Closing Tax Loopholes is Treason

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Soccerdad1995
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Re: Closing Tax Loopholes is Treason

Postby Soccerdad1995 » Fri Oct 27, 2017 5:16 pm

rotor wrote:
Soccerdad1995 wrote:
rotor wrote:
Soccerdad1995 wrote:
Here is a compromise. Keep the full deductibility of State And Local Taxes (SALT) for anyone making less than $100,000 a year. Phase it out between $100,000 and $200,000 and the richest 8% (or so) of tax payers get no SALT deduction. Let Chuck and Nancy rail against that plan all they want. The republicans could simply respond that this would have no negative impact at all on the middle class.


Why compromise? If you make $100,000 in NY or in Texas pay the same Federal tax. If you make $20,00 in NY or in Texas pay the same tax. If you make $10,000,000 in NY or Texas pay the same federal tax. Why give NY something Texas doesn't have? Are they better than us?


Why compromise, because compromise may actually get this thing passed. If we pass nothing we are much worse off than we would be under my proposed compromise. That is why we might want a compromise on this.

There are many ways to compromise on a bill but if I said the only way for this bill to pass is for Soccerdad to pay more than his fair share is that what you want? We all get the same benefits from a federal government and we should all get penalized equally, correct? Any federal tax system that favors a NY taxpayer over a Texas taxpayer with the same income should be illegal. What we have now should be illegal. Obamacare does that now with giving states that accepted medicaid funding a leg up. Another reason to dump Obamacare but many republican governors have sold their souls (Ohio) on this. We are actually doing NY residents a favor by closing this loophole as perhaps they can vote in people that won't tax them so much. We had a revolution once for taxation without representation. The present tax system favors the rich as they pay the most tax in NY and therefore get the most federal deduction. Do the rich need more (or continued) loopholes? Is this going to be tax reform or will the rich still have favored loopholes? Your compromise continues this loophole for the rich. That's probably the way it should be argued that we are after a middle class tax bill, not one for the rich.

To Abraham, New Yorkers outside of NYC are good people. I happen to have been born in The Bronx and I don't know too many good NYC people. Look who their mayor is. They keep voting for progressive people. Weiner might have been better.


To answer your question, yes. If the only way to get this bill passed is for me to pay more than my "fair share" then yes, lets do it. We collect $12,000 per person, per year, in federal taxes. There are 5 members of my household. So my "fair share" is $60,000 a year. I pay more than that now, and I will continue to pay more than that under any plan that could conceivably be passed. That's not a perfect situation, but it is reality.

I am all for getting as good a result as we possibly can get. If it's better than the situation we have now, then it's a win in my book. It will never be perfect, and it will never be "fair". And that's OK. I can live with less than perfect.
Ding dong, the witch is dead

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tbrown
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Re: Closing Tax Loopholes is Treason

Postby tbrown » Sat Oct 28, 2017 8:39 pm

Soccerdad1995 wrote:So my "fair share" is $60,000 a year. I pay more than that now, and I will continue to pay more than that under any plan that could conceivably be passed. That's not a perfect situation, but it is reality.

$60,000 in Federal Income Tax translates into $256,324 Adjusted Gross Income. That's $256,324 after all your deductions and exemptions. For 2016, $250k was in the top 5% of household income in the United States. For comparison, $161,915 is the cutoff for the top 10%. It's wonderful your income is more than a quarter million dollars per year, but I think the upper limit for middle class has to be below the top 5% for the phrase "middle class" to have any real meaning.
sent to you from my safe space in the hill country


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