Bahahahaa! Trump's screws homeowners over - Wall Street Journal

[ColonelAngus]

See folks, you really DID want to know what was in that tax bill before it passed.


Homeowners Rush to Prepay 2018 Property-Tax Bills
Filers line up at municipal offices before the GOP law kicks in; ‘It’s been insane here’
By
David Harrison and

Jennifer Levitz
Updated Dec. 26, 2017 7:57 p.m. ET

Homeowners across the nation are rushing this week to prepay their property taxes for 2018 before the Republican tax law kicks in Jan. 1 and effectively raises the levy on higher-end homes.

The new legislation, which President Donald Trump signed into law last week, caps at $10,000 the amount of state and local taxes that filers can deduct from their federal tax bill. That means those whose tax bills regularly exceed that amount could benefit by paying more tax in 2017, when the deduction has no limit."""""

Homeowners Rush to Prepay 2018 Property-Tax Bills

The rich are paying their fair share.

What are liberal crying about?

 

[yiostheoy]

See folks, you really DID want to know what was in that tax bill before it passed.


Homeowners Rush to Prepay 2018 Property-Tax Bills
Filers line up at municipal offices before the GOP law kicks in; ‘It’s been insane here’
By
David Harrison and

Jennifer Levitz
Updated Dec. 26, 2017 7:57 p.m. ET

Homeowners across the nation are rushing this week to prepay their property taxes for 2018 before the Republican tax law kicks in Jan. 1 and effectively raises the levy on higher-end homes.

The new legislation, which President Donald Trump signed into law last week, caps at $10,000 the amount of state and local taxes that filers can deduct from their federal tax bill. That means those whose tax bills regularly exceed that amount could benefit by paying more tax in 2017, when the deduction has no limit."""""

Homeowners Rush to Prepay 2018 Property-Tax Bills

Anyone who can should prepay their property tax and their state income tax before December 31, 2017.

In 2018 these deductions will be severely limited.

This will mostly hurt richer people and upper middle class. But the tax rate cuts are supposed to make up for it.

 

[mamooth]

So let me get this straight they rushed to pay local property tax so they didn't have to pay it to the feds?

If they pay ahead their 2018 taxes in 2017, the entire amount is deductible in their 2017 tax return.

If they pay 2018 taxes in 2018, the deduction is capped at $10k on their 2018 tax return.

So, if you're paying over $10k, then it makes sense to pay ahead.

 

[mamooth]

I live in Virginia. In order to pay more than $10K in state and local taxes, you have to make at least $120K per year *and* live in a house tax-appraised at over $330K.

Or you can run a small business.

Small businesses are getting reamed.

 

[Flopper]

What a total bunch of brain-dead nonsense. If you're paying more than $10K in state and local taxes, then you are in the top 10% of income earners and you live in a fairly expensive house. The "friend" who said that "Trump raised his property taxes by $4K" is both idiotic and very well off.

I live in Virginia. In order to pay more than $10K in state and local taxes, you have to make at least $120K per year *and* live in a house tax-appraised at over $330K. In order to pay substantially more--$3K or more--than $10K per year in state and local taxes, you have to make at least $180K per year and live in a house tax-appraised at over $500K.

And if you make $180K per year, your federal income tax burden will be cut by 3 percentage points for your first taxable $38K (single)/$77K (married), cut by another 3 percentage points for your taxable income between $38K-$82K (single)/$77K-$165K, and cut by 4 percentage points for your taxable income between $82-$157 (single)/$165-$315 (married).

So maybe your liberal friend should start lobbying his state and county governments to reduce their tax rates instead of expecting taxpayers in low-tax states to subsidize his state and local taxes that exceed $10K.

It depends on the location. In Los Angles, a median priced 3 bedroom house and a $70,000 taxable income would create a state tax in access of $10,000. This provision of the tax bill is designed to punish blue states since most blue states have higher property values, income, and taxes than red states. It's just party of the Trump plan to further divide the country.

 

[Papageorgio]

What a total bunch of brain-dead nonsense. If you're paying more than $10K in state and local taxes, then you are in the top 10% of income earners and you live in a fairly expensive house. The "friend" who said that "Trump raised his property taxes by $4K" is both idiotic and very well off.

