5 ways tax reform could squeeze the middle class

S

signalmankenneth

Verified User
http://www.msn.com/en-us/money/mark...queeze-the-middle-class/ar-AAs6ZWP?li=BBnbfcL

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The poor and working class subsidize the wealthy with the mortgage interest deduction but you want to spin this as hurting the middle class ken? Don't you often claim to support the poor?
 
Very few people pay federal income taxes anymore so any tax cut discussion can ALWAYS be presented as only helping the rich. They pay the bulk of taxes. It is a math issue.

The issue isn’t the tax code. The issue is spending


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Teflon Don said:
Very few people pay federal income taxes anymore so any tax cut discussion can ALWAYS be presented as only helping the rich. They pay the bulk of taxes. It is a math issue.

The issue isn’t the tax code. The issue is spending


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Click to expand...

yes, the issue is spending, has been for some time.
but with that being said, and that it will not be addressed in our lifetime rest assured, they don't care if the debt keeps going up, especially Democrats, and especially their voting base.

Obama doubled the debt of all before him, EVER. And the looney tunes still turned out to vote for Hillary.
They are thereby disqualified from any debate on spending, taxes , etc.
You give them more money they spend more money, yours', mine, the rich peoples, the poor peoples, they are not discretionary that way.

SO,
my idea is that I get to keep more of my money if possible, I'm all hooray for anything that accomplishes that.
And Trumps tax plan does that.

Doubling the standard deduction makes another 12,600 dollars of my money not taxable, I win, We win.

this discussion should be over now.
 
"If you save for retirement or itemize your tax deductions, you could end up paying thousands of dollars more after tax reform than you do now. "


You are aware that a vast majority of people use standardized deductions? Only the richest would use itemized as they are the ones with the most deductibles correct? Expanding standardized deductions and closing itemized ones helps those who have smaller incomes
 
Getin the ring said:
yes, the issue is spending, has been for some time.
but with that being said, and that it will not be addressed in our lifetime rest assured, they don't care if the debt keeps going up, especially Democrats, and especially their voting base.

Obama doubled the debt of all before him, EVER. And the looney tunes still turned out to vote for Hillary.
They are thereby disqualified from any debate on spending, taxes , etc.
You give them more money they spend more money, yours', mine, the rich peoples, the poor peoples, they are not discretionary that way.

SO,
my idea is that I get to keep more of my money if possible, I'm all hooray for anything that accomplishes that.
And Trumps tax plan does that.

Doubling the standard deduction makes another 12,600 dollars of my money not taxable, I win, We win.

this discussion should be over now.
Click to expand...

I don’t disagree. But I hold the GOP just as responsible for the spending. They have done nothing to rein it in


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Getin the ring said:
yes, the issue is spending, has been for some time.
but with that being said, and that it will not be addressed in our lifetime rest assured, they don't care if the debt keeps going up, especially Democrats, and especially their voting base.

Obama doubled the debt of all before him, EVER. And the looney tunes still turned out to vote for Hillary.
They are thereby disqualified from any debate on spending, taxes , etc.
You give them more money they spend more money, yours', mine, the rich peoples, the poor peoples, they are not discretionary that way.

SO,
my idea is that I get to keep more of my money if possible, I'm all hooray for anything that accomplishes that.
And Trumps tax plan does that.

Doubling the standard deduction makes another 12,600 dollars of my money not taxable, I win, We win.

this discussion should be over now.
Click to expand...

this actually does a lot to rein in wasteful spending. If you remove SALT deductions the high taxes CA and NY charges get felt more and they would have to rein it in.
 
Getin the ring said:
yes, the issue is spending, has been for some time.
but with that being said, and that it will not be addressed in our lifetime rest assured, they don't care if the debt keeps going up, especially Democrats, and especially their voting base.

Obama doubled the debt of all before him, EVER. And the looney tunes still turned out to vote for Hillary.
They are thereby disqualified from any debate on spending, taxes , etc.
You give them more money they spend more money, yours', mine, the rich peoples, the poor peoples, they are not discretionary that way.

SO,
my idea is that I get to keep more of my money if possible, I'm all hooray for anything that accomplishes that.
And Trumps tax plan does that.

Doubling the standard deduction makes another 12,600 dollars of my money not taxable, I win, We win.

this discussion should be over now.
Click to expand...

This is beautiful, he tells us the real problem is the debt, blames it all on President Obama, but now he's all for adding trillions more because it means he will get more of a tax cut, too funny, who ever said conservatives have principles?
 
tsuke said:
"If you save for retirement or itemize your tax deductions, you could end up paying thousands of dollars more after tax reform than you do now. "


You are aware that a vast majority of people use standardized deductions? Only the richest would use itemized as they are the ones with the most deductibles correct? Expanding standardized deductions and closing itemized ones helps those who have smaller incomes
Click to expand...

Not necessarily true, new homeowners probably use itemized deductions, as do those living in States with state and state sales tax, statistically, it isn't the majority, but that is because a lot of people don't pay Federal Tax

In addition, they are talking doubling the standard deduction but haven't detailed who falls into what tax bracket, as it stands, it is only a framework and a lot of rhetoric promising everyone everything
 
tsuke said:
this actually does a lot to rein in wasteful spending. If you remove SALT deductions the high taxes CA and NY charges get felt more and they would have to rein it in.
Click to expand...

Or get more Federal money, as is, those states pay in more than they receive
 
Why are we even considering a tax cut, since according to Trump himself it will only add to the deficit. Something we don't need.
 
We do know, as we have been told, that this tax "reform" will add substantially to the deficit. Therefore, why do we even need it?
 
Sorry, but under no conditions do we need tax reform that will add a trillion + to the deficit. I thought you guys were the party of balanced budgets.
 
SMH. Fair enough, you don't get taxes and spending cuts need to go along with reform. Of course reform can be revenue neutral but liberals such as yourself cry over the rich losing home ownership deductions
 
Revenue neutral tax reform I could support, but thats not the case. We are looking at adding over 1 trillion to our deficit. No tax reform are worth that.
 
cawacko said:
SMH. Fair enough, you don't get taxes and spending cuts need to go along with reform. Of course reform can be revenue neutral but liberals such as yourself cry over the rich losing home ownership deductions
Click to expand...

It is not only the rich that lose home ownership deductions, but also middle class Americans with mortgages on their homes, especially first time home buyers, the problem is the rich who take deductions on all their homes, vacation homes, second and third homes, the deduction should be limited by income and primary residency
 
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