TopShot
.45 acp
I believe Alaska has the highest motor fuel tax than any other state.
Trump tax plan eliminates big perk for high-tax states
- Thread starter Blimey
- Start date
Blimey
.450/400 Nitro Ex
Let's not forget some of these other states get tons of federal money.
Here's why Trump's tax plan will hit Californians especially hard
According to that chart the tax deduction on average saves new yorkers just over $3k.
I am just assuming they won't get this passed like anything else trump has tried to get passed. If this passed and ended up costing me thousands I will not soon forget it.
Here's why Trump's tax plan will hit Californians especially hard
According to that chart the tax deduction on average saves new yorkers just over $3k.
I am just assuming they won't get this passed like anything else trump has tried to get passed. If this passed and ended up costing me thousands I will not soon forget it.
MothMan
.338 Win Mag
More reason for California to secede.
MothMan
.338 Win Mag
I'm pretty average in most things. Can't say I see where this bill would cost me any more in taxes.
Haven't been able to itemize in over a decade, have to use standard deduction. So the idea of doubling the standard deduction is of interest to me and my pocketbook.
Other states should not have to subsidize monkeyface ideas.
Haven't been able to itemize in over a decade, have to use standard deduction. So the idea of doubling the standard deduction is of interest to me and my pocketbook.
Other states should not have to subsidize monkeyface ideas.
I seriously don't get the opposition here. How can you possibly believe that it's ok for us to get a tax brake because we like in a shit hole state. Say I make 100K and a guy in Indiana makes 100k why is it ok he has to pay more in federal income tax than I do?
Look I'm building a new house here and I will be house poor for the next couple years and this is going to hurt me greatly, but it's still the right thing to do. We as conservatives say we want an comprehensive tax reform, but when we get it we complain because it effects our wallet. I do wish that our state and county would tax us less, because that is the real issue here. But because we live in a socialist utopia filled full of corruption it will never happen.
Look I'm building a new house here and I will be house poor for the next couple years and this is going to hurt me greatly, but it's still the right thing to do. We as conservatives say we want an comprehensive tax reform, but when we get it we complain because it effects our wallet. I do wish that our state and county would tax us less, because that is the real issue here. But because we live in a socialist utopia filled full of corruption it will never happen.
Jmac00
.475 A&M Magnum
LOL, this tax break is a joke. WHY? glad you asked, three words ~~~~ SINGLE PAYER SYSTEM
if any state, decide to go with a single-payer health care system that state will HAVE to dramatically increase taxes to pay for it. So whatever tax break you get today or next month or next year will be completely wiped out by a healthcare Tax ..... assuming they go the Single Payer way.
Either way, whatever tax break we get, will be consumed by "other surcharges"
Remember, most states are on the verge of bankruptcy. Politicians can not wrap their pee brains around the concept of "less tax = more money"
if any state, decide to go with a single-payer health care system that state will HAVE to dramatically increase taxes to pay for it. So whatever tax break you get today or next month or next year will be completely wiped out by a healthcare Tax ..... assuming they go the Single Payer way.
Either way, whatever tax break we get, will be consumed by "other surcharges"
Remember, most states are on the verge of bankruptcy. Politicians can not wrap their pee brains around the concept of "less tax = more money"
Robin
.577 Tyrannosaur.
Trump may indeed want to help the economic middle class, but by the time Ly'in Ryan gets done with it, they'll just be taking your money from another pocket. You'll know for sure when big media becomes a de facto cheerleader for it.
Abolish the IRS!
Robin
Abolish the IRS!
Robin
Steal2B
.700 Nitro Express
If the right thing to do is to eliminate tax deduction carve outs, they all should go. The home mortgage interest deduction also. Why should everyone else subsidize someone elses extravagant choices?
I agree flat tax and be done with it!
Phazer
.450/400 Nitro Ex
EXACTLY! I've been saying this for years.
First off, I hate when politicians say we "have to pay for tax cuts." Excuse me! How the hell does the federal government letting me keep more of my own money cost them anything? Unless...they figured that all of the money was theirs, and owed to them, in the first place. THAT is the problem. The federal government feels entitled to our earnings. That needs to change.