I live in Virginia. In order to pay more than $10K in state and local taxes, you have to make at least $120K per year *and* live in a house tax-appraised at over $330K. In order to pay substantially more--$3K or more--than $10K per year in state and local taxes, you have to make at least $180K per year and live in a house tax-appraised at over $500K.

And if you make $180K per year, your federal income tax burden will be cut by 3 percentage points for your first taxable $38K (single)/$77K (married), cut by another 3 percentage points for your taxable income between $38K-$82K (single)/$77K-$165K, and cut by 4 percentage points for your taxable income between $82-$157 (single)/$165-$315 (married).

So maybe your liberal friend should start lobbying his state and county governments to reduce their tax rates instead of expecting taxpayers in low-tax states to subsidize his state and local taxes that exceed $10K.

It depends on the location. In Los Angles, a median priced 3 bedroom house and a $70,000 taxable income would create a state tax in access of $10,000. This provision of the tax bill is designed to punish blue states since most blue states have higher property values, income, and taxes than red states. It's just party of the Trump plan to further divide the country.

Yep, and it was Obama’s agenda to divide America. Don’t you get tired of all the nonsense?

I live in a blue state, my home is worth $400,000, there is no state income tax, most people in this state would need a close to a million dollar home to burn up the $10,000. Maybe Trump secretly likes my blue state, hmmmm....

Texas a $500,000 home would burn the $10,000 tax exempt limit. Why does Trump hate Texas?

And Florida, over a million dollar home and it wouldn’t hit the $10,000 exemption and that is a toss up state!

You could make up some wild conspiracy theories, have at!

What is funny is I find you one of the more reasonable people on this board then you come up with this nonsense.

 

[AntonToo]

He was already paying $22K a year. He pays more in property taxes than you make cleaning toilets in a whole year.
Read the article before you make yourself look even stupider.

He needs to pay his fair share. He voted for those high property tax rates. If he didnt vote for LWNJs, he should move..

I see you refuse to read anything except your own stupid posts. Righties are so fucking lazy.

Read the article for what dumbass? Its HIS fault he lives in a high tax state. Tell the bedwetter to but his big boy pants on and pay his fair share.

He didn't vote for Trump to push a shit tax plan of 1097 pages down his or anyone else's throats.
This isn't going to be the only surprise that comes from this disastrous bill that was thrown together by a deranged, mentally ill goon and his band of ass-kissers.
The Republicans have really fucked themselves for 2018 midterms.

That poor guy. Lives in an area where they TAX THE SHIT out of them. He actually has to pay more of his fair share, and you whiny fucktards bitch?
I bet in a couple weeks when you guys get new talking points, you will go back to blasting the rich saying they dont pay their fair share LOL

Fuck you middle-of-nowhere Harley, we pay all our our property taxes and that's not the complaint - WE JUST DON'T WANT THAT MONEY TAXED TWICE.

SALT deductions were in place since 1913 and now they took it off to finance a huuuge giveaway to corporations? Just you wait till 2018.

 

[busybee01]

That $10K cap on state and local tax deductions is also devastating to small businesses. It's as if the Republicans all brainstormed "what would kill jobs most effectively?", and them implemented the idea.

not to us here in TN.......because we don't elect local democrats any more......except in the cities.....you get what you vote for......
maybe you'll care what govt money is used for..........Im not holding my breath.

Also Tennessee is a low income state. I guess uneducated people love Republicans.

And yet all these years they paid more in federal taxes than high income states because they don’t deduct property taxes like the higher income states. Hmmm that never crossed your mind I’m sure.

What a total bunch of brain-dead nonsense. If you're paying more than $10K in state and local taxes, then you are in the top 10% of income earners and you live in a fairly expensive house. The "friend" who said that "Trump raised his property taxes by $4K" is both idiotic and very well off.

I live in Virginia. In order to pay more than $10K in state and local taxes, you have to make at least $120K per year *and* live in a house tax-appraised at over $330K. In order to pay substantially more--$3K or more--than $10K per year in state and local taxes, you have to make at least $180K per year and live in a house tax-appraised at over $500K.

