Federal Tax Deductions For Local Taxes

[Bill from NYC]

I did if you will have read the rest of my posts.  But of course if it isn't in the first paragraph you don't read it. 

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OK, then we will settle for correct numbers. Sound like a plan?

[VABills]

OK, then we will settle for correct numbers. Sound like a plan?

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Then I was more correct then GG.

 

Here is the proposal: I just had the last number wrong as I was going from memory, I thought it was 10,15,20, and 25:

 

Replacing the current tax rates of 15, 28, 31, 36, and 39.6 percent with a simplified rate structure of 10, 15, 25, and 33 percent (see Appendix for rate schedule);

 

 

 

 

http://www.whitehouse.gov/news/reports/taxplan.html

[GG]

Then I was more correct then GG.

 

Here is the proposal:  I just had the last number wrong as I was going from memory, I thought it was 10,15,20, and 25:

 

Replacing the current tax rates of 15, 28, 31, 36, and 39.6 percent with a simplified rate structure of 10, 15, 25, and 33 percent (see Appendix for rate schedule);

http://www.whitehouse.gov/news/reports/taxplan.html

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Slow down on the corrections, mighty mouse. Apples & oranges.

 

You site the outline of the potential tax plan on the White House's web site, while I referred to the recommendations by a panel that has been working on tax reform. The preliminary report was released yesterday, and final report will be released Nov 1. The panel's tax proposed brackets are more aligned to the existing structure, while also proposing eliminating many deductions. The White House web site doesn't talk about eliminating deductions.

 

ps - Bill linked an old article to support his post - this is what should have been linked or this.

[VABills]

Slow down on the corrections, mighty mouse.  Apples & oranges. 

 

You site the outline of the potential tax plan on the White House's web site, while I referred to the recommendations by a panel that has been working on tax reform.  The preliminary report was released yesterday, and final report will be released Nov 1.  The panel's tax proposed brackets are more aligned to the existing structure, while also proposing eliminating many deductions.  The White House web site doesn't talk about eliminating deductions.

 

ps - Bill linked an old article to support his post - this is what should have been linked  or this.

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Yeah, but I knew I had seen those numbers, and you sure were pretty quick to correct me Goliath.

[Bill from NYC]

Then I was more correct then GG.

 

Here is the proposal:  I just had the last number wrong as I was going from memory, I thought it was 10,15,20, and 25:

 

Replacing the current tax rates of 15, 28, 31, 36, and 39.6 percent with a simplified rate structure of 10, 15, 25, and 33 percent (see Appendix for rate schedule);

http://www.whitehouse.gov/news/reports/taxplan.html

481071[/snapback]

 

Seriously VA, thanks for the info. Good job.

 

The thing is, once you lose deductions they rarely return. I remember when tolls were deductible, as were sales tax and all medical expenses. The new flex spending plans are very good, but not AS good as once was, and they took many years to come about as far as I know.

 

What CAN happen very fast is a raise in rates. Even if Bush did include these lower rates, don't you think the possibility exists that another administration would simply raise them? Ya think they would return the lost deductions?

I don't, and I hate to see the "American Dream" being threatened by greedy, vindictive politics.

[GG]

Yeah, but I knew I had seen those numbers, and you sure were pretty quick to correct me Goliath. 

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Do we have to challenge your interpretations of chronology again? How could I correct your numbers before you presented them?

[VABills]

Do we have to challenge your interpretations of chronology again?  How could I correct your numbers before you presented them? 

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You said:

 

 

In my book, changing marginal rates from 15%, 28% 31% and 35% to 15%, 25%, 30% and 33% does not qualify as lowering rates, when you are also getting rid of the home interest & state tax deductions. If you drop the marginal rate to 20% for everyone, and kill all deductions, then it's a plan.

 

 

I then posted my numbers. To which you said no, by posting the WSJ.

 

My point was those are subjective "panel" numbers, while I posted real number from the HMFIC.

[GG]

You said:

In my book, changing marginal rates from 15%, 28% 31% and 35% to 15%, 25%, 30% and 33% does not qualify as lowering rates, when you are also getting rid of the home interest & state tax deductions. If you drop the marginal rate to 20% for everyone, and kill all deductions, then it's a plan.

I then posted my numbers.  To which you said no, by posting the WSJ. 

 

My point was those are subjective "panel" numbers, while I posted real number from the HMFIC.

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This shouldn't be that difficult, since the posts are still on this page.

 

You said that taxes would be lowered. I quoted the tax panel's latest recommendations, which were the basis for my original point that the new recommendations don't reduce tax rates enough in light of getting rid of the deductions. This would totally screw people in states with high state taxes.

 

You sited a totally different source, which is an old posting on the WH web site. Those "real" numbers are as real as Bush's SS proposal.

[KD in CA]

Another great idea! They might as well toss my daughter out of college and throw us out on the street.

I hope that enough senators and congressmen have big mortgages so the proposal will be defeated.

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WHAT?!?!? You own a home AND pay for your child's education? According to some people, that makes you 'rich' and you deserve to have your taxes raised much, much higher.

[KRC]

WHAT?!?!?  You own a home AND pay for your child's education?  According to some people, that makes you 'rich' and you deserve to have your taxes raised much, much higher.

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Sounds like Bill is not paying his "fair share."

[VABills]

WHAT?!?!?  You own a home AND pay for your child's education?  According to some people, that makes you 'rich' and you deserve to have your taxes raised much, much higher.

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Doesn't he know that the federal government should build him a house and they shuld be expected to pay for any education.

[GG]

Doesn't he know that the federal government should build him a house and they shuld be expected to pay for any education.

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As long as they're not of Mexican descent.

[VABills]

As long as they're not of Mexican descent.

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But they get twice as much and free health care if they are union members or smoke in public.

[Bill from NYC]

But they get twice as much and free health care if they are union members or smoke in public.

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Having a good time?

[VABills]

Having a good time?

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Hey you changed your response. I was gonna say that's okay, some 3 year old are probably taller then me.

 

Yes as a matter of fact I am.

[Bill from NYC]

Hey you changed your response.  I was gonna say that's okay, some 3 year old are probably taller then me. 

 

Yes as a matter of fact I am. 

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Then you should keep it up. It's almost time for recess.

[VABills]

Then you should keep it up. It's almost time for recess.

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Do we go to the spa today?

[Bill from NYC]

Do we go to the spa today? 

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Is this what you want to do? Go back and forth with me on a personal level?

Look at the thread. I have made every effort not to go there.

I never thought you to be very mature, but I didn't think you were a bratty little child to THIS extent.

[Alaska Darin]

Is this what you want to do? Go back and forth with me on a personal level?

Look at the thread. I have made every effort not to go there.

I never thought you to be very mature, but I didn't think you were a bratty little child to THIS extent.

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Sometimes he acts his height.

[VABills]

Is this what you want to do? Go back and forth with me on a personal level?

Look at the thread. I have made every effort not to go there.

I never thought you to be very mature, but I didn't think you were a bratty little child to THIS extent.

481220[/snapback]

Personal????

 

These are all your polical views on things. There is nothing personal about them .

 

Or do you deny that you are Pro smoking, pro union, pro full medical benefits if member of said union, anti-spa, anti-gay?

 

The fact is every decision winds up involving the government, raising my taxes, etc.... and that has an affect on me.