President Trump's tax plan: Here's what it includes

originally posted by: burdman30ott6
a reply to: xuenchen

As a middle class tax payer, I like it. It saves me money and time, both of which are important to me.

Are you sure it'll save you money? It kind of depends on where your income falls. For a lot of folks, they're in the same bracket.

That's what's going to happen here... the feds will be taking in less money under this plan. That's not a bad thing in any way, assuming they cut enough programs and waste to offset their reduced income levels.

They've already "reduced government" by not putting people in positions and accepting the standard resignation of others, and as a result the system is getting overloaded. Things are being done more slowly. The Department of Veterans Affairs has been hit hard by this, and I understand that the IRS processing of tax returns may slow because of this.

Now, personally, I don't think Veterans deserve to be shoved aside when they need medical help or told 'no, you can just go get treatment in the regular medical system (which doesn't deal with combat issues.)' But that's what's happening under these "quick and dirty" actions.

a reply to: Byrd

1. Yeah, I'm sure it will save me money. Unless the 35% threshold is sub $100k (which it certainly won't be), I'll make out a hell of a lot better than I am now. Remember, I don't live in a state with income tax.

2, It's cute that anyone is willing to throw the VA disasterpiece onto the current administration. The VA wouldn't have been impacted by the hiring freeze if it had been properly staffed and funded for the past 8-12 years... it wasn't and, as a result, it is in tatters. The culling of government I'm talking about is in the HLS, health, regulatory, welfare, and social program venues (yes, including the Department of Education). I'm cool with us maintaining massive defense budgets, and the VA is part of that important spending.

originally posted by: RickinVa
I would like to see active duty military E-6 and below to be exempt for federal and state taxes.

It would give them a much needed break since military pay at the lower ranks is ridiculous. Active duty members should not have on rely on food stamps and other social services just to get by.

They get an allowance for food and housing. Amd base housing/food is an option as well. You'd have to be a moron to still not afford either. I served. Did you? Every time i hear someone complain about military pay, I have to think they're an idiot. Where else can an 18 year old kid with practically zero education clear almost 40k (or more if deployed to combat zones). You have no idea what you're talking about

a reply to: FamCore

More like, I am not in favor of cutting off my nose to spite my face, but you go ahead and let your class warfare hatred blind you.

Just look at that guy ... yeah him ... he has WAY more than you. No one needs that much, and even though this plan benefits you and me, it'll benefit him too. And we can't have that! Better not do it then because he'll get something out of it too. It should just be us and no one else ...

What an asinine attitude. Who cares if he gets something out of it if we all benefit?!

originally posted by: buster2010
No surprise the tax plan laid out it's to benefit the wealthy and screw the rest of America over. Just like when that other idiot Reagan was in office.

But but but don't you remember what a HUGE success 'trickle down' was? Wow! Fantastic! Can't wait to get my crumbs!
Everybody who voted for Trump, deep down inside, was hoping to go back to Trickle Down Economics! Woo-Hoo!

a reply to: ketsuko

I wasn't singling out individuals with wealth, I specifically mentioned the parasitic politicians, lobbyists, and broken system in which the dollar bill has more power than human beings or morales. You know just as well as I do that when it comes to taxes, money, and power, the people calling the shots do not care about you or I, or anyone else.

I could care less if someone is worth a billion dollars as long as they aren't twisting the system and other people to get more of it. You are automatically assuming this plan is "good for everyone" without even knowing any of the actual policies

I have both blood family and close friends who would be considered 'wealthy' that I love and support with my entire way of life. Again, I'm not pointing out wealthy people, I'm addressing the fact that Corporate Welfare and corruption allow most businesses plenty of tax breaks that already don't make sense. This should at least be addressed before awarding MORE corporate tax breaks (which will also very likely benefit the most corrupt and immoral "string pullers", since they all fall into the category of corporate money or financial "loopholes"

This part does not help me at all, maybe a rich real estate mogul:

"All individual tax deductions would be eliminated with the exception of deductions related to homeownership and charitable contributions, Treasury Secretary Steven Mnuchin said at the briefing Wednesday."

