Prepaying taxes

[two_bit_score]

I understand it to be that r/e taxes will be deductible up to $10k :confused3:
This makes sense why only the very blue, high property tax states (Cali, NY, NJ, etc) are complaining so loudly. Most of the country will be un touched by this if I understand this correctly.

Those liberals say they want to pay taxes anyway so what are they complaining about?


.

 

[teejk]

Hi teejk, I have read your posts a few times to try to understand where you are coming from. You seem to say it is a failure but you also say most people will not meet the standard deduction. If more people do now that didn't use to meet it, then doesn't that mean it will be simpler for more folks? Also doesn't that also mean that for those not meeting the higher standard deduction, more will pay less income tax?

The most important aspect is the corporate tax rate reduction that will make large and small mom & pop companies more competitive globally thus encouraging growth and hiring. Less people on the dole and more people contributing. Just my :2cents:

I'm not against the results, rather the goal of simplification seems to have failed. We still have those special side calculations (e.g. taxable social security, dividend/capital gain tax calculation) and I guess we didn't kill the AMT (although it might not snag as many unintended people now with the loss of personal exemptions and treatment of state/local taxes). As for business taxation, I think that was the primary goal (it was way overdue).

 

[two_bit_score]

So in your example people won't donate the $1,000 because they don't get to see the $150 benefit (that they still get via the new standard deduction but just don't see it itemized as such)? Maybe I'm different but getting a tax deduction has never influenced my decision to donate to causes that I believe in. Further to that point, I give money to the NRA which is never tax deductible, rather I just do it.

Its nice to get a tax break for charitable giving, but i would give even if it wasn't deductible, and i think most others will to.

I'm glad to see that many people wont let the perceived availability of a deduction influence their donations to causes they support.

That's the way it should be.


TBS

 

[ultrarunner]

The problem is too many simply don't have skin in the game...

It is the same when ballot measures to increase property tax are voted on by those that don't own property...

As to equity... why is it the single adult wage earner is often at the biggest disadvantage simply by being childless?

Someone without children isn't using the schools but typically 50% of property tax goes to schools...

Don't get me started... for decades fuel taxes have been siphoned away from roads... they fund ferries, bike lanes, rail lines, car pool lanes... etc...

 

[two_bit_score]

The problem is too many simply don't have skin in the game...

Everyone should pay something!

 

[goeduck]

The problem is too many simply don't have skin in the game...
Someone without children isn't using the schools but typically 50% of property tax goes to schools...
..

So correct and getting more so. More and more people live in apartments so they pay less and less of our state ‘ s taxes. With no income tax these people are not paying their fair share. I suppose you could say part of their rent goes to pay the apartment owner ‘ s taxes, but that would be a relatively small number.

Agree. Schools are out of control for sure.

 

[ultrarunner]

In Thurston there is a senior designated development that got an exemption from school taxes to get the vote... the reason being is the seniors do not have school age children... well that same description would fit many non-seniors too.

Going from 6800 to 11k in one jump has been a hard pill to swallow...

 

[goeduck]

In Thurston there is a senior designated development that got an exemption from school taxes to get the vote... the reason being is the seniors do not have school age children... well that same description would fit many non-seniors too.

Interesting. Maybe a I can apply when I am a senior.

 

[two_bit_score]

In Thurston there is a senior designated development that got an exemption from school taxes to get the vote... the reason being is the seniors do not have school age children... well that same description would fit many non-seniors too.

Going from 6800 to 11k in one jump has been a hard pill to swallow...

That liberal Cali government is messed up. But it keeps going in spite of the liberal leadership.

 

[teejk]

Everyone should pay something!

The problem is we have let politicians redefine the meaning of "fair share". I would think that every man/woman/child should share in the cost of our defense. Similarly, I guess we all share in the benefit of an educated society so everybody should chip in there as well. Keep going with every item in the budget and divide it according to who benefits. That would be "fair share" and also having more people chipping in might cause the payers to start questioning some of the stuff we spend money on. But we don't do it that way (by design I think) so the relatively small number of payers can complain all they want but are never heard. To add insult to injury, they don't even get a "thank you" but rather are chastised for not paying enough.