Why cut taxes?

[Jeff Lebowski]

Maybe this one: https://www.marketwatch.com/story/th...owe-2017-10-26

That’s the one!

[Moliere]

If you say so, Marie.

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[Omaha 680]

DO you have a link? Based on my own calculations I think I am going to pay 5-10k more too. Where is your calculator?

Anyone making a decent living in California or NY is going to get hammered. Doubly hammered if you own your home. I understand the Democrats crying foul that the proposal seems to be funded by targeting deductions most used in deep blue states. But there is also an argument to be made as to whether it's time to stop making ridiculously high state tax rates more possible through the federal tax code.

I don't want the state/local deduction to go away for selfish reasons, though.

[Uncle Ted]

DO you have a link? Based on my own calculations I think I am going to pay 5-10k more too. Where is your calculator?

Maybe this one: https://www.marketwatch.com/story/th...owe-2017-10-26

[creekster]

According to a calculator I just ran, my taxes go up $10K. Thanks for nothing.

DO you have a link? Based on my own calculations I think I am going to pay 5-10k more too. Where is your calculator?

[Uncle Ted]

According to a calculator I just ran, my taxes go up $10K. Thanks for nothing.

What is the biggest contributor to it going up $10k?


Edit: Now you are sounding like a self-righteous libertarian (complaining about taxes). My work here is almost complete.

[Solon]

And you sound like a French rebel...

Obviously.
Lebowski wouldn't be caught dead wearing culottes.

This is Marie at the end.
http://blogs.bu.edu/guidedhistory/hi...nthepubliceye/

[Moliere]

If you say so, Marie.

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[Jeff Lebowski]

I took my 2016 return and recalculated it based on the new proposal. My federal tax will go up $5800.00 to $9300.00, depending what actually happens with charitable donations(what is counted and what isn't).

Yeah, I am a big fan

According to a calculator I just ran, my taxes go up $10K. Thanks for nothing.

[Topper]

Likening me to Gingrich is the unkindest thing you've ever done to me.

Other than the gift of gab, there is no resemblance, to be certain.

[Topper]

If you're rich and not savvy enough to protect your assets well enough so that you lose anything to the estate tax, you deserve to lose it. Trusts are almost immune to estate taxes. Lawyers became politicians ages ago and solved the problem of how to protect their graft from taxes.

wuap, you know a lot about your area, but this is a very naive statement.

There are many types of trusts, from revocable to irrevocable, and grantor, IDGT, self-settled, GRATS but none of them eliminate the tax if you have a lot of wealth. You can plan to minimize or through foundation planning but elimination is rare. I rarely work with people in the stratosphere of which you speak, but sometimes I participate in a team. The initial planning stage can cost upwards of $100,000 with much more devoted to the implementation of the plan. Even those circumstances, estate tax is not eliminated just greatly reduced or deferred where possible.

[old_gregg]

who cares about all this policy stuff as long as gps are getting their carry taxed at cg rates

[wuapinmon]

If you're rich and not savvy enough to protect your assets well enough so that you lose anything to the estate tax, you deserve to lose it. Trusts are almost immune to estate taxes. Lawyers became politicians ages ago and solved the problem of how to protect their graft from taxes.

[PaloAltoCougar]

Many years I ago I attended a fundraiser where Gingrich was the keynote speaker, he had the same keen insight as you, and highlighted it as follows:

"Everybody here would vote to raise taxes on the Germans."

Likening me to Gingrich is the unkindest thing you've ever done to me.

[Topper]

The selection of a $500K cap on deductible mortgage loans is interesting but I wonder about the logic. In the UT troll tradition, I'd go with $250,000, which is tied to the current median cost of a house in the U.S. ($320K), times 80%, since we want to discourage overleveraging on home purchases.

Tax discussions remind of the occasional votes we have in the Bay Area to raises bridge tolls. When the bridges were first built, the $0.25 charge was intended to last only as long as it took to pay off the bridge bonds. Then it was extended to pay for maintenance. Now, with tolls at $6, or more, most of the money collected is used for general road maintenance and other bridge-unrelated costs. I don't think a vote to raise bridge tolls has ever lost, because only 9% or so of the area's commuters use bridges, so why not?

People are usually willing to increase taxes they won't pay or eliminate deductions they don't take. Keen insight on my part, I know.

Many years I ago I attended a fundraiser where Gingrich was the keynote speaker, he had the same keen insight as you, and highlighted it as follows:

"Everybody here would vote to raise taxes on the Germans."