can't they can create one.
"While wealthy people buying airplanes is nothing new, the Republican-led tax overhaul provided a new incentive.

It’s not clear whether any of these money managers had this in mind when they bought their jets, but a provision in the new tax law caps deductions of so-called “excess business losses,” meaning that some investors can face sizable tax bills on personal income that they previously would have offset.

So some tax experts have found a way around the excess business loss cap, which was projected to raise $150 billion over 10 years -- by advising their clients to buy private planes. It’s an expensive purchase that can cost as much a $67 million but can arguably be used principally for work -- unlike, say, a yacht or a mansion in the Hamptons."

Tax law gives Wall Street a break when buying private jets

The losers are ordinary people who are middle class in their states and are losing deductions. They are not able to play games because they do not have the spare cash. Deduction of state taxes does not affect other states. This is essentially a prosperity tax. These blue states have higher per capita incomes and apparently Republicans are about getting even with their political enemies than fairness.

Utter bull. If you are paying $15,000 in state and local taxes, you can still deduct the largest amount which is the 10K. It's the fault of blue states for letting their cost of living get so out of hand. All these taxes, social programs, support of unions and higher minimum wage all play a part.

They did this to themselves.

Yea...well it ends up being a tax increase for millions...many of them Republicans...or they were anyway

 

[DustyInfinity]

Aren't all those write offs a loophole. Haven't the left been railing against loopholes? What is the problem? Why do only wealthy home owners in blue states get to evade taxes?

 

[AntonToo]

Love it! Keep those taxes lower!

Fuck it, lets get rid of them...what could go wrong?

Fuck yea, in fact, let’s get rid of you...what could go wrong?

??

That was completely idiotic.

 

[Lesh]

I keep waiting to hear about all these tax cuts...

 

[MAGAman]

Why is there Any reticence to raising the minimum wage?

1. It destroys jobs that poor Americans need.
2. See #1

 

[MAGAman]

I keep waiting to hear about all these tax cuts...

You'll hear about them when you start paying taxes.

 

[Claudette]

President Trump has lefties complaining about taxes. He is a genius.

Yup especially since Pelousy said she wanted to raise taxes.

You can't cure stupid.

 

[BluesLegend]

Democrats demanded that we tax the wealthy for decades. Okay fine now the wealthy in high tax Dem states have to pay their share of the Federal income taxes. They got their wish but now they are squealing like stuck pigs.

 

[danielpalos]

Why is there Any reticence to raising the minimum wage?

1. It destroys jobs that poor Americans need.
2. See #1

discredited right wing propaganda from last millennium?

wages must outpace inflation.

 

[danielpalos]

Democrats demanded that we tax the wealthy for decades. Okay fine now the wealthy in high tax Dem states have to pay their share of the Federal income taxes. They got their wish but now they are squealing like stuck pigs.

we should raise the minimum wage to raise tax revenue and create demand.