Welcome to DU! The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards. Join the community: Create a free account Support DU (and get rid of ads!): Become a Star Member Latest Breaking News General Discussion The DU Lounge All Forums Issue Forums Culture Forums Alliance Forums Region Forums Support Forums Help & Search

ffr

(22,670 posts)
Sun Sep 30, 2018, 10:11 PM Sep 2018

While y'all were distracted by the Judge, rethugs pass tax cuts to penalize Californians permanently

Just the senate to go. Iffy.

House tax cut bill puts vulnerable California Republicans in awkward position

Friday’s House vote to approve a second round of big tax cuts is aimed squarely at helping Republicans — but it could boomerang and hurt vulnerable GOP candidates in California.

The second tax cut bill would make cuts for individuals enacted last year permanent, instead of slowly phasing them out over the next decade.
<snip>

More than a million Californians claim more than $10,000 for the state and local deduction, with the average claimed deduction $18,517 in 2016.

That means on average, Californians who use the deduction will owe more than $8,000 in federal income taxes per year while the current cap is in place. For most, that’s substantially more than the benefit they receive from tax cuts. - McClatchy
5 replies = new reply since forum marked as read
Highlight: NoneDon't highlight anything 5 newestHighlight 5 most recent replies
While y'all were distracted by the Judge, rethugs pass tax cuts to penalize Californians permanently (Original Post) ffr Sep 2018 OP
Factual correction: Californians won't owe $8,000 more in federal income taxes. subterranean Sep 2018 #1
I'm not sure I understand. How much more than $8,000? ffr Oct 2018 #2
They don't owe $8000 more, they owe a percentage of that 8000 more. NutmegYankee Oct 2018 #3
Article is factually incorrect MichMan Oct 2018 #4
Why does this story keep getting posted claiming some sort of "distraction" was at hand? BumRushDaShow Oct 2018 #5

subterranean

(3,427 posts)
1. Factual correction: Californians won't owe $8,000 more in federal income taxes.
Sun Sep 30, 2018, 10:41 PM
Sep 2018

Their taxable income will be over $8,000 more due to the cap on deductions, but how much more tax they owe will depend on their tax bracket. For most people, it will be a lot less than $8,000.

ffr

(22,670 posts)
2. I'm not sure I understand. How much more than $8,000?
Mon Oct 1, 2018, 02:01 AM
Oct 2018

Can you elaborate on where McClatchy got it wrong?

NutmegYankee

(16,199 posts)
3. They don't owe $8000 more, they owe a percentage of that 8000 more.
Mon Oct 1, 2018, 04:40 AM
Oct 2018

At a rate Of 25% tax, it would be $2000 more in taxes.

BumRushDaShow

(128,979 posts)
5. Why does this story keep getting posted claiming some sort of "distraction" was at hand?
Mon Oct 1, 2018, 07:52 AM
Oct 2018

This would be DOA in the Senate and moreso if they don't START OVER and try to tailor it so it can pass via the reconciliation rule.

A law does NOT equal "passage" by only one chamber of Congress. The fucking media keeps manufacturing this type of click-bait over and over. They did the same thing when the ACA was going through its various iterations of "the bill".

Latest Discussions»General Discussion»While y'all were distract...