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Wed Sep 27, 2017, 10:45 PM

Trump, Republican tax plan could be a big hit to many Californians

Source: LA Times

Many Californians face a big financial hit under the Republican tax plan, which would eliminate a major tax break that benefits state residents more than those anywhere else in the U.S.

The federal deduction for state and local taxes allowed Californians to reduce their taxable income by $101 billion in 2014, according to an analysis by the nonpartisan Tax Foundation.

The tax outline released Wednesday by President Trump and top congressional Republicans would ax the break, which largely benefits residents in states that are Democratic strongholds.

“Republicans in Washington have once again zeroed in on California to punish us and make our state the single biggest loser in their reckless tax scheme,” said Senate President Pro Tem Kevin de León (D-Los Angeles).

Read more: http://www.latimes.com/business/la-fi-trump-tax-california-20170927-story.html



Screwing California sets Trumpster hearts aflutter.

12 replies, 3221 views

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Reply Trump, Republican tax plan could be a big hit to many Californians (Original post)
Zorro Sep 2017 OP
SharonAnn Sep 2017 #1
Shrike47 Sep 2017 #2
brush Sep 2017 #3
doc03 Sep 2017 #4
CousinIT Sep 2017 #5
NutmegYankee Sep 2017 #7
Hortensis Sep 2017 #9
SunSeeker Sep 2017 #6
Bernardo de La Paz Sep 2017 #8
Maxheader Sep 2017 #10
Name removed Sep 2017 #11
Stuart G Sep 2017 #12

Response to Zorro (Original post)

Wed Sep 27, 2017, 10:48 PM

1. And New York, and Connecticut, and ... All Blue states.

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Response to Zorro (Original post)

Wed Sep 27, 2017, 10:59 PM

2. Add Oregon.

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Response to Zorro (Original post)

Thu Sep 28, 2017, 12:16 AM

3. Could be a "big hit"? Sorry, not the best choice of words.

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Response to brush (Reply #3)

Thu Sep 28, 2017, 12:29 AM

4. I at first thought Californians would like it nt

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Response to Zorro (Original post)

Thu Sep 28, 2017, 12:38 AM

5. Eliminating that deduction will f*ck almost everyone in the US.

I suspect he'll also take away mortgage interest/mortgage insurance deductions too which will f*ck every homeowner in the country.

Kochs want their tax cuts. Somebody's gotta pay.

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Response to CousinIT (Reply #5)

Thu Sep 28, 2017, 02:53 AM

7. Without state and local taxes, the mortgage interest deduction is useless.

Only the wealthiest will have the interest to offset the loss of state and local taxes to beat out the standard deduction proposed.

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Response to CousinIT (Reply #5)

Thu Sep 28, 2017, 07:33 AM

9. Elderly and very young benefit most from better blue state services.

But ultimately anti-government/anti-tax zealots mean this to push down state and local taxes. The elderly on low limited incomes do better in blue states currently, but also in danger would be many amenities that just tend to make blue cities/states nicer to live in, more things like free summer concerts, good public colleges, more and better parks, sidewalks, etc, etc, etc, etc, etc, etc.

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Response to Zorro (Original post)

Thu Sep 28, 2017, 01:56 AM

6. K & R for exposure.

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Response to Zorro (Original post)

Thu Sep 28, 2017, 06:52 AM

8. No double taxation, please. . . nt

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Response to Zorro (Original post)

Thu Sep 28, 2017, 07:55 AM

10. Righty states

would get hit too. The town hall meetings strongly protesting
eliminating obama care will now have citizens protesting
about losing money. What the rightys want to do is
model sammy brownbacks trickle-down "experiment'.
Which was a big fail for non-business owners.

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Response to Zorro (Original post)

Thu Sep 28, 2017, 08:29 PM

12. K and R...for exposure...

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