Second, our government, well...at least one party, is interested in redistributing wealth. They want more people off of the tax rolls and on pure government handouts. That way, they control people's very lives. Those federal dependents will always, and forever, vote for the politicians that promise them the most "free stuff." The problem is: That stuff isn't free for everybody. Those that have to pay an ever increasing tax burden will eventually see the folly in the work-more-pay-more-taxes paradigm and they'll stop working and stop producing. Then, they system collapses when the entitled class seeks to take by force what they believe is rightfully theirs.
Third, our elected officials cannot grasp the concept of "economy of scale." If we lower taxes and take less from individuals and businesses, then those same individuals and businesses will have more money to spend (on supplies, employees, and products), and that will generate more revenue. I've told many Leftists who only want to soak the rich: I'd rather have a plan that takes $1 in taxes from 10 million people instead of $1 million in taxes from 10 people. That way, few really feel the sting of taxes and we generate the same revenue. And, if we need more revenue, we can increase the individual taxes to...say...$1.25. Each individual would only pay $0.25 more, but the net revenue would be $2.5 million whereas under the soak-the-rich plan we'd raise $2.50.
In the end, it is an issue of control. The people need to take back some of the control over this nation. It can still be done peacefully. But, if Washington keeps running roughshod over our American citizenry (with confiscatory taxes, with onerous social programs, by indoctrinating children, and by trying to replace the electorate with uneducated illiterate welfare-entitled immigrants), things could become uncomfortable for everybody.
Steal2B
.700 Nitro Express
Ryan has a 46 seat majority. If he does not get the republicans from NY (9), CA (14), PA (14), NJ (5), IL (7), Ryan would need 3 democrats to defect. I also understand he may not get all the Republicans in some of the other 10 worst impacted states like TX, VA, and OH. In the Senate, O'Connell has problems with Toomey (PA), Johnson (OH), Collins (Maine), Portman (Wisconsin) and he only has a two seat margin. The only way I see this going through is with Democratic defectors since it is a non starter with Chuckie and Nancy. Who knows, politics sucks and the changes will be anointing new winners and losers. In the current divisive climate, the changes that should happen will not be on the table.
Blimey
.450/400 Nitro Ex
Simply if I have to pay more, I am opposed. I already pay more taxes than the guy in indiana because of state taxes, even with the federal deduction. Now I'll make less.
BTW, some of these low-tax states are only that way because federal tax dollars prop them up.
Which States Rely the Most on Federal Aid? - Tax Foundation
This is how the GOP may pay for its tax plan, and it could hit Democrats hardest
Chief white house advisor gary cohn was interviewed by stephanopolos and when asked if some NYC middle class families would see an increase in taxes the answer was in the affirmative.
Phazer
.450/400 Nitro Ex
This is exactly the kind of economic crap that I'm so sick of. How do you "pay for a tax cut?" EASY! Spur the economy to improve so that more economic transactions occur, employment rises, and taxes are collected from a wider base of workers.
The whole concept of a "deficit neutral tax cut" is BULLSHIT!
Again not a federal problem it's a state and county problem. The tax cut should have never been implemented in the first place. Because we are us to it doesn't make it correct. This is the same way people get hooked on welfare programs.
Blimey
.450/400 Nitro Ex
I get your point.
But as part of this program, if fair is fair, are we going to stop covering 40% of TN's revenue with federal aid?
I'm with you there too. How and where federal money is distributed is as messed up as it can get, but that's a whole different argument.
Deplorable Me
.700 Nitro Express
It seems in the current tax code, a poision pill was written in to discourage reform. The only way to rid NY of its rats is to burn the building to the ground. Our politicians have made us addicted to taxes. If applying a tornaquet to stop the bleeding means losing a limb, then so be it. Downstate politicians really need to be outed from their poorly performed jobs. Damn parasites.
Blimey
.450/400 Nitro Ex
This won't change anything. it will merely mean we pay yet more taxes than we do today.
