Trump's tax cut benefits the uber rich, the ones that continue to enjoy such tax loopholes as alternative minimum tax, to be paid for by the middle class (in particular those in Calif, NY) who have a mortgage to pay there is a new limit on tax deduction for mortgage interest deduction and state and local tax
quintessential scam / lies, the the 2017 tax code overhaul touted by Trump & Republicans Bernie Sanders tweeted "Ford got nearly $750 million in tax breaks from the Trump tax scam and paid its CEO $18 million last year. Now, Ford is laying off thousands of workers. The bottom line: Republicans sold the tax scam as a way to create jobs and help workers. They lied," earlier in the year, GM, another beneficiary (in the hundreds of millions) of the tax scam halted production at five plants in North America and cutting 14,000 jobs as it realigns its workforce
idk how true this is, i'm a teacher in cali with a mortgage and i had more take home pay this year then last despite slightly lower income (did less extra pay stuff at my school this past year then the year prior)
good for you. just my guess, ur not a recent home owner ur State and Local Tax (SALT) Deduction is not more than $10,000 many middle-class taxpayer in Cali have SALT far greater than 10,000; but they can only deduct up to 10,000
Great thread reporting the findings of the non-partisan Congressional Research Group findings that trump's rich person tax cut was as expected, a dud...
Republicans Admit They Lied: The Dotard’s Tax Cuts Won’t Pay For Themselves The architect behind the dotard's tax cuts for the rich, Rep. Kevin Brady (R-TX) admits that the tax cuts aren’t going to pay for themselves. Pressed about what portion of the tax cuts were fully paid for, Brady said it was “hard to know.” https://www.politicususa.com/2019/06/11/republican-tax-cut-lie.html this was Brady's assurance, back in 2017/2018, when he was the Chairman of the House Ways & Means Committee Brady: So I believe tax reform will lead us back to a balanced budget. You will need two things, though: One, good, strong, economic growth, because I am convinced a sure way to continue these deficits is keep this very slow economy [from] the last decade. But that’s not enough. You have to also eliminate a lot of unnecessary provisions and lobbyist loopholes and exclusions in the tax code to be able to help pay for this as well. https://www.marketplace.org/2017/11/30/chairmanCo-brady-has-faith-gop-tax-cuts-will-pay-themselves/
Shame on everyone who believed them in the first damn place. There was no shortage of people explaining how they wouldn't. If anyone was deceived, it's because they wanted to be. Oh, and shame on the Republicans too for lying about it -- but that's par for the course. Voters need to get smarter.
Where is all the posters that were for all of the tax cuts?? Where are you? Those republicans and trump supporters. Where are you??
There are likely not many here, because the "tax cuts" hurt high earners in states with high income taxes. It also hurt relatively wealthy people with large mortgages and/or property in states with high property taxes. It benefitted corporations and individuals who worked through entities like LLC's or LLP's -- but not if you were a service provider like consultant, accountant or lawyer. It REALLY helped folks in the real estate industry who held their income producing properties in such entities. It was targeted and a lot of people who normally would be in favor of a tax cut got hit pretty hard by the reduction in deductions.
At this point I think we are in the PROMISE ANY AND EVERY THING BECAUSE NO ONE WILL HOLD YOU ACCOUNTABLE part of the political timeline Rocket River
Now I wonder who is in real estate? "It's going to cost me a fortune, this thing. Believe me," - POTUS on his tax cuts. Whenever the POTUS said believe me... you know what’s coming.
And the result... And the source of this date: https://www.federalreserve.gov/releases/z1/dataviz/dfa/
