Does anyone think the tax bill is good? To me, it looks like it’s a hand-out/wealth redistribution to the republican constituency while raking up the national debt over a trillion. Worse than Bush era tax cuts.
This is a tax increase for me, significantly so I disapprove. Yes, I live in CA as high tech dual income worker, it hits our family really hard.
Isn’t it wonderful that it’s such a progressive tax! Soak the rich!
Im sorry Op. Come to WA. We have no state income tax and lower property tax so we actually come out ahead in this. People were already moving to WA before this. This makes it a no brainer.
Pass thru business owners in red states are the biggest beneficiaries. They are the biggest republican donor group.
The strategy of cutting taxes in the near term with a plan to hike them later so that it's theoretically revenue neutral on paper is so offensively dishonest. Not one of them will actually support letting the second stage kick in when the time comes. Can't mame a good plan with somebody who lies about what the plan is.
Even that way, it’s not revenue neutral. The cuts for the next few years are gonna add up a trillion or more to national debt.
The government has a huge history of doing this. Hell, part of the reason Obama Care could get through is because of this near term different from long term strategy. It’s bullshit every time it’s used.
I’m low $ pay (for tech) but don’t pay a lot for rent so I personally will be a bit better off. I still think the bill is a bad idea.
Anything from Trump regardless whether it benefits people or not, we oppose it. Because being practical is not what we believe. We democrats don't care about reality. We believe everyone in the world deserves free medical, free education, free food stamps, free drugs. We should raise money from the middle class, providing loopholes for our rich donors to pay for people who will vote for us to stay in power. Trump is a bad guy because he sees through our game and is trying to educate people to actually work to get money. That is bad. We need to keep feeding out voters with food stamps and drugs.
I just wish the choice wasn’t so binary. I’d be fiscally conservative but socially liberal. Also wish rather than all this ACA crap they’d actually get to the root of the problem and have a transparent billing. It’s insane that when I call a medical office to ask for a quote they don’t know. That’s the problem !
This is the Republican’s bank-bailout moment - but they are less personally charismatic or likable than (most people thought) Obama was. Probably wise to Invest in pitchfork and guillotine stocks right now.
We save 8K a year. http://taxplancalculator.com/
Calculator says I'll save $12k but I still oppose it because it'll be bad for the country. As I'm planning to move back to my own country when I retire I won't even be here to suffer the debt consequences. I'm just saying what's ethical. I'd rather taxes on the wealthy (me it seems) go up a bit to deliver good healthcare to more people.
Then write a check for $12K to the government :) The rest of us are happy that the government isn't wasting even more of our hard earned money
Nope, if only I write a check it'll provide good healthcare for only maybe two families. If instead my taxes are raised it'll help millions of families. That's a big difference.
Is this calculator reputable? I'm getting wildly different results on different calculator websites. We pay >70k in CA taxes which we will no longer be able to write off, so I have to imagine our taxes go up dramatically. WA is looking more and more appealing
Probably not reputable. Wait for one from a recognized authority in tax like Intuit or a big tax accounting company. This one is likely published by a partisan political group making assumptions that benefit their party.
That's how it seems to me. No matter what I put into that site it says huge tax savings, despite my own simple calculations. Seems like the creator has an agenda
A friend of mine and I went through and did this calculation with our CPA. I can confirm that the numbers in the calculator are accurate for WA state. Can't comment on other states. Yes, I do think WA comes out ahead in this. And that's does make sense. The only high salaried folks who don't come out ahead in the bill are those who lose huge deductions that the lower rates can't make up for. That's mostly CA with it's large state income taxes. Let's take a tech couple in Seattle making 450K. They own a reasonably expensive $1.2M house. Look at their situation. (1) Before the bill they had a 12K property tax bill and about a 4K sales tax deduction == 16K. They paid 34K of interest. So about 50K in deductions. No state or city income taxes here. (2) Now, post tax bill, they can still deduct their mortgage interest grandfathered if they don't move (and even if they do move, its only slightly reduced) (3) Of the 16K property and sales tax deductions they can only deduct 10K now. They lose 6K in deductions which is worth only about 2k in the 35% bracket. (4) But their marginal tax rates and ranges are greatly reduced. So they end up saving about 7K in total. Now, compare that to CA: (1) CA state income tax *alone* was worth 45K in deduction for the same couple. And property taxes were higher too. So the CA couple lose an extra ~50K on deductions vs the WA couple. Net net, yes, bigdot. You should consider moving. It's beautiful here anyway. Have friends who've moved and they can afford a much nicer house and a better lifestyle. Lastly, I'll add that the calculator doesn't do AMT, so if you were hit by the AMT you will be happy no matter where you are. The tax bill raises the AMT threshold to $1M, so nothing for most of us to worry about anymore.
Yeah taxes are the tip of the iceberg. If I buy a house for $1M cheaper than I would pay here, that's a massive difference over the lifetime of that mortgage
My friends moved and bought a beautiful 4,500 square foot house on a large lot for $1.2M. That was the price of their shitty little house in Redwood City. His wife is thrilled. People were already moving, but IMO this tax change makes leaving a state with income tax like CA a no brainer.
For those who don't approve, please donate rather tax cut into charity
Why do you assume we all get a tax cut?
What makes you think everyone is getting tax cuts? A lot of people in California and New York will probably pay more. The changes were made to penalize democratic leaning states. Also, any cut you get is more than offset by the increasing national debt. We have to pay for the additional deficit in the future.