".....my friend Mike does fail to note that the doubling of the standard deduction (an extra $12,000 deductible) may largely, if not completely, offset his $ 7-8k estimated loss of local tax deductibility (see email below). I suspect he, like many others including myself, may switch to using the short form and not itemize 2018's tax return. I'll let him know and you should also be made aware of it too, because Fake News, especially locally in NYC and other blue state 'low-info zones,' will likely try to keep you in the dark about it or minimize it by emphasizing only those who will see a tax increase. You know how they like to make a point by finding an individual who has a good sob story to tell and then fail to mention it is the exception and not the norm. That's how they manipulate public opinion. The public's heart strings get the fiddle treatment and that's how they manage to convince so many people to act not only against their own instincts, but even against their own interests (you can use the black community as the best example of that). It is the Kool-Ade that too many drink.
I hope you don't have ill effects from the new tax code changes, but even if you do, you can take some comfort in knowing that most taxpayers in the US will see a reduction in their taxes and that's a good thing for them and for our nation as a whole. Trump's policies have this economy on fire like it hasn't been since before 9/11 and with the tax code changes on the business side, it may even get back to the roaring 80's when Reagan's tax cuts had the GDP growing by >4% in some quarters. This coming year-end quarter may already be there."
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My congressman Walter B. Jones of North Carolina isn't from a failing blue state, though.
I don't blame them for voting against it if they have their constituents in mind. I'll personally lose about $7,000-$8,000 (maybe more) in tax deductions, which means I'll get a tax increase, not a tax break.
Yup... these Republicans... are from blue states with irresponsible fiscal policies, like NJ. Can't blame red states for supporting the bill... why should they be subsidizing NY, NJ, CA, etc. via higher taxes because these blue state people can deduct their local and state taxes from their federal tax bill. Our property taxes are used to pay for schools... but lots of our money gets siphoned off and sent to "urban" districts, where the people living there pay peanuts in property tax (it's added to their subsidized rent payment). I consider this fiscal abuse against those who live in the suburbs, like me.
Newark gets about $25,000 per student for school spending... Mendham gets about $15,000 per student, yet are paying thru the nose via property taxes. Adding insult to injury: there are 640 school districts in NJ... about 40 Abbott districts (urban) and about 600 "regular" districts. The 40 Abbott districts get 75% of of state school funding, and the remaining 600 regular districts have to share the remaining 25% of state school funding. Christie tried to change this to make it more equitable... but the Democratic-controlled state legislature blocked it. Fiscal irresponsibility and abuse if you're not in an urban area.... 'gravy train' if you are.
People living in red states ( the MAJORITY of the country), which are fiscally responsible and not fiscally abusive (like NJ) will get a nice tax break. Those of of us in NJ, NY, MA, CA, and others etc etc will have to pay the price for electing liberal high tax Democrats to state & local office... people who are fiscally irresponsible and abusive. If the tax plan is good for the bulk country but bad for NJ-NY, etc, where do I stand? Tough question. Unfortunately, it's pie-in-the-sky-head-up-the-ass bullshit thinking that the effect on blue state taxes will provide rationale for blue state citizens to suddenly rise up and demand these blue states change their tax and fiscal policies... HAHA! Once a politician gets an income stream, it never goes away.
I got an email from my Rep.Rodney F. saying why he was voting against the bill... for exactly the rationale above.
'Nuff said.
MDB
Oh, Obama accomplished so much more.
ReplyDeleteThe Economy:
Only President to NEVER achieve a 3% GDP growth.
Only President to preside over a cut to the credit rating of the United States.
Only President to abrogate bankruptcy law to turn over control of companies to his union supporters.
Only President apply for college aid as a foreign student, then deny he was a foreigner.
Only President have a social security number from a state he has never lived in.
Only President to give a pass to giant banks that caused the economy to crash.
Foreign policy:
Only President to be called a pussy.
Only President to give over ONE Billion dollars to a terrorist nation.
Only President to free FIVE terrorists for a deserter.
And the Rest:
Only President to sell guns to drug cartels
Only President to terminate Americas ability to put a man in space.
Only President to have a law signed by an auto-pen without being present.
Only President to hide his medical, educational and travel records.
Only President to publicly bow to Americas enemies while refusing to salute the U.S. Flag.
Only President to have 22 personal servants (taxpayer funded) for his wife.
Only President to repeat “the Holy Qur’an tells us,” and openly admit “the early morning call of the Azan (Islamic call to worship) is the most beautiful sound on earth.”
Only President to appoint 45 Czars to replace elected officials in his office.
And so much more, but I can only stomach so much.
Badger