I could even see this resulting in higher property taxes. how? Property taxes are an anchor on home values in this state. If many of us can no longer deduct them, it will have an injurious impact on home values. If I buy a house worth $100k more than my current, I am out $3500-4000 and I can't even deduct it in taxes. This will make me less likely to buy it. It will make home ownership more expensive, thus home values will suffer accordingly. And, with home values suffering accordingly, so too does tax revenue, and so the state would be more eager to raise property taxes to cover what might otherwise be more taxes due to increased assessment values.
A downward spiral like that is possible. Politicians would be in a frantic race to increase tax rates on ever lower property values. Every increase in tax rates will trigger another downward move in property values. Wish I could retire and move now before the inevitable hits.
Steal2B
.700 Nitro Express
If you own a home, it may already be too late to move in many parts of the State. It is not a rare sight to see an upscale home go for less than half of its tax appraised full market value assessment when it finally sells. There is a limited buyer pool, in part because, many young educated skilled New Yorkers leave New York in droves for jobs and find good jobs elsewhere with lower taxes, and housing costs. Many retirees already can not follow their kids out of New York because their homes will not sell. Greedy arrogant New York politicians killed the goose cause they thought they could get all of the golden eggs out at once.
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I am so glad someone pointed this out. Too bad we are in a such a small group. More need to hear that.
Joe Blow
.45 acp
I've been waiting to hear more on this since the idea was floated. It wouldn't affect me, but I think of my kids and those who have a ways to go before hopeful retirement. If 401K contributions were treated as taxable income persons will end up saving less for retirement and hurt many in the long term. The whole idea is to defer the taxation of the deferred income until post retirement when one hopefully will be in a lower tax bracket. He wants the tax money now, essentially changing future 401K contributions to Roth type plans.
Blimey
.450/400 Nitro Ex
Attachments
misunderestimated
.223 Rem
I travel often,
its funny when all you know is New York and it crappy roads, bridges,infrastructure,dirty roads, then well you say New York is great ! Well get out of new York and see roads being resurfaced, roads crews cleaning them, people maintaining bridges and road ways, see commerce flourishing . and this is all in states with no STATE INCOME tax, In states with NO ROAD TOLLS , you start to realize we are being fleeced. We are paying the highest tax's in the country and our state is in complete disrepair with the exception of where the buffalo billions were squandered. The only people getting rich in New York are the corrupt politicians and there families, So yes any place other then New York sounds good to me, Again I travel often and driving on a road in florida you go past the front bumper left from a wreck today and tomorrow you go by it and its gone.
I been driving past a bumper on my way to work thats been in the shoulder of a narrow part of rt 17 between Sloatsburg and Hill burn and its been there since feb of 2017 , I have actually seen the DOT truck driving by it. Yes Alaska is looking good to me. Its not until you leave this place for 2 weeks or more do you realize the squaller we actually live in and have allowed to become the new normal because we have no over site over the criminals running things
Trauma47645
.357 mag
4
401k's are Taxable income.. You just pay the tax at the time of withdrawal instead of upfront..
What is the big deal if you pay it now or pay it later..
Most of my retirement is Roth type (pay the tax now) IRA's anyway
401k's are Taxable income.. You just pay the tax at the time of withdrawal instead of upfront..
What is the big deal if you pay it now or pay it later..
Most of my retirement is Roth type (pay the tax now) IRA's anyway
Trauma47645
.357 mag
If you have homeowners insurance, you are insured for stupidity.. Like if the Cat knocks a candle over and the drapes catch fire.. OOOPS..
Use the insurance money to pay the mortgage off, sell the smoking hole in the ground for $1... and move one..
**I dont condone arson or insurance fraud, This post was made strictly out of jest**
Joe Blow
.45 acp
Yes. Any $'s put into a 401K are taxable at some point. As my post said, the idea is that upon retirement you'll be in a lower tax bracket and therefore pay less taxes on that deferred income. At this time I'd rather pay the taxes later upon withdrawal when my adjusted gross income will be much less.
TopShot
.45 acp
The more that is in it in the beginning the more in interest,
dividends and capital gains it will make in its duration.
dividends and capital gains it will make in its duration.