And if you make $180K per year, your federal income tax burden will be cut by 3 percentage points for your first taxable $38K (single)/$77K (married), cut by another 3 percentage points for your taxable income between $38K-$82K (single)/$77K-$165K, and cut by 4 percentage points for your taxable income between $82-$157 (single)/$165-$315 (married).

So maybe your liberal friend should start lobbying his state and county governments to reduce their tax rates instead of expecting taxpayers in low-tax states to subsidize his state and local taxes that exceed $10K.

The stupidity of Trump supporters on display. The amount of money that you pay in taxes has nothing to do with the deduction of local and state taxes. By that stance, low tax states steal from high tax states as low tax states get more than a $1.00 and high tax states get less than a $1.00 back for every dollar they send to Washington. How does it feel to be a thief. State and local taxes should be deductible and the carried interest deduction and the pass-through should be scrapped.

 

[frigidweirdo]

See folks, you really DID want to know what was in that tax bill before it passed.


Homeowners Rush to Prepay 2018 Property-Tax Bills
Filers line up at municipal offices before the GOP law kicks in; ‘It’s been insane here’
By
David Harrison and

Jennifer Levitz
Updated Dec. 26, 2017 7:57 p.m. ET

Homeowners across the nation are rushing this week to prepay their property taxes for 2018 before the Republican tax law kicks in Jan. 1 and effectively raises the levy on higher-end homes.

The new legislation, which President Donald Trump signed into law last week, caps at $10,000 the amount of state and local taxes that filers can deduct from their federal tax bill. That means those whose tax bills regularly exceed that amount could benefit by paying more tax in 2017, when the deduction has no limit."""""

Homeowners Rush to Prepay 2018 Property-Tax Bills

Yep, he saves you money here, and loses you four times more there. The ONLY people who don't lose out are the rich.

What a fucking surprise.

 

[mikegriffith1]

Friend of mine who lives in NY said Trump's tax reform raised his property taxes $4000.

Trump didnt raise property taxes, you fucking idiot.
He lowered a deduction. Sorry your rich friend will have to pay his fair share

He was already paying $22K a year. He pays more in property taxes than you make cleaning toilets in a whole year. Read the article before you make yourself look even stupider.

Gosh, I'm confused. So now you liberals not only suddenly care about the debt but now you also suddenly care about how much the rich pay in taxes?!

If your friend was already paying $22K in state and local taxes, then he must make at least $190K per year and must own a house worth at least $300K, and that's assuming he lives in NY, as you say he does. By the way, if your friend's house is worth $300K, it is worth nearly double the average median price for a new home ($188K).

I'll ask again: Is your friend factoring in the fact that the tax rate on his income in the second and third brackets is going to be cut by 6 percentage points, from 15% down to 12% and from 25% down to 22%? And if his top marginal rate is in the fourth bracket, is he factoring in that the tax rate on his income in that bracket is getting cut from 28% down to 24%?

Is it Trump's fault that the average property tax rate in NY state is a whopping, unusually high 1.5%? Maybe your friend should move to a state where the statewide average property tax is below 1%, such as Utah: 0.68%, or West Virginia: 0.59%, or North Carolina 0.84%, or Georgia: 0.94%, or Arizona 0.84%. Hey?

In my county in Virginia, my property tax rate is 1.045%, nearly 50% lower than NY's statewide average. Maybe your friend should move to my county, which is only 40 miles south of D.C. and has plenty of "services."

 

[TNHarley]

He needs to pay his fair share. He voted for those high property tax rates. If he didnt vote for LWNJs, he should move..

I see you refuse to read anything except your own stupid posts. Righties are so fucking lazy.

Read the article for what dumbass? Its HIS fault he lives in a high tax state. Tell the bedwetter to but his big boy pants on and pay his fair share.

He didn't vote for Trump to push a shit tax plan of 1097 pages down his or anyone else's throats.
This isn't going to be the only surprise that comes from this disastrous bill that was thrown together by a deranged, mentally ill goon and his band of ass-kissers.
The Republicans have really fucked themselves for 2018 midterms.

That poor guy. Lives in an area where they TAX THE SHIT out of them. He actually has to pay more of his fair share, and you whiny fucktards bitch?
I bet in a couple weeks when you guys get new talking points, you will go back to blasting the rich saying they dont pay their fair share LOL

Fuck you middle-of-nowhere Harley, we pay all our our property taxes and that's not the complaint - WE JUST DON'T WANT THAT MONEY TAXED TWICE.

