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12-21-2017, 11:50 PM
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#91
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Registered User
Join Date: Dec 2011
Posts: 4,285
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Quote:
Originally Posted by NJ Stinks
I didn't miss your point. Find something that says less than 40% of California residents don't itemize. I don't care why they don't itemize.
Your point is that losing SALT deductions is no big deal to CA residents. "Bogus stats" you said.
I disagree.
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No, I responded to the Diane Feinstein remark about the "average SALT deduction" of $18,000. I would have to believe that of the 34% who do itemize a large percentage would be subject to ATM and once again would not get SALT deductions.
I won't shed a tear for the high earner who is highly leveraged with an expensive house paying high property taxes. If that is what the Dems want to go to war about it is a losing battle.
Over the past 35 years I have done thousands of California income tax returns. I have done many comparisons between old law and new law for this new bill and have found that very few get hit with higher taxes.
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12-21-2017, 11:58 PM
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#92
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Registered User
Join Date: Dec 2011
Posts: 4,285
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Quote:
Originally Posted by NJ Stinks
Thanks for the info. To be clear, my point is that if 1/3 of all CA residents itemize, this is a big deal - not some "bogus" complaint about the tax law changes just passed.
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You assume that all of the 1/3 are writing off extensive SALT deductions. Not true. You totally disregard the effect of the AMT.
There might be 10-15% of the people who are affected by the SALT deductions and some the affect is mitigated by the lower tax rates and child tax credits. The affected group is mainly the "wealthy" that the Dems want to soak anyway. Those wealthy are big political contributors so the congressman have to act like they are really concerned for their welfare. It's all bogus.
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12-22-2017, 06:17 AM
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#93
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Registered User
Join Date: May 2011
Posts: 22,655
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The dimocrats are going to use this tax cut fraud as a major campaign issue to help them win back the House. Polling shows them a third of the population is strongly against this bill because it only helps the ultra rich and is bad for everyone else.
go Chuck and Nancy, go ...
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12-22-2017, 08:37 AM
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#94
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Registered User
Join Date: Feb 2011
Posts: 600
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I don't know if I will be paying more or less because of this legislation. What I do know is that my Son will no longer have to pay the $795 penalty for buying non ACA Compliant Health Insurance.
Dems say repealing the Mandate will result in 13 million people losing insurance. I wonder how may of these are buying near worthless insurance only to avoid the $795 ($1,590 for a couple) penalty.
Last edited by forced89; 12-22-2017 at 08:38 AM.
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12-22-2017, 08:46 AM
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#95
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Registered User
Join Date: Dec 2011
Posts: 4,285
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Quote:
Originally Posted by forced89
I don't know if I will be paying more or less because of this legislation. What I do know is that my Son will no longer have to pay the $795 penalty for buying non ACA Compliant Health Insurance.
Dems say repealing the Mandate will result in 13 million people losing insurance. I wonder how may of these are buying near worthless insurance only to avoid the $795 ($1,590 for a couple) penalty.
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There will be one more year of the penalty. 2019 will be when the nonsense ends.
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12-22-2017, 08:52 AM
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#96
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The Voice of Reason!
Join Date: Mar 2001
Location: Canandaigua, New york
Posts: 112,887
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So Obama's legacy is you have to pay for something you did not want and did not get.
GAWD, democrats are naussiating people.
__________________
Who does the Racing Form Detective like in this one?
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12-22-2017, 11:04 AM
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#97
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Registered User
Join Date: Oct 2001
Posts: 46,884
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Quote:
Originally Posted by Tom
So Obama's legacy is you have to pay for something you did not want and did not get.
GAWD, democrats are naussiating people.
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Ahh...so the slight taste of totalitarianism is bitter in your mouth? Mine too. 
__________________
Consistent profits can only be made on the basis of analysis that is far from obvious to the majority. - anonymous guru
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12-22-2017, 01:51 PM
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#98
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Registered User
Join Date: Nov 2009
Location: donkeys ride from ASD
Posts: 13,002
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If you get a bigger paycheck and big bonus Nancy says "We're gonna all die."
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12-22-2017, 01:53 PM
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#99
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Registered User
Join Date: Oct 2001
Posts: 46,884
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Quote:
Originally Posted by woodtoo
If you get a bigger paycheck and big bonus Nancy says "We're gonna all die."
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Yes...and I'm sure that CNN will be televising all the bodies laying in the streets across America.
__________________
Consistent profits can only be made on the basis of analysis that is far from obvious to the majority. - anonymous guru
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12-22-2017, 02:57 PM
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#100
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Registered User
Join Date: Mar 2013
Posts: 5,414
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Quote:
Originally Posted by Fager Fan
Why should anyone's tax payments be tax deductible anyway? I'd love if my federal taxes were tax deductible.
Taking away this deduction should ultimately help the citizens of high tax states. If enough people start getting pissy about their spending, maybe they'll learn to quit spending so much.
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This is exactly what needs to happen.
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12-22-2017, 02:59 PM
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#101
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Registered User
Join Date: Mar 2013
Posts: 5,414
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Quote:
Originally Posted by davew
The dimocrats are going to use this tax cut fraud as a major campaign issue to help them win back the House. Polling shows them a third of the population is strongly against this bill because it only helps the ultra rich and is bad for everyone else.
go Chuck and Nancy, go ...
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hmm. probably the same pollsters that had Hillary in a landslide lol. Nobody believes polls anymore.
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12-22-2017, 03:09 PM
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#102
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Registered User
Join Date: May 2011
Posts: 22,655
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Quote:
Originally Posted by chadk66
hmm. probably the same pollsters that had Hillary in a landslide lol. Nobody believes polls anymore.
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the dimocrats and lamestream media do - they actually pay to run them
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12-22-2017, 06:25 PM
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#103
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Registered User
Join Date: Aug 2007
Location: South Jersey
Posts: 7,727
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Quote:
Originally Posted by AndyC
Over the past 35 years I have done thousands of California income tax returns. I have done many comparisons between old law and new law for this new bill and have found that very few get hit with higher taxes.
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Andy, I respect your background and experience in California. I'm backing off my perch slowly....
Lest I crash on the rocks below!
__________________
One flew east, one flew west,
One flew over the cuckoo's nest.
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