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

[Norman]

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?

Trying to decide whether you are for higher or lower taxes... that must be difficult.

 

[Harpy Eagle]

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?

Trying to decide whether you are for higher or lower taxes... that must be difficult.

That is because it is the wrong question.

The question is are you for paying for what we spend now or for being a freeloader and passing it off onto the next generations

 

[Norman]

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?

Trying to decide whether you are for higher or lower taxes... that must be difficult.

That is because it is the wrong question.

The question is are you for paying for what we spend now or for being a freeloader and passing it off onto the next generations

Trying to decide whether you are for paying it for now or passing it off to the next generations... that must be difficult.

 

[Harpy Eagle]

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?

Trying to decide whether you are for higher or lower taxes... that must be difficult.

That is because it is the wrong question.

The question is are you for paying for what we spend now or for being a freeloader and passing it off onto the next generations

Trying to decide whether you are for paying it for now or passing it off to the next generations... that must be difficult.

No, it is not hard to decide...right now thanks to people like you we are passing it off the the next generations at ever increasing speeds. you people whine about freeloading people and then are the ultimate freeloaders.

 

[Lesh]

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.

Ummm..taxation is supposed to be equal across all states...isn't that what the Constitution says?

Oh...

Yes its finally equal now thanks to president Trump. Dem states can no longer scam and cheat on their federal taxes. Taxpayers in all 50 states get the exact same SALT deductions. Tissue?

What...you red states don't suck ENOUGH money out of us?

 

[Norman]

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?

Trying to decide whether you are for higher or lower taxes... that must be difficult.

That is because it is the wrong question.

The question is are you for paying for what we spend now or for being a freeloader and passing it off onto the next generations

Trying to decide whether you are for paying it for now or passing it off to the next generations... that must be difficult.

No, it is not hard to decide...right now thanks to people like you we are passing it off the the next generations at ever increasing speeds. you people whine about freeloading people and then are the ultimate freeloaders.

I remember when Obama was a president all the leftists were screaming, crying and moaning about the evil austerians.

Great to see that you like being served what you ordered.

 

[Harpy Eagle]

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?

Trying to decide whether you are for higher or lower taxes... that must be difficult.

That is because it is the wrong question.

The question is are you for paying for what we spend now or for being a freeloader and passing it off onto the next generations

Trying to decide whether you are for paying it for now or passing it off to the next generations... that must be difficult.

No, it is not hard to decide...right now thanks to people like you we are passing it off the the next generations at ever increasing speeds. you people whine about freeloading people and then are the ultimate freeloaders.

I remember when Obama was a president all the leftists were screaming, crying and moaning about the evil austerians.

Great to see that you like being served what you ordered.

I remember that too, and I remember all you statist whining about debt and the deficit...now you are as silent as church mice about it.

in the mean time I have been against deficit spending since Reagan was POTUS. Unlike you what I approve of does not change with the man in the White House changing.

 

[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.

Ummm..taxation is supposed to be equal across all states...isn't that what the Constitution says?

Oh...

Yes its finally equal now thanks to president Trump. Dem states can no longer scam and cheat on their federal taxes. Taxpayers in all 50 states get the exact same SALT deductions. Tissue?

What...you red states don't suck ENOUGH money out of us?

Pay your fair share Dem tax dodgers. Come on you people love paying more in taxes and raising taxes you should be dancing in the streets.

 

[HenryBHough]

I may spend part of this year's much greater than usual refund on a trip back to the blue state where I might buy a box of tissue to dry the tears of the few remaining relatives. The ones with the $12,000 property tax bills and 12% state income taxes that used to be such a great write-off on the federal returns.

But then again....

Why waste good tissue?

Besides, next year won't see such a big refund tax 'cause I've adjusted my withholding. I'll get a little extra very month and won't be giving government a fat interest-free loan.

 

[Norman]

Trying to decide whether you are for higher or lower taxes... that must be difficult.

That is because it is the wrong question.

The question is are you for paying for what we spend now or for being a freeloader and passing it off onto the next generations

Trying to decide whether you are for paying it for now or passing it off to the next generations... that must be difficult.

