View Full Version : Taxes Are Already Higher Than You Think

12-13-2012, 10:24 AM
Raising taxes on anybody is a bad idea.

On average 40% marginal tax rate in America.

http://online.wsj.com/article/SB10001424127887324469304578142790851767144.html?m od=opinion_newsreel

“…raising tax rates further will significantly reduce U.S. economic activity and by implication will increase tax revenues only a little.”

“The economy now faces two serious risks: the risk of higher marginal tax rates that will depress the number of hours of work, and the risk of continuing policies such as Dodd-Frank, bailouts, and subsidies to specific industries and technologies that depress productivity growth by protecting inefficient producers and restricting the flow of resources to the most productive users.”

“Economic growth requires new ideas and new businesses, which in turn require a large group of talented young workers who are willing to take on the considerable risk of starting a business. This requires undoing the impediments that stand in the way of creating new economic activity—and increasing the after-tax returns to succeeding.”

Taxcutter says:
This sticks a thumb in the eye of the liars who tell us more taxes are good for the economy.

12-13-2012, 11:49 AM
Only for people who pay taxes. That means most Obama voters and aides in the White House aren't tax at a high rate. It's just taxpayers who get screwed. Al Sharpton, Sen. Kerry, Tim Geithner, and a lot of USPS employees don't understand the problem because they don't pay their taxes.

12-13-2012, 12:53 PM

12-13-2012, 01:06 PM
An Important Message for Republicans


11-04-2017, 12:23 PM
Granny says the only things certain in life is death an' taxes... http://www.politicalwrinkles.com/images/smilies/redface.gif GOP Tax Bill Slashes Size of Deductible Home Mortgage by 50% November 2, 2017 | The tax reform bill that the House Ways and Means Committee released today slashes in half the size of a mortgage that qualifies for the mortgage-interest deduction from federal income taxes.
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:
https://www.cnsnews.com/news/article/terence-p-jeffrey/gop-tax-bill-slashes-size-deductible-home-mortgage-50 See also: Republican Plan Retains Top Tax Rate of 39.6%; Repeals Personal Exemption for Parents and Children; Increases Child Tax Credit $600 November 2, 2017 | The new tax bill released by the House Ways and Means Committee retains a progressive tax code—that takes away larger percentages of a taxpayers’ income as the taxpayer earns more money—and maintains the current top income tax rate of 39.6 percent.
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: (https://www.cnsnews.com/news/article/terence-p-jeffrey/republican-plan-retains-top-tax-rate-396-repeals-personal-exemption)

11-12-2017, 07:28 PM
Granny says, "Dat's right - no taxation without representation...
Chairman: House Won't Agree to Nix Property Tax Deduction
November 12, 2017 | WASHINGTON — The chairman of the House's tax-writing committee said Sunday that he's confident that chamber won't go along with the Senate's proposal to eliminate the deduction for property taxes, setting up a major flashpoint as Republicans in the House and Senate aim to put a tax cut bill on President Donald Trump's desk before Christmas.

The GOP is moving urgently to push forward on the first rewrite of the U.S. tax code in three decades, but key differences promise to complicate the effort. Among the biggest differences in the two bills that have emerged: the House bill allows homeowners to deduct up to $10,000 in property taxes while the Senate proposal unveiled by GOP leaders last week eliminates the entire deduction.

A view of the U.S. Capitol building is shown at dusk in Washington

The deduction is particularly important to residents in states with high property values or tax rates, such as New Jersey, Illinois, California and New York. Congressman Kevin Brady, chairman of the House Ways and Means Committee, said he worked with lawmakers in those states to ensure the House bill "delivers this relief," and he was committed to ensuring it stays in the final package. "It's important to make sure that people keep more of what they learn, even in these high-tax states," Brady, R-Texas, said during an appearance on "Fox News Sunday."

Both the House and Senate bill would eliminate deductions for state and local income taxes and sales taxes paid. Sen. Chuck Schumer, D-N.Y., said Republicans should fully restore what is referred to as the SALT deduction, or millions of middle-class families would end up paying higher federal income taxes, not less. "The House's so-called 'compromise' would be saying to the middle class we'll only chop off four of your fingers instead of all five," Schumer said in a statement.