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jmowreader

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Member since: 2002
Number of posts: 41,288

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The itemized deductions Trump plans to eliminate

One of the ways Trump is trying to make his rich man's tax cut balance out is by eliminating all itemized deductions except for mortgage interest and charitable contributions.

I have a Schedule A in front of me, and these are the deductions from it that he's going to get rid of:

Medical and Dental Expenses

Taxes You Paid - this is how Trump is punishing the blue states

Casualty and Theft Losses

Unreimbursed employee expenses

Tax preparation fees

Other expenses like investment fees and safe deposit boxes.

Miscellaneous deductions:
Gambling losses only to the extent of gambling winnings
Casualty and theft losses of income-producing property
Loss from other activities
(The estate tax is on here too, but he plans to eliminate that)
Deductions for amortizable bond premiums
(This next one is right off the IRS' book) Ordinary losses attributable to a contingent payment debt instrument or an inflation-indexed debt instrument; for example, a Treasury Inflation-Protected Security. (I don't know what this is either. If you have a bond that generates this deduction, your broker explained the tax break to you before you put down your cash.)
Deduction for repayments of amounts under a claim of right if over $3000. (This is explained in IRS Publication 525.)
Certain unrecovered investment in a pension
Impairment-related work expenses of a disabled person.

A slight bit of nice news: Rookie Aaron Judge hit 50th HR yesterday

http://m.yankees.mlb.com/news/article/256028138/yankees-aaron-judge-sets-mlb-rookie-hr-record/

The previous rookie record was held by Mark McGuire, who hit 49. Judge entered the game with 48 on the season, and hit two.

Yankees players to hit 50 HR in one season while with the Yankees (counts from baseball-reference.com):

Babe Ruth: four seasons, 1920 (54), 1921 (59), 1927 (60) and 1928 (54)
Mickey Mantle: two seasons, 1956 (52) and 1961 (54)
Roger Maris: 1961 (61)
Alex Rodriguez: 2007 (54). (As a Texas Ranger he also did it in 2001 (52) and 2002 (57).)
Aaron Judge: 2017 (season still ongoing)

As a veteran who fought and died for us, I love the protests

This is in response to the gentleman from upstate New York who quit his job as a low-level stadium worker in protest of the protests. (Yes, I got better.)

No veteran fights for "the flag." It matters not whether he is a US veteran, a Canadian, a Mexican, a European soldier, or even a soldier of one of our enemies. We don't fight for flags, but for what that symbol represents.

And one of the things represented by our symbol is Freedom of Expression.

Mr. Nikisher, the players have every bit as much right to protest our ersatz president as you do to do what you did. That you believe otherwise makes you...less of a human being.

Seahawks: "As a team, we have decided we will not participate in the National Anthem"

http://www.seahawks.com/news/2017/09/24/statement-players-seattle-seahawks

As a team, we have decided we will not participate in the national anthem. We will not stand for the injustice that has plagued people of color in this country. Out of love for our country and in honor of the sacrifices made on our behalf, we unite to oppose those that would deny our most basic freedoms. We remain committed in continuing to work towards equality and justice for all.
Respectfully,
The Players of the Seattle Seahawks

Yes, Virginia, Trump is planning to kill the CSB

The US Chemical Safety Board is the government agency that's investigating the Arkema peroxide plant disaster. They have a $12 million budget, they do a hell of a lot of good...and in Trump's proposed budget, they will be no more.

http://www.reuters.com/article/us-usa-trump-budget-csb/trumps-proposal-to-scrap-chemical-safety-board-draws-criticism-idUSKBN16O0FK

Among the things they have done...

The West Fertilizer Company blast


A hazmat collection facility in Apex, NC


A solvent factory explosion in Kansas


One about the hazards of nitrogen...
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