No, it is not hard to decide...right now thanks to people like you we are passing it off the the next generations at ever increasing speeds. you people whine about freeloading people and then are the ultimate freeloaders.

I remember when Obama was a president all the leftists were screaming, crying and moaning about the evil austerians.

Great to see that you like being served what you ordered.

I remember that too, and I remember all you statist whining about debt and the deficit...now you are as silent as church mice about it.

in the mean time I have been against deficit spending since Reagan was POTUS. Unlike you what I approve of does not change with the man in the White House changing.

I am enjoying you being served your own medicine far more than I am worried about the debt. After all, hypocritical idiots are way bigger threat than any amount of debt has ever been.

We can shrink the debt when a democrat is in office.

 

[MAGAman]

.

 

[MAGAman]

I am enjoying you being served your own medicine far more than I am worried about the debt. After all, hypocritical idiots are way bigger threat than any amount of debt has ever been.

We can shrink the debt when a democrat is in office.

Good luck. The last Democrat doubles the debt.

 

[Harpy Eagle]

That is because it is the wrong question.

The question is are you for paying for what we spend now or for being a freeloader and passing it off onto the next generations

Trying to decide whether you are for paying it for now or passing it off to the next generations... that must be difficult.

No, it is not hard to decide...right now thanks to people like you we are passing it off the the next generations at ever increasing speeds. you people whine about freeloading people and then are the ultimate freeloaders.

I remember when Obama was a president all the leftists were screaming, crying and moaning about the evil austerians.

Great to see that you like being served what you ordered.

I remember that too, and I remember all you statist whining about debt and the deficit...now you are as silent as church mice about it.

in the mean time I have been against deficit spending since Reagan was POTUS. Unlike you what I approve of does not change with the man in the White House changing.

I am enjoying you being served your own medicine far more than I am worried about the debt. After all, hypocritical idiots are way bigger threat than any amount of debt has ever been.

We can shrink the debt when a democrat is in office.

what medicine is that? I have been 100% consistent about deficit spending and the debt for close to 40 years. you seem to think that because your values change with each election that other people are like that as well.

but you are wrong about me, I have not sold my soul to a political party like you have

 

[Harpy Eagle]

I am enjoying you being served your own medicine far more than I am worried about the debt. After all, hypocritical idiots are way bigger threat than any amount of debt has ever been.

We can shrink the debt when a democrat is in office.

Good luck. The last Democrat doubles the debt.

and the current one is trying to break that record (even though the last Dem did not actually double it)

 

[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.

You are going to beat this horse forever, aren’t you?

There will be much less demand when my burger and fries cost twice as much.

My 16 year old works at a pizza chain...he does not deserve 15 bucks an hour when a nurse starts off at 19.

Move on, this poor horse is dead and you bring it into every thread


Sent from my iPhone using USMessageBoard.com

higher paid labor pays more in taxes and creates more in demand.

It does not create more in demand when the price goes up to cover the cost of labor.

Let the market dictate wages and not some random artificial number.


Sent from my iPhone using USMessageBoard.com

a common misperception by right wingers. price inflation for labor doesn't cause that much inflation.

price inflation for fuel is more pervasive.

 

[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.

You failed economics 101 didn't you.. I cant fix how stupid this is..

i actually understand economics, unlike the right wing.

 

[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.

Okay Nancy Pelosi

ad hominems are dumber.

 

[MAGAman]

I am enjoying you being served your own medicine far more than I am worried about the debt. After all, hypocritical idiots are way bigger threat than any amount of debt has ever been.

We can shrink the debt when a democrat is in office.

Good luck. The last Democrat doubles the debt.

and the current one is trying to break that record (even though the last Dem did not actually double it)

Technically it's the Congress that spends.

The GOP congress was a failure in that regard.

What are you getting the Democrats don't do worse?

 

[MAGAman]

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

And you're upset because a few 1%ers paid more taxes?

Poor and midflm class blacks in Mississippi and Arkansas subsidizing Pelosi, the Clinton's, John Kerry and truckloads of other white millionaires and billionaires really makes good sense when you're a Democrat.

 

[Lesh]

And you're upset because a few 1%ers paid more taxes?

WTF are you talking about sock puppet?

NO 1% ers are paying more. NONE