I am going by averages, do you think BigSoccer people are special? That would explain the coat and hat you sport in your avatar.
It's pointless to try to engage VFish on topics like this, because he'll just make up his own numbers in order to match his predetermined conclusions, even when people provide their own information. Example from a couple of weeks ago:
We’ve talked about my personal situation, so I most definitely do itemize. That said, our income level + supplemental income from an RMD as part of an inheritance + the fact we don’t get student interest credits anyway due to income levels + the youngest coming off daycare next fall + me living in a low SALT state with a nice (but low mortgage) house where the property taxes are 80% abated = lower tax liability. I look at tax and other govt policy more holistically than that though. And this is bad policy.
70% of Americans do not itemize. ElJefe knew exactly what I meant (correct EJ?). That is not a made up stat.
Once again, I don't like this bill but I think it safe to say more than 70% of the posters here will see their tax bill go down.
Yes, I've noticed that the readership in this here forum skews older and whiter. You think that I'm Hatin' Ass Steve Spurrier?
Vfish's 30% itemization number is correct. Vfish's statement that tax bills will go down is correct Based on my bracket, saving $2,000 is great and helps. It's great that every little bit helps. There are even a parts of the tax bill I like: Removal of the Mortgage deduction (By screwing house owners), should lower housing costs which is great for renters like me looking to buy in the Northeast, this could reduce another housing bubble. But... My healthcare premiums & costs will likely go up if they remove the health care mandate If local property values decline, this could mean state & local taxes increase negating my federal tax savings. The individual tax cuts are set to expire in 2025-2027 My childcare tax credits could decrease based how the tax brackets are set up There is NO chance in hell my employer will increase my salary because of the tax savings The senate version even allows oil drilling in the Arctic National Wildlife Refuge to raise revenue, will someone think of the Caribou's! I'd rather have this area pristine and higher taxes versus drilling it to get more oil. If this doesn't magically raise revenues, the tax bill will lead to increased deficits which could lead to reductions of government services like Medicare I realize a lot of my bullet points are "whatifs". If this bill gets reconciled and signed; I now have to hope the the economy magically benefits from trickle down economics. I regret my decision not choosing to be born rich.
Mitch & Paulie have some magic growing beans that they're giving out to the affected middle class masses. But if you don't have the matching fairy dust & dropper of Dragon blood, you'll be SOL I'm afraid.
They aren't even "whatifs", they are flat out wrong. Your healthcare premiums & costs are going up yet again, with of without this bill. Your childcare credit will double yet you think that is a bad thing? Artic drill will have no effect on your tax bill. ... Sorry you are not a member of the lucky sperm club, I doubt anyone here is. This bill is flawed, but not for the reasons you think.
Why is it magic thinking to assume 70% here do not itemize and therefore will automatically see a tax reduction? Perhaps you are assuming a lot of the board pays no income tax? Please explain.
We know from the last 35 years how that'll go. I mean, yeah, we're hearing that same old okey-doke from Mitch and Paul and Donald that "lower taxes = more jobs," but there is literally nothing in there that encourages businesses to hire more people with their tax savings as opposed to, say, investing in automation to reduce their headcount or buying back stock or passing the savings on to investors in the form of dividends or anything else.
Read Chicago76s post from the last page. You're myopically looking at just one aspect of this clusterf#ck bill.
Was it Gary Cohn at some CEO-strokefest who got like 3 hands raised when asked if CEOs would re-invest their tax savings?
Yep. And no one should be surprised. You let people keep more of their money and they'll do whatever the hell they want with it. This is America and that's how it works and that's how it's supposed to work. But I'm guessing that "The Let Rich People and Corporations Keep More of Their Money and Do Whatever With It Act" didn't poll very well.
Well that's crappy political theater right there. You prep the crowd "when I ask who'll re-invest, I wanna see ALL hands shoot up, capeesh?"
But really, do they need to at this point? They don't even have to say "I'll reinvest it in workers" for all the rubes to think that they will.
I saw it, already replied to it. I want to know why you think people that don't itemize won't pay less in taxes. And again, I have real problems with this bill, but the notion it won't cut middle class taxes is not one of them. Please elaborate if possible (which seems impossible for you).
Anyone newly paying alimony next year is going to be paying more taxes. Anyone selling a property with a capital gain that they've lived in less than five of the previous eight years (up from three out of five) is going to be paying more taxes. Anyone with a boatload of student debt could conceivably be paying more taxes. I'd be amazed if there weren't other circumstances where a non-itemizer might pay more taxes.