Yes and the man to change it all was going to be a well connected powerful billionaire who would stick up for the little man. You can’t make this shit up! We are one stupid nation.
Who eats pizza with a knife and fork.
You can still write off $10k in state and local taxes. Which means only individuals making north of $140k in California would be affected. In PA you’d have to make $333,333.33 (3% rate).
They are raising taxes on the rich. I thought you guys liked that. Why should the feds subsidize state spending habits anyway? Blue states have gotten away with taxing their residents for years and the residents never cared because they could write it off federally. Going to be some fiscal conservatives in California over night.
Iirc this 10k also includes the previously writeoffable (I know that’s not a word) property taxes, yea?
This will only hurt a very small percentage of rich liberals in blue states. Per Bloomberg:
“Personal taxes are poised to rise for 13 percent of New Yorkers and 11 percent of California and New Jersey residents”
Bloomberg saying loopholes MAY work to MAYBE get around this change SOMETIMES? Not super comforting.
Even a pretty below average size home in CA eats over half your 10k right off the bat. At 7.5% state/local in CA that means anyone making north of ~70k is taking a hit here.
deductible
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Thank you my friend. But, that is far outside my field of expertise.
But I do treat my employees well for two reasons. The first is that I know it is the right thing to do. Secondly, I believe that in order to build loyalty, so I have lower turnover, treating employees the way that I would want to be treated if I were an employee is the only way to build a company. So far it has served me well.
As for the Trump tax bill I think that you will see many companies doing what I am going to do. Those who see company owners as miserly folks who cheat their employee’s and squirrel every dollar away isn’t realistic.
The committed entrepreneur understands that he or she does not succeed alone. It takes a really good team of people to build a winning organization. Yes Obama I did build that, but it was with the help of really good employee’s NOT the government. The only way to hire and retain such people is to treat them with dignity and respect. This means paying them a fair wage and also rewarding them with bonuses when applicable. And this should be done at every level. Everyone needs to feel that they play an important part of the team because the do! One of my businesses includes delivery’s and I look at the delivery people as exceptionally important. These people are usually the final person that the customer will see or talk to. They literally represent my company. So I take very good care of them and I have had a 90% keep rate over the past year.
Okay enough business talk we have to fight and argue about government being the better handler of someone’s hard earned money than the person who actually earned it. This would be funny if those on the far left didn’t actually believe it. So now it’s simply sad.
One more point to those who don’t quite get it. There are not two economies, one for the rich and one for everybody else. You can divide people with the politics of envy but in reality you cannot divide the outcome.
If the middle class has more money to spend the economy will prosper and the rich will become richer which is a good thing. And if businesses have more money to invest the economy will prosper which means the middle class folks will have more opportunity to work and also to find an even better employment opportunity…which is also a good thing.
Sometimes I really hate politics as it divides people at most every level and for no good reason other than to get votes and retain power.
One economy…one answer. There needs to be less of a tax burden for all Americans!
I remember the Bush tax cuts. These primarily helped the highest earners. Once they went into place companies massively hired people that were out of work. They didn’t just hire them they increased the wages of all workers. Income inequality tanked as CEO’s and corporations used this money not for their own profit but by letting it trickle down to their workers with massive wage increases and benefits/
With average people having more money from this huge trickle down effect the economy exploded into the biggest growth ever seen. Unemployment fell to almost zero. The cuts were not just revenue neutral but provided such an increase in tax receipts from more workers that they slashed the debt in half with many regarding George W Bush as the lowest debt raising President of all time.
Fueled by the tax cuts the economy roared with nothing but success throughout the Presidency. The economy that was handed to Barack Obama was in the best shape of all time. As Obama came into office he had to bail out huge banks because they had accidentally spent too much money helping average joes out sacrificing their bottom line.
Tax and spend Barack Obama ruined the perfect economy as no jobs were gained and unemployment became higher than ever by the time he was out of office.
A quick google search brought up the following articles of praise as it became impossible for anyone to view this cut as anything but a miracle
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Not sure why this made me laugh as much as it did.
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Those loopholes include collecting money for colleges through charities rather than taxes. Ok. Good luck with that.
Or they’re hoping to try collecting taxes through payroll taxes rather than income taxes. I’m sure that won’t piss off the already fleeced California voters at all, seeing those deductions every two weeks.
It’s hard to have sympathy for California. Maybe they could learn to make due with less than $10k per citizen?
The GOP has no serious interest in raising revenue to offset tax cuts, we know that. So what is the motivation of this change? It won’t put a micro-dent in the red ink, so what’s the purpose?
It’s nothing more than punitive politics for the sake of it.
And, how curious - individuals got slapped with the restriction, but not corporate filers. Tell me again, what larger interest does that serve?
This tax reform is about what someone else said in another thread - to reward friends and punish enemies. That’s it. The economic arguments are thin, the balancing-of-interests in the name of the public interest isn’t there, and that’s precisely why they never held a single meeting on it.
The GOP now exists to do two things - create and preserve conditions for large corporations to protect and grow their wealth, and troll the Left. This tax reform is the perfect example of it.
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Is that all such a bad thing? Blue states like high taxes. Well, let em have it. I think it’s more nefarious than you think. I believe it’s meant to disrupt the state politics of the already nearly insolvent CA, NY etc… Their constituents are going to put pressure on them to lower taxes, but they won’t be able to.
We had to survive 8 years of Obama literally closing power plants and coal mines through the CPP (not legislation but an EO). Had literally no impact on worldwide carbon output, just hurt red state voters. Turn about is fair play.
This is exactly what all this is about. And no, it isn’t ok - it’s horseshit.
And we agree that Obama was also guilty of reward friends/punish enemies politics. It was horseshit then. But we don’t need more “vengeance” against the other guy when it’s my turn in power - we need people who are making decisions in the best interests of the country.
This tax reform doesn’t. And doesn’t even pretend to.
You are crying out for statesmen. We don’t have any of those. Fresh out. We have plenty of petty little men and women who thirst for power and influence though.
If you train yourself not to care it’s actually quite entertaining.
As opposed to the massively successful state politics of the no tax people like Brownback and Jindal?
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Be careful. That’s the first step to the Zebside.
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Not really my thing. I’ll stick with patriotism.
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Hey zeb. Bank of America agrees with you. They gave 145,000 employees a $1,000 tax-cut Christmas bonus. Must be a publicity stunt though. Can’t be real. I mean, it’s only a $145 Million publicity stunt.
Few other companies too. Those corporate bastards.
Beginning in 2018, we will see benefits from the tax reform … in the form of lower corporate tax rates," CEO Brian Moynihan said in an internal memo to employees obtained by CNBC. He also said that about 145,000 employees will receive the bonus.
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