SALT deductions were in place since 1913 and now they took it off to finance a huuuge giveaway to corporations? Just you wait till 2018.

Pay your fair share, bedwetter

 

[mikegriffith1]

WE JUST DON'T WANT THAT MONEY TAXED TWICE.

But you guys don't mind double-taxing the money that a dad or mom leave for their children via the confiscatory death tax. And why should taxpayers in low-tax states with their fiscal house in order subsidize the state and local taxes of rich people in high-tax states? Why?

 

[mamooth]

And why should taxpayers in low-tax states with their fiscal house in order subsidize the state and local taxes of rich people in high-tax states? Why?

Because those states subsidize your parasite ass, and the old way reduces the subsidy. You're pushing for more welfare for yourself.

However, taxing the Republican base ... upper middle class white suburbs ... may not have been your best choice of how to do it.

 

[buckeye45_73]

That $10K cap on state and local tax deductions is also devastating to small businesses. It's as if the Republicans all brainstormed "what would kill jobs most effectively?", and them implemented the idea.

not to us here in TN.......because we don't elect local democrats any more......except in the cities.....you get what you vote for......
maybe you'll care what govt money is used for..........Im not holding my breath.

Also Tennessee is a low income state. I guess uneducated people love Republicans.

Yeah and the lowest educated, the ones that bring us down in rankings are democrats (think Memphis and Nashville)
and a college degree (I have one, thank you) now adays means you know the gay rights movement and about climate change.....not much else unfortunately....oh and how bad whitey is.....cant forget that one!

 

[buckeye45_73]

And why should taxpayers in low-tax states with their fiscal house in order subsidize the state and local taxes of rich people in high-tax states? Why?

Because those states subsidize your parasite ass, and the old way reduces the subsidy. You're pushing for more welfare for yourself.

However, taxing the Republican base ... upper middle class white suburbs ... may not have been your best choice of how to do it.

How so? Reducing federal money to states, if fine by me
less welfare, less entitlements.......somehow I think the high tax states of New York, California, IL, and PA benefit the most.

 

[AntonToo]

WE JUST DON'T WANT THAT MONEY TAXED TWICE.

But you guys don't mind double-taxing the money that a dad or mom leave for their children via the confiscatory death tax. And why should taxpayers in low-tax states with their fiscal house in order subsidize the state and local taxes of rich people in high-tax states? Why?

Inheritors pay tax on that income only once.

 

[TNHarley]

WE JUST DON'T WANT THAT MONEY TAXED TWICE.

But you guys don't mind double-taxing the money that a dad or mom leave for their children via the confiscatory death tax. And why should taxpayers in low-tax states with their fiscal house in order subsidize the state and local taxes of rich people in high-tax states? Why?

Inheritors pay tax on that income only once.

Do you have an answer for the 2nd question?

 

[AntonToo]

WE JUST DON'T WANT THAT MONEY TAXED TWICE.

But you guys don't mind double-taxing the money that a dad or mom leave for their children via the confiscatory death tax. And why should taxpayers in low-tax states with their fiscal house in order subsidize the state and local taxes of rich people in high-tax states? Why?

Inheritors pay tax on that income only once.

Do you have an answer for the 2nd question?

Question is total bullshit how does me not paying tax twice mean that YOU are paying for me - completely ridiculous.

Places with high taxation have some of highest incomes in the country and correspondingly pay more Federal taxes ALREADY.

Tennessee pays Feds $62 billion, $9500 per person,
While NY pays $269 billion, $13,659 per person.

Federal tax revenue by state - Wikipedia - this was from 2015 and ofcourse with this bill the gap will widen further.

So who is paying for whom snowflake?

 

[busybee01]

WE JUST DON'T WANT THAT MONEY TAXED TWICE.

But you guys don't mind double-taxing the money that a dad or mom leave for their children via the confiscatory death tax. And why should taxpayers in low-tax states with their fiscal house in order subsidize the state and local taxes of rich people in high-tax states? Why?

No one is subsidizing anyone. That is a lie and nothing more.

 

[Avatar4321]

Does anyone else find the ops pure delight in people hurting a bit disturbing?