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Author Topic: Tax Plan May Kill Deduction Taken By 95% of Itemizers  (Read 840 times)

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Offline To-Whose-Benefit?

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Tax Plan May Kill Deduction Taken By 95% of Itemizers
« on: October 31, 2017, 03:47:44 pm »
cnsnews
Terence P. Jeffrey | October 31, 2017 | 11:05 AM EDT

[excerpt]

https://www.cnsnews.com/news/article/terence-p-jeffrey/tax-plan-may-kill-deduction-taken-95-itemizers

(CNSNews.com) - The tax plan the House Ways and Means Committee will release on Wednesday may eliminate the federal income tax deduction people are currently permitted to take for the state and local income or sales taxes they have paid.

That deduction, according to the latest Internal Revenue Service data, was taken by 42,502,130 tax filers—or 95 percent of the 44,671,840 tax filers who itemized their deductions in tax year 2015.

The deduction allowed those 42,502,130 tax filers to reduce their federal taxable income for 2015 by a combined $351,163,796,000.
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Re: Tax Plan May Kill Deduction Taken By 95% of Itemizers
« Reply #1 on: October 31, 2017, 04:12:55 pm »
"People in Democratic Socialist states hardest hit!"
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Offline cato potatoe

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Re: Tax Plan May Kill Deduction Taken By 95% of Itemizers
« Reply #2 on: October 31, 2017, 05:49:10 pm »
If they are looking for equity, they should drop the real estate tax deduction as well.  The government should not subsidize home ownership.  For many (if not most) people, renting is a wiser decision.
« Last Edit: October 31, 2017, 05:49:29 pm by cato potatoe »
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Offline Mom MD

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Re: Tax Plan May Kill Deduction Taken By 95% of Itemizers
« Reply #3 on: October 31, 2017, 05:58:24 pm »
Again most upper income people who itemize have these deductions rolled off by the AMT, so this will not have as big an impact as expected....
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Offline Fantom

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Re: Tax Plan May Kill Deduction Taken By 95% of Itemizers
« Reply #4 on: October 31, 2017, 09:07:43 pm »


Only 1/3rd itemize.

With doubling the personal deduction, even fewer will. Of those few.... they are in blue States , for the most part. They also have high incomes. They will benefit from reductions in the marginal rates.

Lets see.. it hits mostly regressives in blue States..Check
............. Dems have to defend tax breaks for the top 1%...check.
............. What is not to like........CHECK!!!
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Offline cato potatoe

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Re: Tax Plan May Kill Deduction Taken By 95% of Itemizers
« Reply #5 on: October 31, 2017, 10:17:25 pm »
I hope the committee will produce a scorable plan in the near term.  The rumors are tiresome.
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Offline Fantom

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Re: Tax Plan May Kill Deduction Taken By 95% of Itemizers
« Reply #6 on: October 31, 2017, 10:22:42 pm »
Quote from: cato potatoe on October 31, 2017, 10:17:25 pm
I hope the committee will produce a scorable plan in the near term.  The rumors are tiresome.

Scrabble by whom? By what criteria?

Accounting which does not take into affect wage/tax growth thru this ..or any bill is worthless.
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Those who profess to favor freedom, and yet deprecate agitation, are men who want crops without plowing up the ground, they want rain without thunder and lightning, they want the ocean without the awful roar of its many waters.

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Offline cato potatoe

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Re: Tax Plan May Kill Deduction Taken By 95% of Itemizers
« Reply #7 on: October 31, 2017, 10:49:15 pm »
It can be scored by several organizations if released in sufficient detail.  The dynamic effect must be considered. 

Bottom line: any plan must simplify the code, rather than rearranging to suit favored taxpayers.  And it cannot be allowed to worsen the fiscal problems looming on the horizon.
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Offline Fantom

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Re: Tax Plan May Kill Deduction Taken By 95% of Itemizers
« Reply #8 on: October 31, 2017, 10:54:18 pm »
Quote from: cato potatoe on October 31, 2017, 10:49:15 pm
It can be scored by several organizations if released in sufficient detail.  The dynamic effect must be considered. 

Bottom line: any plan must simplify the code, rather than rearranging to suit favored taxpayers.  And it cannot be allowed to worsen the fiscal problems looming on the horizon.

Yes, it must be dynamic scored.  That said.. any "economic" scoring is crap if scored under Keynesian BS.

As far as "worsen"... short or long term? If you seek "revenue neutral" now... I disagree.
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Those who profess to favor freedom, and yet deprecate agitation, are men who want crops without plowing up the ground, they want rain without thunder and lightning, they want the ocean without the awful roar of its many waters.

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Offline Neverdul

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Re: Tax Plan May Kill Deduction Taken By 95% of Itemizers
« Reply #9 on: October 31, 2017, 11:03:43 pm »
Quote from: cato potatoe on October 31, 2017, 10:49:15 pm
It can be scored by several organizations if released in sufficient detail.  The dynamic effect must be considered. 

Bottom line: any plan must simplify the code, rather than rearranging to suit favored taxpayers.  And it cannot be allowed to worsen the fiscal problems looming on the horizon.

What? You expect them to let us read the bill BEFORE they pass the bill?  :whistle:

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Offline InHeavenThereIsNoBeer

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Re: Tax Plan May Kill Deduction Taken By 95% of Itemizers
« Reply #10 on: October 31, 2017, 11:32:14 pm »
Quote from: cato potatoe on October 31, 2017, 10:17:25 pm
I hope the committee will produce a scorable plan in the near term.  The rumors are tiresome.

Supposed to be released tomorrow.
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Offline cato potatoe

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Re: Tax Plan May Kill Deduction Taken By 95% of Itemizers
« Reply #11 on: October 31, 2017, 11:49:21 pm »
Quote from: Fantom on October 31, 2017, 10:54:18 pm
As far as "worsen"... short or long term? If you seek "revenue neutral" now... I disagree.

I'm looking for a debt/GDP ratio in the same neighborhood (or better) after 10 years.  If we have something to show for the borrowing, then fine.  We cannot continue down the same path as we've been on the last 10 yrs.
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Offline Fantom

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Re: Tax Plan May Kill Deduction Taken By 95% of Itemizers
« Reply #12 on: November 01, 2017, 12:03:13 am »
Quote from: cato potatoe on October 31, 2017, 11:49:21 pm
I'm looking for a debt/GDP ratio in the same neighborhood (or better) after 10 years.  If we have something to show for the borrowing, then fine.  We cannot continue down the same path as we've been on the last 10 yrs.

That is "scored" by what?

Reagans cuts... in the face of a democrat controlled Congress propelled a two decade expansion. We can grow ourselves out of the  immediate bind, and we should.
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Those who profess to favor freedom, and yet deprecate agitation, are men who want crops without plowing up the ground, they want rain without thunder and lightning, they want the ocean without the awful roar of its many waters.

Frederick Douglass

Offline cato potatoe

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Re: Tax Plan May Kill Deduction Taken By 95% of Itemizers
« Reply #13 on: November 01, 2017, 02:31:28 am »
The 1980s is when the debt bomb started ... not just governmental, all forms of debt.  If you borrow and spend a whole pile of cash you don't have, it gives the illusion of prosperity.  Reagan himself was a deficit hawk before he got into office.
« Last Edit: November 01, 2017, 02:38:45 am by cato potatoe »
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