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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsWhile y'all were distracted by the Judge, rethugs pass tax cuts to penalize Californians permanently
Just the senate to go. Iffy.
House tax cut bill puts vulnerable California Republicans in awkward position
Fridays House vote to approve a second round of big tax cuts is aimed squarely at helping Republicans but it could boomerang and hurt vulnerable GOP candidates in California.
The second tax cut bill would make cuts for individuals enacted last year permanent, instead of slowly phasing them out over the next decade.
<snip>
More than a million Californians claim more than $10,000 for the state and local deduction, with the average claimed deduction $18,517 in 2016.
That means on average, Californians who use the deduction will owe more than $8,000 in federal income taxes per year while the current cap is in place. For most, thats substantially more than the benefit they receive from tax cuts. - McClatchy
Fridays House vote to approve a second round of big tax cuts is aimed squarely at helping Republicans but it could boomerang and hurt vulnerable GOP candidates in California.
The second tax cut bill would make cuts for individuals enacted last year permanent, instead of slowly phasing them out over the next decade.
<snip>
More than a million Californians claim more than $10,000 for the state and local deduction, with the average claimed deduction $18,517 in 2016.
That means on average, Californians who use the deduction will owe more than $8,000 in federal income taxes per year while the current cap is in place. For most, thats substantially more than the benefit they receive from tax cuts. - McClatchy
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While y'all were distracted by the Judge, rethugs pass tax cuts to penalize Californians permanently (Original Post)
ffr
Sep 2018
OP
Factual correction: Californians won't owe $8,000 more in federal income taxes.
subterranean
Sep 2018
#1
Why does this story keep getting posted claiming some sort of "distraction" was at hand?
BumRushDaShow
Oct 2018
#5
subterranean
(3,427 posts)1. Factual correction: Californians won't owe $8,000 more in federal income taxes.
Their taxable income will be over $8,000 more due to the cap on deductions, but how much more tax they owe will depend on their tax bracket. For most people, it will be a lot less than $8,000.
ffr
(22,670 posts)2. I'm not sure I understand. How much more than $8,000?
Can you elaborate on where McClatchy got it wrong?
NutmegYankee
(16,199 posts)3. They don't owe $8000 more, they owe a percentage of that 8000 more.
At a rate Of 25% tax, it would be $2000 more in taxes.
MichMan
(11,932 posts)4. Article is factually incorrect
Unless property taxes are near 40K per year
BumRushDaShow
(129,063 posts)5. Why does this story keep getting posted claiming some sort of "distraction" was at hand?
This would be DOA in the Senate and moreso if they don't START OVER and try to tailor it so it can pass via the reconciliation rule.
A law does NOT equal "passage" by only one chamber of Congress. The fucking media keeps manufacturing this type of click-bait over and over. They did the same thing when the ACA was going through its various iterations of "the bill".