Why cut taxes?

[Maximus]

$8K tax increase for me based on last year's taxes. :swear:

I dont get how... Missing deductions you had previously?

[Moliere]

tbh, I think people that don't have any kids should pay more in taxes anyway

[byu71]

Congrats. You must make a lot of money. I do OK and mine is only going up about $3,000. Small price for me to pay in return for booming economy.

[creekster]

Congrats. You must make a lot of money. I do OK and mine is only going up about $3,000. Small price for me to pay in return for booming economy.

Im about in that same range. 3-5k

[Applejack]

Congrats. You must make a lot of money. I do OK and mine is only going up about $3,000. Small price for me to pay in return for booming economy.

Thanks Obama!

[Flystripper]

its all about the child tax credit for me.

[Green Monstah]

My salary last year was much more than this year due to some taxable relocation benefits, but if I assume I made the same last year as this year , my effective tax rate goes down by less than 1%.

[Uncle Ted]

$8K tax increase for me based on last year's taxes. :swear:

I thought you were all for the rich paying more taxes.

[Jeff Lebowski]

I thought you were all for the rich paying more taxes.

"There is no creature more arrogant than a self-righteous libertarian on the web, am I right? Those folks are just intolerable."

[Jeff Lebowski]

House passes tax bill. Zero democrats voted for it and twelve republicans voted against it. I guess they will still call it a victory. Yeesh.

[Uncle Ted]

House passes tax bill. Zero democrats voted for it and twelve republicans voted against it. I guess they will still call it a victory. Yeesh.

Nearly on the GOP'ers that voted nay are from CA, NJ, and NY:

CA-48 Dana Rohrabacher N
CA-49 Darrell Issa N
NC-3 Walter B. Jones N
NJ-2 Frank A. LoBiondo N
NJ-4 Christopher H. Smith N
NJ-7 Leonard Lance N
NJ-11 Rodney Frelinghuysen N
NY-1 Lee Zeldin N
NY-2 Peter T. King N
NY-11 Dan Donovan N
NY-19 John J. Faso N
NY-21 Elise Stefanik N

I would have never guessed.

[Jeff Lebowski]

Nearly on the GOP'ers that voted nay are from CA, NJ, and NY:

CA-48 Dana Rohrabacher N
CA-49 Darrell Issa N
NC-3 Walter B. Jones N
NJ-2 Frank A. LoBiondo N
NJ-4 Christopher H. Smith N
NJ-7 Leonard Lance N
NJ-11 Rodney Frelinghuysen N
NY-1 Lee Zeldin N
NY-2 Peter T. King N
NY-11 Dan Donovan N
NY-19 John J. Faso N
NY-21 Elise Stefanik N

I would have never guessed.

You mean the two states with high state/local taxes that will therefor bear a disproportionate share of the burden from this bill? Yeah, not surprising.

[Uncle Ted]

You mean the two states with high state/local taxes that will therefor bear a disproportionate share of the burden from this bill? Yeah, not surprising.

I noticed they modified the SALT (State And Local Tax) part of the bill... You can now deduct up to $10K of your SALT including income, sales, or property taxes. I am not sure if it can be a combination of all SALTs or just one (don't care). Before it was only property tax. Of course, those poor people that live in states that have high everything taxes are screwed as long as they continue residing in those states. They might even be forced to sell their million dollar, silicon valley homes (those spacious 3 bedroom, 2 bath ones) and have to move. Of course, prices on homes above $750K or so will most likely take a hit in value.

[Omaha 680]

You mean the two states with high state/local taxes that will therefor bear a disproportionate share of the burden from this bill? Yeah, not surprising.

I've mentioned it before (and it doesn't mean I support this tax bill; I haven't studied it enough to have an opinion), but why should the federal tax code effectively subsidize high state and local tax rates?

[Jeff Lebowski]

I've mentioned it before (and it doesn't mean I support this tax bill; I haven't studied it enough to have an opinion), but why should the federal tax code effectively subsidize high state and local tax rates?

I get that argument, but I am sure the calculus they used factored in that the states with highest state/local taxes are also blue states, so why not hit them hard?

While we are at it, why should the federal tax code subsidize those stupid mcmansions? I do like the fact that the mortgage deduction limit has been lowered.