Atrasaty

Have not done my tax return yet but I also have a bad feeling about the snap back. The Corporate tax breaks are permanent but for the peasants it has to be re-upped in a few years. With the ever growing deficit we may face a snap back but without restoration of the array of deductions. Who ever is in power will blame the "other guys" as usual and point to the deficit.

MentalMidget

OMG how true. Voters vote these left wing morons in then have the nerve to complain?.....WOW


Wake up!!!! This is just the beginning. How is Alexandria Ocasio-Cortez working out for NY?

Larry in TN

That is due to the way Congress is required to calculate the cost of tax and spending bills. If it doesn't have the end date the "cost" of the bill will be calculated to be much higher.

The calculation itself is unrealistic, as it assumes that the changes in the bill will have no effect on the economy, but that is what is required. This, IMO, is what needs to be changed.

Atrasaty

Thanks for the explanation Larry.

FXLAX

You can still deduct your mortgage (up to $750,000) and state and local taxes up to $10,000. And in some of these high tax states, like California where I think you live, you can still make all the business related taxes.

In reality, when the federal government allows people to deduct expenses or taxes incurred from the state they choose to live in, its subsidizing the residents of those states by the the residents of the low tax states. It’s simply unfair for a set of states to subsidize the other states that voluntarily tax their own residents at a high level.

Personally, I would rather us go to the FairTax and be done with ALL deductions by eliminating all other federal taxes. But that’s just my dream scenario.

sixpack

Yes, absolutely!!! Get rid of all deductions. The rest of the states should not be subsidizing other states’ mistakes.

shroomwell

I often wonder if economists sit around commenting with expert authority on their economist web boards about all their flying knowledge.

JackStraw

My taxes went down. That doesn’t take a Jedi PHD in economics to comment on a pylot board about the subject.

urinmyseat

After all said and done I earned about $1500 more this year and paid out around $8,000 less in taxes. As a bonus, I didn't have to scour through 12 mo of per diem sheets, and count how many black socks I bought this year. Does the IRS really ever believe anyone buys 450 pairs of those things every year

urinmyseat

Actually they do, well not on a web board, but on any given news network. So called experts talk about a whole list of subjects they know very little about, and usually get things wrong.

A lot of experts, even the expert in chief, claimed manufacturing jobs were gone forever, never to return. Here in my low tax state, I see new factories going up every month.

A lot of experts are now pushing an economic crash. I believe they are trying to begin a self fulfilling prophecy, in hopes of a collapse. Job grow outpacing predictions, consumer confidence high, lower taxes encouraging growth. The FED raising rates every quarter trying to slow the economy, but so far that isn't stopping it. It will but access to cheap money is still locked in for many folks through existing lines of credit.

The experts keep preaching it isn't real, but the masses know they have money to spend, something they didn't have for 8 years, and it is burning a hole in their pockets.