General Discussion
Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsCNN Breaking News - GOP tax plan details
Corporate tax rate slashed tos 20%, permanent cut.
Will leave 39.6% top rate.
Will leave property tax deduction for state taxes up to $10,000. NO deductions left for other state/local taxes.
Will reduce mortgage interest deduction (on new mortgages up to $500,000, preserves deduction on existing mortgages), student loan deductions.
superpatriotman
(6,249 posts)The un-servatives hate America and they hate Americans.
They love money. They worship money.
They think we are naive and distracted.
Maybe we are.
highplainsdem
(49,001 posts)income tax deductions. They've decided to try to hammer out some sort of agreement later.
C_U_L8R
(45,003 posts)Republicans are total fucking morons.
Johonny
(20,851 posts)then the party is * because this is a terrible tax plan.
dsc
(52,162 posts)madaboutharry
(40,212 posts)This seems to be another republican hoax.
highplainsdem
(49,001 posts)Achilleaze
(15,543 posts)Screw the grifter republican fat cats and their twisted Trickle Down bullshit.
OliverQ
(3,363 posts)What are the odds of this passing? Is it likely to go the way of healthcare, or since it's not as personal to people, there will be less push back over these horrible tax cuts for the rich?
Adrahil
(13,340 posts)Lots of places, the houses cost more than $500,000 on average.
And eliminating deductions for State and Local taxes, is another serious no-go, IMO.
Adrahil
(13,340 posts)No way this passes, I think.
procon
(15,805 posts)Thrill
(19,178 posts)If Dems cant get their message right on this. I dont kno w what to say.
Azathoth
(4,610 posts)These fucks are shameless. This is paid for on the backs of the blue states and the poor younger folk who are desperately working to pay of their college indenture and maybe buy their first house.
ProfessorGAC
(65,065 posts)For people who lived beneath their means (in terms of housing) and paid off a mortgage in 15 years or less, they are now being punished for being frugal. Since the state income taxes are mostly regressive, it would seem more productive to leave that deduction in place and cap mortgage deductions at some low number. $10k may or may not be fair, i haven't done the math, but the people who take the biggest hit are homeowners that no longer owe the bank.
Be a good saver, budget well, pay off the house in a relatively short period and get left holding the bag? Not sure how anybody justifies that.
Johonny
(20,851 posts)superpatriotman
(6,249 posts)lying his way through the abortion cut, cut, cut bill
HughBeaumont
(24,461 posts)Yet, after every massive tax cut to wealthy people . . . funny thing, ha ha . . . they tend not to be as benevolent with their ill-gotten gains as their puppets say they will be.