President Trump's Tax Plan Bad For "High Tax States"

So, if you live in California, New York, New Jersey, and other States with huge State Taxes, you are in for a big hit with President Trump's proposed Tax Bill.

These States have always told their citizens that they should be willing to pay exorbinate State Taxes because they could deduct them from their Federal Taxes.

That free ride might be over. If you want to live in these Liberal Enclaves, you have to be willing to endure the Liberal Government Policies.

I sure am glad I live in Texas.

It also is bad a fuct for bringing down the deficit!



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So, if you live in California, New York, New Jersey, and other States with huge State Taxes, you are in for a big hit with President Trump's proposed Tax Bill.

These States have always told their citizens that they should be willing to pay exorbinate State Taxes because they could deduct them from their Federal Taxes.

That free ride might be over. If you want to live in these Liberal Enclaves, you have to be willing to endure the Liberal Government Policies.

I sure am glad I live in Texas. Originally Posted by Jackie S

Trumps tax break is very bad for himself if he wants to increase military spending - his tax cuts will only increase the deficit - wasn't trump once called the "king of Debt"?

Weren't YOU once called the King of " Honey Pots " !!!!

Trumps tax break is very bad for himself if he wants to increase military spending - his tax cuts will only increase the deficit - wasn't trump once called the "king of Debt"? Originally Posted by Luke_Wyatt

Deficits do not matter - just an accounting entry at the Federal Reserve.

So, if you live in California, New York, New Jersey, and other States with huge State Taxes, you are in for a big hit with President Trump's proposed Tax Bill.

These States have always told their citizens that they should be willing to pay exorbinate State Taxes because they could deduct them from their Federal Taxes. Originally Posted by Jackie S

citizens of those states were exempted from paying fed taxes if they live in a high tax state?

citizens of those states were exempted from paying fed taxes if they live in a high tax state? Originally Posted by dilbert firestorm

Deduct state income tax on fed taxes...

It also is bad a fuct for bringing down the deficit!



. Originally Posted by WTF

But it's good for growth which will bring down the defecit!!

Now if we could only keep the Libs from spending it all.


Oh and BTW...

Deduct state income tax on fed taxes... Originally Posted by DSK

was this only for those states listed, or every state?

was this only for those states listed, or every state? Originally Posted by dilbert firestorm

If you "long form" on your Federal Income Tax, you can use as a deduction all State Income Taxes.

Some States have huge Income Taxes. Some Cities, such as New York City, have their own Income Tax as well.

But many States do not have Income Taxes. In Texas, we do not, but do pay higher property taxes than many States. But as high as those property taxes are, they are nothing like an Income Tax. Keep in mind, people in New York also have huge Property Taxes, Sales Taxes, etc, as well as the State Income Tax.

None of this means anything to me, because I Short Form my Taxes. I basically never have enough deductions to meet the requirements of the Long Form, so I don't bother.

I pay a shit load of Taxes. I have been a Widower for close to 20 years now, I have never lived a personal lifestyle based on tax deductions. In my Business, yes. But as far as my personal life goes, I work, and pay based on my income.

But it's good for growth which will bring down the defecit!!

Now if we could only keep the Libs from spending it all.


Oh and BTW...

Originally Posted by TheDaliLama

Trump wants more spending on infrastructure and the Department of Defense...

Deficits seem only to mattereto the GOP when they are out of power.

What Trump "wants" doesn't matter until he is presented with a final bill.

Congress will decide, but if they want him to sign the final bill, they will need to address his "critical" concerns ... but a tax code that does not lower taxes will do nothing productive for the economy. Just like government expenditures overseas will do nothing for the economy. U.S. payrolls and U.S. made materials will help the economy .... generate taxes and generate discretionary spending in the retail markets.

What Trump "wants" doesn't matter until he is presented with a final bill.

Congress will decide, but if they want him to sign the final bill, they will need to address his "critical" concerns ... but a tax code that does not lower taxes will do nothing productive for the economy. Just like government expenditures overseas will do nothing for the economy. U.S. payrolls and U.S. made materials will help the economy .... generate taxes and generate discretionary spending in the retail markets. Originally Posted by LexusLover

And mebbe some of that " discretionary spending " could make it to the reach-around crew at their gloryholes ! They should be all for that ! They could afford new knee pads !

Twitler's tax plan is written on a cocktail napkin

Twitler's tax plan is written on a cocktail napkin Originally Posted by Yssup Rider

So was the business plan for Southwest Airlines assup ! And it has been one of the most successful airlines over the last 40 years ! Mebbe YOU should draft YOUR gloryhole business plan on a COCK-tail napkin. It would be " appropriate " for a " business " that relies on YOU getting YOUR fudge packed.