Re:Among the Tax Bill’s Biggest Losers: High-Income, Blue St...
by dv_dt on Tuesday December 05, 2017 @03:51PM
(#15855812)
This is not a reasonable tax reform - its a net negative 1.5 trillion dollars to the federal budget, but really it's giving even more than that to corporations and the rich while increasing taxes on people who primarily make their income from labor (vs capital rents).
Re:Among the Tax Bill’s Biggest Losers: High-Income, Blue St...
by hcknwscommenter on Tuesday December 05, 2017 @04:01PM
(#15855920)
Bingo!
Re:Among the Tax Bill’s Biggest Losers: High-Income, Blue St...
by hcknwscommenter on Tuesday December 05, 2017 @03:58PM
(#15855892)
"If your deductions are about $60K, then whether you feel like it or not, you are rich."
You are confusing income with wealth. They are somewhat causally related to be sure, but totally different. Case in point: I started receiving a high income at the age of 40 in SF, where before I earned a poverty wage. At 42, I have much less wealth than your average SF school teacher of the same age.
>This tax bill utterly fucks me, to the point I'm considering selling my house to get ahead of the inevitable housing crash.
Can you imagine any type of reasonable tax reform that would not cause someone's tax to go up? Just the fact that some folks' taxes will go up does not make it a poor plan.
If your deductions are about $60K, then whether you feel like it or not, you are rich. And most tax overhauls would likely tax wealthier people more. This bill is a bit problematic as it taxes people in the upper middle class the most - whereas the rest of the lower/middle class and upper class get a break.