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Because half pay no Federal Income Taxes. They want the other half to pay.
Do you make so much money that you feel the need to give more to the government. What is this argument about?
Senseless..................................
Do you make so much money that you feel the need to give more to the government. What is this argument about?
Senseless..................................
Do you make so much money that you feel the need to give more to the government. What is this argument about?
Senseless..................................
Do you make so much money that you feel the need to give more to the government. What is this argument about?
Senseless..................................
What about them? Irrelevant.How about all them other taxes?
Why didn't you or any democrap ask that Obooba pay down the debt instead of double itDo you make so much money that you feel the need to give more to the government. What is this argument about?
Senseless..................................
It would be fiscally responsible to pay down that debt. Why are we talking tax cuts?
Repubs control the government and the debt ceiling is going up again.
No answer huh..........................just babble on and on and onDo you make so much money that you feel the need to give more to the government. What is this argument about?
Senseless..................................
"Hey everyone . Aren't you tired of cancer killing everyone ? Let's just make a cure! A cheap one too. A pill you can take to cure cancer . Yeah that's it! "
So you are a warmonger like Hillary,,,,,,,,,,,,,,,,point takenDo you make so much money that you feel the need to give more to the government. What is this argument about?
Senseless..................................
"Hey everyone . I know what we can do with North Korea ! Let's tell Kim to hand over his nukes! He'll just give them to us and promis not to make more . Problem solved !"
It also eliminates the provision in current law that allows a taxpayer to deduct the mortgage interest on a secondary residence as well as their principal residence home. Under current law, taxpayers can deduct the mortgage interest on mortgage debt up to $1,000,000. Under the Republican proposal, a taxpayer will only be able to deduct the mortgage interest on mortgage debt of $500,000 or less. Also, a married person filing singly will only be able to deduct the interest on a mortgage of $250,000. This change in the deductibility of mortgage interest is made in Section 1302 of the bill. The official summary of the bill, published by the Ways and Means Committee, explains both the relevant provision in current law and how the Republican bill will change that provision.
This is how it explains the current law:
“Under current law, a taxpayer may claim an itemized deduction for mortgage interest paid with respect to a principal residence and one other residence of the taxpayer. Itemizers may deduct interest payments on up to $1 million in acquisition indebtedness (for acquiring, constructing, or substantially improving a residence), and up to $100,000 in home equity indebtedness.”
And this is how it explains what the Republican tax-reform bill would do:
“Under the provision, a taxpayer may continue to claim an itemized deduction for interest on acquisition indebtedness. For debt incurred after the effective date of November 2, 2017, the $1 million limitation would be reduced to $500,000. Interest would be deductible only on a taxpayer’s principal residence. Similar to the current-law AMT rule, interest on home equity indebtedness incurred after the effective date would not be deductible. In the case of refinancings of debt incurred prior to November 2, 2017, the refinanced debt generally would be treated as incurred on the same date that the original debt was incurred for purposes of determining the limitation amount applicable to the refinanced debt. In the case of a taxpayer who enters into a written binding contract before November 2, 2017, the related debt would be treated as being incurred prior to November 2, 2017.”
This is how the Ways and Means Committee summary explains the change in the size of the mortgages that will be eligible for a mortgage interest deduction:
GOP Tax Bill Slashes Size of Deductible Home Mortgage by 50%
This follows through on the commitment the committee made in the tax-plan framework it put together with the White House and the Senate Finance Committee that said their reformed tax code would be "at least as progressive as the existing tax code." The bill also repeals the personal exemption—currently $4,050 per person—that tax filers can currently deduct for themselves, a spouse and dependents, including children. Additionally, the bill repeals the deduction people can currently take for the state and local income or sales taxes they pay. It does not repeal the deduction for mortgage interest or state and local property taxes.
Under current tax law, for example, a married couple who has four children would be able to reduce their taxable income by $24,300 using personal exemptions. They would also be able to reduce their taxable income by the amount of state income or sales tax they paid and also by the mortgage interest they paid as well as the local property taxes they paid. Under the Republican bill, a married couple with four children who itemized would still be able to deduct their mortgage interest and property taxes, but not the $24,300 in personal deductions and not the state income or sales taxes they paid. If they do not itemize (and thus do not claim a deduction for mortgage interest or property taxes), the Republican bill gives them a larger standard deduction ($24,000) than they would get under current law ($12,700).
The bill also increased the child tax credit from $1,000 to $1,600 that applies to children 16 and under. It also creates a $300 credit for dependents who are not children. These credits would phase out for married couples filing jointly at $230,000 in income and for single filers at $115,000. The 39.6 percent tax bracket in the Republican bill would kick in for individual filers with incomes over $500,000 and for married couples filing jointly with incomes of $1,000,000 or more.
Under current tax law, there are seven federal income tax rates: 10 percent, 15 percent, 25 percent, 28 percent, 33 percent, 35 percent, and 39.6 percent. The Republican bill would create four explicit new tax rates and another “effective” rate that would tax lower income people 0 percent of their income. The four explicit rates in the Republican plan are: 12 percent, 25 percent, 35 percent and 39.6 percent.
Here is how the official summary of the Republican bill explains the income levels to which these rates will apply:
