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So if Trump's plan is to reduce the corporate tax rate from 35% to 15%, how will that revenue be made up for? Surely he can't follow through with his infrastructure plan?
They are not going to bother to make up the difference. They are going to just add it to the deficit.
Liberals must all be smoking something when something as good as simplifying the tax code equals tax cut for the rich.
Didn't Bernie and Hillary keep saying the rich like Trump doesn't pay enough taxes right now? So making the tax code into 3 simply rates is suddenly a big tax cut for the rich?
BTW the proposal calls for getting rid of many of the deductions the rich uses to cheat the system.
The rich will stay rich regardless. Poor will stay poor in either tax system but the middle class will get to keep more money. No need for Turbo Tax if they get rid of itemization and all those deductions that doesn't apply to you anyways.
Why keep paying so much taxes to the IRS each paycheck when you get to keep more and not have to file for deductions to get a refund.
I am upper middle class and expect to save money under the plan. I get hit with AMT. I do not get to deduct my property tax or state tax anyway. The AMT deduction gets partially phased out for me. My income at 28% now will probably be 25% now (and lower for some of the money). So the $20k I pay in local taxes only saved me $5k anyway. Paid almost that much in AMT.
Plus, all of the charts showing the state/local deductions INCLUDES the amount that is disallowed under AMT. hope turbo tax comes out with an update that would compare my last year taxes under old plan and new plan
I am upper middle class and expect to save money under the plan. I get hit with AMT. I do not get to deduct my property tax or state tax anyway. The AMT deduction gets partially phased out for me. My income at 28% now will probably be 25% now (and lower for some of the money). So the $20k I pay in local taxes only saved me $5k anyway. Paid almost that much in AMT.
All these folks don't understand tax rules. AMT is the middle class tax hike when it was installed. It doesn't care how much deductions you have. It's based on your gross income and has a table of how much taxes you have to pay, any additional taxes can be deducted but you can't go below the AMT.
By getting rid of AMT and using a simple 3 tax bracket rate you will only have to pay state + city taxes which aren't deductible under the proposal. If you have a mortgage you can still deduct that.
It hurts people working and living in high tax states.
All these folks don't understand tax rules. AMT is the middle class tax hike when it was installed. It doesn't care how much deductions you have. It's based on your gross income and has a table of how much taxes you have to pay, any additional taxes can be deducted but you can't go below the AMT.
By getting rid of AMT and using a simple 3 tax bracket rate you will only have to pay state + city taxes which aren't deductible under the proposal. If you have a mortgage you can still deduct that.
It hurts people working and living in high tax states.
Unless you have larger than a 700k mortgage its effectively useless because the deductible is much higher. Unless they release the brackets and you actually do the math you don't know whether you'll pay less under trumps plan in high tax states. In no tax states like Texas for sure this is a big tax cut. Same goes if you stand to inherit lots of money.
Liberals must all be smoking something when something as good as simplifying the tax code equals tax cut for the rich.
Didn't Bernie and Hillary keep saying the rich like Trump doesn't pay enough taxes right now? So making the tax code into 3 simply rates is suddenly a big tax cut for the rich?
BTW the proposal calls for getting rid of many of the deductions the rich uses to cheat the system.
The rich will stay rich regardless. Poor will stay poor in either tax system but the middle class will get to keep more money. No need for Turbo Tax if they get rid of itemization and all those deductions that doesn't apply to you anyways.
Why keep paying so much taxes to the IRS each paycheck when you get to keep more and not have to file for deductions to get a refund.
REFUND = BAD.
Apparently you can't read. He's reducing the highest income tax rate to 35% and getting ridding of 4 tax levels that affects the wealthy more. In other words, the poor and middle class will pay more (in some cases slightly less) and the wealthy will pay substantially less. Even conservative tax experts say this will blow up the deficit. The only way to make up the loss of tax income is the economy grows at 4/5% each year. That's not going to happen. Reaganomics/trickle down economics has already proven that it doesn't work. Yes, the economy is slightly stimulated but it explodes the deficit, destroys the middle class and concentrates wealth at the top 1%. When will conservatives realize that most of you are not the 1% and you never will be.
Why do you guys use TurboTax? That is so 5 years ago. TaxAct is the EXACT same thing and costs 1/3 as much.
I use turbotax every year. Just do not pay for it
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