Friday, December 29, 2017

Florida Republicans "very pleased" with capping RE tax deductions at $10,000 at first, but "very worried" when they think about it ... by gimleteye

Florida Republicans, in an informal survey, said the new tax bill capping real estate deductions at $10,000 was great, because something had to be done to pay for lowering the corporate tax rate.

Said one resident of Coral Gables, "I expect my portfolio value will increase by far more than the excess of my property tax over the $10K threshold." But if it doesn't? "That would be very bad," he said and added, "The stock market will not go down."

Another resident of Miami, who pays nearly $17K in real estate taxes, said: "What's good for corporations is good for America." In response to the question, "If your taxes increase to offset the lower corporate tax benefiting corporations, does that represent a tax increase?", the respondent answered, "I don't know, but it's a good question and I'm going to ask my accountant."

Most Florida Republicans, after a series of questions by the reporter, seemed generally puzzled Republican Senator Marco Rubio would support a tax increase and were uncertain about sacrifices they would have to make in order to reap an uncertain future benefit. "I hadn't thought about it that way," said one. "Do you think my taxes could actually go UP? Now you have me worried."


Anonymous said...

We are normal middle class with a small construction business. Our income is "pass through". So, say we make $100,000. 20% will not be taxed. Now we're down to $80,000 and with the standard $24,000 deduction we're now down to being taxed on $56,000. That puts us at a 12% income tax and maybe, depending on how they finalize it, make us eligible for the ACA supplement. That's at least $10,000. Our property tax is almost $10,000, but I don't know if its and "either/or" with the standard deduction. Anyway, might I suggest that if you can gat a "pass through", even if your employer can write you a 1099, you should do it. So, if I'm looking at this correctly, we will be paying, at the most, a little over $6000 on $100,000 of income. Of course there won't be any money left in our national coffers for medicare, but, by then, we will move to another country that has a good universal healthcare system. It's not that I don't love my country, but lately I think our safety and well-being are getting to be a bigger concern than whether we can ever beat back the evil of the wealthy and the destruction they are doing with our democracy.

Anonymous said...

Up to now I've always wondered when the "voting against they're interest Krout's" start belly aching,
Never occurred to me that the palace revolt could start with the better off.
This article made my Day.

Anonymous said...

I am by no means wealthy. I do earn a decent living. One that feeds my family, keeps a roof over our head, pays for an occasional vacation, and enjoys modest luxuries from time to time.

My income level is similar to the "middle class with a small construction business" anon above. But I don't have a business that allows me write-offs for personal expenses. I suspect the anon above has some of those.

I have friends that live in NH. There is no income tax and no sales tax in NH. They have only a "tourist tax" to include hotel and meals. Property taxes are high in NH. It's the only revenue local governments collect. If you live in NH and work in say VT or MA, you are subject to state income taxes even though you live out of state. The "new and improved" tax code eliminates the deduction for state income tax and local property tax. My friends were vehemently anti-Hillary. I don't for whom they voted but I'm sure it was NOT HRC. Now they will be paying a LOT more in federal income tax. Did they vote against their best interests? Yep. Furthermore, one works at a prominent private college in MA that allows free tuition to employees' children. They must pay room/board and fees. That benefit is now taxable as income. They are getting triple fucked (can I say that here?).

All because they wanted to make 'merica great again. Oh, one is a longtime MA resident and Kennedy Democrat. Damn fools.

Anonymous said...

Racism and gullibility seem to go together. The cheese is racism, The cheese is wrapped around paying more taxes, coupled with a decrease in entitlements. When the rat bites the cheese, he is caught in the trap and must pay more taxes and lose whatever program benefits they may get. Some will have their heads cut off when they bite, others will limp around with the trap on their backs, and some won't know they have been caught in a trap, but they will eventually know they have less money and benefits.

David said...

Why do tax cuts have to be paid for. Why cannot the government operate with not one penny less. A tax cut that is "paid for" is no cut at all.