Talking about the state taxes? Agreed. If states want to screw their citizens, that's up to them but it's no reason for them to take from the federal government.
You're an idiot. I am middle class. I think taxes shouldn't be cut for the rich and increased on the middle class. That's stupid. But coming from you that's no surprise that you would favor that states like New York subsidize other states. I'm sick of giving people like you a free ride.
Im not going to jump into petty insults. If one makes 100k in NYC(not a great wage), the taxes would roughly $6500 for state tax If one makes 75k in most other states(a decent wage), the taxes would roughly be $4500 Standard deduction is roughly 6300. The person in NYC has met their standard deduction easily through taxes alone vs the rest of the country. This is why I am against write offs. It favors those who have the means to nickle and dime their taxes down to nothing. If someone is going to run a business, it should be done legitimately and not piggy backing their hobby on their personal income for the means of reducing their tax bill to nothing.
Are you saying sole proprietorships are not legit? I am find removing the state and local tax if money that goes to states are proportional to the money they contribute. New York should not have to give handouts to Missouri.
60% of benefits to top 1% of population, tax cuts for middle class expires in '25, corportate tax cuts on the other hand are permanent. + "Conservatives" increasing defecit by 1.4 trillion over next decade. But sure, this is good.
I got a solution for ya....elect representatives in your local/state governments who don't tax you as highly...or alternatively, move to a place that doesn't. In the meantime, in MY state we don't get to deduct state/local taxes nor do we need to because we keep that under control here. Many of us here in fly over country resent the fact that those who stupidly decide to vote for candidates who constantly raise their local/state taxes are getting FEDERAL breaks for their stupidity that we don't. One of the best things they fixed in this bill.
If you guys don't like paying taxes, you should have moved to Kansas when that crazy governor decided to cut taxes in the state. Maybe you would have stopped that plan from failing miserably leading to a budget crisis.
The NYT times article CLEARLY shows that almost everyone (over 98%)who takes the standard deduction (over 75% of all middle class families) will pay less in taxes, most of them significantly less. It also clearly shows that while those who itemize are a mixed bag, due to the variety of itemized deductions, most of them will also pay less in taxes. Those are statistics for the middle class. Please do elaborate on why you don't want these people to have more money in their pockets.
That fella is a loud and proud lib. So funny he's living up to his monicker. Literally typed that into existence, and he's my proof. SIL
If that objective is making everyone pay less tax, why not just abolish the federal tax like the really old days? Would that make the conservatives and libertarians happy?
The higher the stock market rises, the less trickle down this tax bill is going to cause. Wall Street is investing in stock with the expectation corporations are going to buyback their own stocks with their tax savings instead of raising wages or adding jobs. This tax cut is good for Wall Street investors and not the middle or lower class. This stock market level is a bubble as it relates to a true reflection of the current economy.
SP's are legal. However anyone with any business sense will encourage a person to go with a LLC...unless their SP is being used for tax purposes. My position is if a person wants to act as a business, they should get a TID and run it as a legit business. If a person wants to buy a house and rent it out, then they are free to ... but they get none of the tax writeoffs unless it runs through a separate business. How is your SALT taxes going to Missouri? I am sure Missouri would be fine with the reduction in in federal income dollars if they can charge those in NYC exorbitant costs for food. Funny how that works huh?
Having an LLC versus a sole proprietorship doesn't necessarily change your taxes. If you are an active participant in your business it's the same. If you run your individual business as an LLC, you are still making the same deductions, just some of them will be in different filings but the net result should come out pretty much the same. A New York as a state pays proportionally more to the federal gov't, but receives a lot less back proportionally. States like Missouri benefit from this as they receive a higher per capita tax share in benefits than someone living in New York, even though New York generates far more in tax revenue. New York subsidizes poor red states. This is partly why we have to have state and local taxes to balance out the lost federal income. The SALT deduction was meant to help alleviate this unfairness a bit.
Assume my personal situation is exactly the same once the bill passes as it is now. Income the same, itemized deductions the same, etc. I itemize and will continue to do so, so doubling the standard deduction does not apply. I lose the ability to claim me and my wife so I lose an $8000 deduction. I have no young children so the doubled child credit does not benefit me. I lose my state income tax deduction. Since I freely admit I am not as well versed as you are as to how this bill will save me money, honest question, how will this bill save me money? Am I missing something?
To the GOP it is unfair the rich people pay more tax, what about states? Why should richer states pay more tax than the poorer states?
You write well for someone born in 2017. I'm sure with that promise, that as you age, you'll eventually start making sense.
A single member LLC is a sole proprietor unless they make a sub-chapter S-election to be treated as a an S-Corp. You form an LLC for legal reasons.
