Trump Tax Reform - a total squeeze on middle class W2 workers

[newwurldmn]

I might have skipped over it but i didn't see many that were pro trumps tax reform. Trump again is not delivering on his original promise and giving some bs version of it. Tax reform that doesn't gut the either system will NOT work. You think someone deducting home loan interest will be happy with this plan? or someone with multiple children in college? I think most people will agree with low income poor 5% "working poor ie middle class" around 10-15% uber rich paying about 20-25%. The issue will be defining what levels I would say low income single($50k or less) working poor( $50 - 5 million) uber rich(10 million year) and it would be like today where the first 50 taxed at 5 then 20-25%. each state would be different adding on cost of living family is double single. Tax accountants will be pissed but this will cut down on all the frustration and cost of doing taxes most people will be able to pay via payroll and have nothing else to do at the end of the year. Businesses should pay depending on size small business should pay 5% since most of the time they are paying individual taxes. middle size to larger 10% the same argument the people(employees and owners) will be paying taxes why double tax excessively?

And what will pay for all those social services and Air Force bombers?

 

[caacapital]

The taxes collected. Im going off my limited knowledge of what I pay I dont know if anyone actually pays 25% that makes under 200k after deductions etc I would guess the average is around 15-20%. This way the government has a more accurate estimate of their income and its already close to what people pay anyway. and if im not correct on the numbers that most people pay about 5-10% less than what their actual income is because of credits and deductions then my plan wont work because the government really would be collecting less money. But in all honest any plan that doesnt increase the governments income will increase gov debt you cant cut income and keep increasing spending which is the current problem the government has. I think most people know this but always want to look to someone else to pay the bill.

And what will pay for all those social services and Air Force bombers?

 

[Gramp]

I'm not surprised at all. Trump is a republican, what else could be expected from him? Middle class won't perish, no matter what.

 

[RedDuke]

I'm not surprised at all. Trump is a republican, what else could be expected from him? Middle class won't perish, no matter what.

Do not be so sure. Anything can be destroyed. What I am in sock, that the regular folks on the right support their taxes going up???

 

[Cuddles]

I'm looking at a 20k$ capital gains bill if I sell my house next year it this rubbish passes. Was really hoping they wouldn't go after the primary home sale exemption.

 

[Cuddles]

Do not be so sure. Anything can be destroyed. What I am in sock, that the regular folks on the right support their taxes going up???

If it benefits the social classes above them, they're for it, if it benefits the lower they're against it.

 

[newwurldmn]

If it benefits the social classes above them, they're for it, if it benefits the lower they're against it.

It's all good as long as a wall is built (even if Mexico doesn't pay for it).

 

[gkishot]

https://www.marketwatch.com/story/h...-house-tax-bill-impacts-your-taxes-2017-11-02

I could not believe when i read it. WTF, it was supposed to help middle class.

A total squeeze of middle class? I didn't see any. The brackets are up, standard deductions will double. Nothing to complain about.

 

[Sig]

A total squeeze of middle class? I didn't see any. The brackets are up, standard deductions will double. Nothing to complain about.

Did you read the thread, or are all those issues not true in some way? Pretty willfully blind or just plain idiotic to tag a post onto a thread listing issue after issue with the flippant and completely unsubstantiated comment "Nothing to complain about"!

 

[gkishot]

Did you read the thread, or are all those issues not true in some way? Pretty willfully blind or just plain idiotic to tag a post onto a thread listing issue after issue with the flippant and completely unsubstantiated comment "Nothing to complain about"!

Have you done the estimate of your tax return under new rules? What is your personal complaint? I would love to hear the same from the OP as well. How exactly will it affect his taxes in a negative way? I know I'll pay less in taxes in the long run.