This part will hurt me and husband as property owners with high taxes. That is one of the benefits of owning a home and a selling point:
"Under that scenario, taxpayers would no longer be able to write off expenses now commonly deducted, such as state and local property taxes and medical expenses. "

www.msn.com...

The last tax reform made my taxes go up and this is Reagan 2.0. Thanks people.

a reply to: MOMof3

This might, just might, mind you, make people stop and think twice about voting to raise property and income taxes in their local elections every year. As it stands now, anything that gives local voters pause and makes them think long and hard about voting for more bonds and what not is a wonderful addition to the system. Not being able to write these taxes off on the federal level will erase the only tangible benefit to voting for more taxation.

a reply to: burdman30ott6

Sometimes it is necessary when the no one else will step up the to plate. Like we just voted to fund a new high school. The current one was built during the Depression. If they could suck it up during a Depression and care about the future, we can too. That's why I say cuts are a lie. It just keeps rolling down to the little guy.

a reply to: MOMof3

"All individual tax deductions would be eliminated with the exception of deductions related to homeownership and charitable contributions

"Under that scenario, taxpayers would no longer be able to write off expenses now commonly deducted, such as state and local property taxes

Are property taxes not related to homeownership?

a reply to: FamCore

My understanding is that they are closing quite a few loopholes with this although I only heard that reported once. It is, of course, not in the MSM's interests to report that they are closing loopholes and simplifying the code along with lowering the rates. That way, people like you have exactly that reaction.

a reply to: MOMof3

I bet your current "deductions" are less than the $12,000 proposed standard deduction increase.

You might actually make money for once.

a reply to: MOMof3

So, will you be as eager next election if you know you won't be able to write it off? Many will not.

a reply to: ketsuko

you are just assuming "we all benefit" from this tax plan. We need to wait for details and specifics (which this tax "plan" is not, it is mainly just talking points on what they want to do with the bill/act).

Sounds to me like you got triggered and now are lashing out and showing your own bias, because for whatever reason you are jumping to assumptions and claming as a fact that "this tax plan will benefit us all", and for that you are incorrect.

a reply to: Phage

There are other deductions such as losses and running a business from home. We only have one home and I don't see taking a loss every year like I have to pay property and state taxes every year.

a reply to: MOMof3

I was pointing out an apparent contradiction.

It was said that deductions related to homeownership would remain, while saying that property tax deductions would go away. Are property taxes not related to homeownership?

a reply to: Phage

I didn't write it, I just read what I could find. As a senior living on a fixed income it would be prudent to be prepared to lose more money. I hope it is a contradiction. But I took it that some deduction would be kept that benefits real estate moguls and others, like taxes would be eliminated.

a reply to: ketsuko

this has nothing to do with the MSM or how they reported it. Just because on face value some are saying "they are closing loopholes", doesn't mean they aren't also at the same time (and intentionally) also creating other loopholes or "technical opportunities" for them to further exploit the tax system.

This isn't about Trump, or "my sources" as you so wrongly claimed, it's about waiting to see what they can actually write into law. The US can spend over 10 billion in a single year on corporate welfare already. Maybe they are closing some "loopholes" in certain areas, but we don't know since it hasn't been written yet.

Trump and the WH can claim whatever they want, until there is an actual bill or law, we won't have any clue about how this tax plan will actually work. Yet you believe from your sources that their unsubstantiated claims are as good as gold and don't need to know the details since you "trust that this is a good plan". Yeah ok, good luck with that.

originally posted by: FamCore
a reply to: ketsuko

Just because on face value some are saying "they are closing loopholes", doesn't mean they aren't also at the same time (and intentionally) also creating other loopholes or "technical opportunities" for them to urther exploit the tax system.

Trump and the WH can claim whatever they want, until there is an actual bill or law, we won't have any clue about how this tax plan will actually work.

Great points - I wish I could star your post a dozen more times

a reply to: burdman30ott6

You mean would I vote yes on a bond again? Yes, if it were necessary for the future of the community. We voted to give tax breaks to the local businesses too, to help keep them profitable.