Is it true that Trump is going to remove the state income tax and 401 K exemption

[DemocratSinceBirth]

Is it true that Trump is going to remove the state income tax and 401 K exemption to pay for tax cuts for the rich ?


SMFH

[no_hypocrisy]

1. Worse than that.

He and the GOP are removing the exemption for municipal taxes. I'm in NJ and paying about $15,000 per year. If the tax reform goes through, then that's $15,000 added to my "income" to calculate my taxes. And I'll end up paying more federal taxes to allow 10% of the 1% get their tax cuts.

[marylandblue]

2. They are proposals Congress is considering

Trump has come down.on both sides of the 401K issue. He has not said anything about state tax deductability, but I suspect he would want to keep it because it would help his own bottom line.

[GP6971]

6. I read somewhere

that the deduction for state sales tax was being considered. I haven't heard anything about state income taxes though.

[Orangeutan]

3. Can we have only the voters who voted for Trump pay the new tax rates

and the ones who voted for Hillary keep the old?

[dpd3672]

4. The argument for eliminating the state tax deduction is

that it forces people in low tax states to pick up the "slack" for people in high tax states. It's really not so much a partisan issue, depends more on if you win or lose as a result of it.

People who pay a lot of local taxes lose, people who have low state taxes tend to win. Not sure how it would affect me, Michigan is sort of in the middle.

[DemocratSinceBirth]

5. The most dependent states are red

The states most dependent on federal aid tend to be red states:






that have no state income tax.

[A HERETIC I AM]

8. Ummmmm....thats not entirely accurate

Only 7 states have no State income tax;

Seven U.S. states currently don’t have an income tax: Alaska, Florida, Nevada, South Dakota, Texas, Washington and Wyoming. And residents of New Hampshire and Tennessee are also spared from handing over an extra chunk of their paycheck on April 15, though they do pay tax on dividends and income from investments.

.


So 3 of the really red ones on your map, GA, LA, and MS, DO have a state income tax

[trof]

11. So does AL.

[A HERETIC I AM]

12. Of course, I was just looking at the dark red colored states in the map

[WinkyDink]

9. There is no justification. This Bill, as with the "health-care" one, is a SHAM, nothing more

than manipulating numbers and working backwards from their ONLY GOAL:

"Motive: Enrich our donors more.

Means: Figure it out! Drop, add, shuffle, rob---IT DOESN'T MATTER! Just get the looted lucre to our OWNERS!

Opportunity: NOW! Before 2018!"

Same as any other common criminal.

[WinkyDink]

7. Revenge on the Blue states (incl. PA, traditionally Blue).

[rufus dog]

10. This is how it will play out

I have already see a spokesperson say that States like California and New York take more than their fair share and are being subsidized by the other states.

And the fucking lemming repukes will eat it up.

You see because if you take total revenue across all states and then divided it by 50 then California and New York would obviously get less.

[WinkyDink]

14. Well, at least I'll have the grim delight in hearing the howls of mortgage-holding Deplorables when

they find out that the mortgage deduction has gone the way of the other deductions.

[rufus dog]

15. I'm in CA, most of the repukes will get it quickly

Take away the mortgage deduction and the value of real estate will immediately be impacted, negatively. Most people have very little saved for retirement, but have equity in their home. If they were like me, bought a house 20 years ago, didn't refinance every year, then they will have equity basically 3x of what they paid for the house. Even if they kept refinancing they will have 2x the value of the home as long as they didn't use the home as an ATM. I am going to guess for the HUGE majority of these people that the home equity accounts for about 80 to 90 percent of their net worth.

If it goes through then San Diego to Orange County will be solid blue, except for a couple districts further inland, a pick up of five to six House seats. At this point we probably have three to five seats that will flip just based upon the Orange Asshole and his racist comments.

[question everything]

13. State income tax and property tax

Reduced before tax exemptions of 401K form $18,000 (24,000 if your are over 50) to... $2450.

Supposedly the standard deductions will rise from $12,000 to $24,000 thus there would be no need for itemized deductions... if one's total Sch. A is less then 24,000. But, I think, also eliminate the exemptions that for a married couple is 8,100.

The 401K is really shitty and I've already wrote my Repulsive member of Congress.

Most people no longer have pensions. Member of Congress, though, do. Even the one who have, like public workers, may not have it when they retire.

The irony is that Professor Thaler, who won the Nobel Prize in Economics, proposed that since people act irrationally, that instead of choosing to join the 401K plan, that they would automatically be enrolled and than, if they don't want it, choose to opt out.

Many employers have followed this suggestion.

Write your member of congress about that.