Let’s guess which five percent don’t get an increase…
Only 5% of the wealthiest households would come out ahead under Trump’s plans.
I’m still pissed about having to pay more in taxes this year thanks to this moron’s prior “tax cuts.” The fact that this jackass wants normal Americans to pay even more in taxes should be enough to sink his campaign but here we are.
Trump supporters don’t care, they’re happy to pay the Trump tax as long as the “right” people are being hurt/killed/displaced
And they will look at you with a straight face and say how much better the economy was under Trump. They really don’t care about any other factors, they will literally attribute any good thing to have been the masterwork of Trump, and anything they don’t like is some evil plot by Democrats intentionally structured to hurt them specifically.
and even to allow homeowners to take unlimited federal deductions for the property taxes they pay to state and local governments.
You could do that before Trump’s 2017 Tax Cuts And Jobs Act. They capped it to punish citydwellers, which are majority Democrat.
How is that punishing to city dwellers?
I get that it rewards non-city dwellers more than people who live in cities, but is that really the same thing?
Generally those who own their home in cities have higher property tax bills. Prior to the TCJA, there wasn’t a dollar cap on your real estate tax deduction if you itemized. Now there is a $10k cap which includes your state taxes paid (like from your w2 or estimated taxes). For someone like me who lives in a somewhat low COL area…no biggie. My property taxes are pretty low and don’t come near that cap. But it’s pretty easy to hit that cap when you live in a city and your property taxes alone are 10k or more…but before that u also were able to deduct your state taxes paid. So many people who previously were able to itemize and even might be able to now if they got the full amount of property taxes, will only get the standard decision and thus more of their income is taxable.
There are sources that say that the property tax deduction primarily benefited higher income earners, but some of these higher income earners also live in higher COL areas and thus don’t make as much money as it may seem because it’s so much more expensive to live where they live.
Now there is a $10k cap which includes your state taxes paid
I figured there was something I was missing and I think thats it.
Fwiw, I really appreciate the long-ish form response. I feel most others were content to downvote and move on, but I feel I’ve learned something that I wasn’t otherwise motivated to go learn on my own.
bUt TrUmP iS bEtTeR fOr ThE eCoNoMy
Well yeah, it’s called trickle down economics. The top 5% are all job creators, they invest in companies. It’s not true that the 5% just let their wealth sit there and accumulate on an imaginary score board to beat the next richest person.
It’s not like the richest people in the world are hurtling human civilization into a extinction level events to hoard more wealth.
It’s not like the rich are looting this country to pad their bank accounts.
The rich are going to use all that money to benefit everyone./s
