BS: Wealthy in California will pay more

Subject: BS: Wealthy in California will pay more
From: beardedbruce
Date: 24 Jan 18 - 04:12 PM

Under the new Trump Tax plan, that "gives breaks to the wealthy", the wealthy in California will be paying more taxes.




"Introducing his state budget proposal earlier this month, California Governor Jerry Brown said out loud what many legislators in Sacramento fear: That California’s highly progressive income tax may be unsustainable in the wake of the Republican tax bill signed in December by President Donald Trump.

“People with higher incomes pay a lot more money, and some of them may be tempted to leave,” Brown said.

California is unusually reliant on income tax to fund the state’s $183 billion budget. And almost half of state income taxes are paid by the wealthiest 1 percent of earners, for whom the top marginal rate is 12.3 percent, with an additional 1 percent charge on incomes over $1 million.

Most people in this group should benefit directly or indirectly from the cuts in individual and corporate rates in the Republican federal tax legislation. But the law also limited deductibility of mortgage interest and of state and local taxes, effectively transferring billions from wealthy taxpayers in high-tax blue states to wealthy individuals in low-tax red states. According to one study, about 38 percent of Californians in the top 1 percent, earning more than $877,560, will pay higher taxes under the GOP plan, as will about one quarter of upper-middle-class Californians earning from $130,820 to $304,630."

Subject: RE: BS: Wealthy in California will pay more
From: Greg F.
Date: 24 Jan 18 - 06:31 PM

And of course, the wealthy everywhere else will pay less.

{despite conclusive proof that President Shithole's bill screws the poor and middle class to the benefit of the wealtyy and corporations.}

Jesus, Bruce, you really don't know reality when it bites you in the arse, do you?

Subject: RE: BS: Wealthy in California will pay more
From: beardedbruce
Date: 24 Jan 18 - 07:08 PM

Right,GregtrF, that's why all of us will see more in our pay checks next month when the new standard deduction is applied.

I have noticed YOUR constant interest in both shit and asses. Makes you feel right sat home, eh?

Subject: RE: BS: Wealthy in California will pay more
From: Joe Offer
Date: 25 Jan 18 - 02:04 AM

Well, it's a balance. Californians and New Yorkers will suffer most from the loss of state tax and mortgage interest deductions. The cost of living in those states is ridiculously high, so the wealthy are highly taxed so that the rest of us can survive. The Trump tax bill upsets that balance.

My income is fairly modest. but I have enough to live comfortably - and my taxes are not very high. I don't mind paying the taxes I do pay, because I get my money's worth out of them. I'm in a very conservative county, and many of my neighbors who seem to be in my income bracket, scream bloody murder at any mention of taxes. Opposition to taxation is almost a religion in by county, and the followers of the anti-tax doctrine are almost as fervent as the pro-gun believers.

What's so ironic, is that the ones who scream the loudest about taxes, aren't taxed very much.

We have a lot of McMansions in the south part of our county, and I'd guess most of those places are worth a million bucks apiece. I'd think a family would have to earn $250,000 a year or more to afford places like that, and I'm sure a number of those people earn over a million a year. A million a year is way more than ten times my income, and just about a hundred times the annual income of the poorest people in our county. Seems to me, that the rich should be highly taxed.

But it's a balance. If states tax the wealthy too highly, the wealthy will move to Nevada and Arizona and Connecticut. And that upsets the balance in California and New York, and makes a big mess for the entire country.

But the Trump Administration isn't interested in balance. Trump isn't smart enough to understand that concept.

-Joe-

Subject: RE: BS: Wealthy in California will pay more
From: Tiger
Date: 25 Jan 18 - 01:39 PM

Certainly not Connecticut. Or, Taxachusetts, for that matter.

Subject: RE: BS: Wealthy in California will pay more
From: Greg F.
Date: 25 Jan 18 - 01:43 PM

Trump isn't smart enough to understand that concept.

Nor is Bruce, apparently. Or facts, for that matter- for both.

Subject: RE: BS: Wealthy in California will pay more
From: Joe Offer
Date: 25 Jan 18 - 03:44 PM

There are people who keep statistics on how much money taxpayers in the various states pay out to the federal government, and how much money states get back. California and New York once were always at the bottom of the list for percentage of their federal taxes that they get back in benefits. This report (click) shows that while California and New York were once "donor states," they're now about at an even balance.
The ability to deduct state and local taxes served to level that imbalance, but the Trump tax bill upsets the balance once again.
-Joe-

Subject: RE: BS: Wealthy in California will pay more
From: leeneia
Date: 26 Jan 18 - 12:36 PM

Ya know, I've never bothered to figure out which is a blue state and which is a red state. Dividing states into red and blue is as stupid as dividing people into white and black.

Subject: RE: BS: Wealthy in California will pay more
From: Joe Offer
Date: 26 Jan 18 - 08:08 PM

I don't know when they started making that distinction between "red states" and "blue states," and it all seems wrong to me. Seems to me, that liberal Democrats should be "Red." But that's not how the distinction works, so I get confused.
It does seem that some states stay Republican and some states stay Democratic for years, so it is a convenient way to consider the reality of things.
-Joe-

Subject: RE: BS: Wealthy in California will pay more
From: Greg F.
Date: 04 Feb 18 - 10:58 AM

Hey Brucie! Good Job!!

House Speaker Paul Ryan (R-Wis.) really wants you to know how great the Republican tax cuts are.

On Saturday, Ryan outdid himself again with a tweet bragging about the extra $1.50 a week that a Pennsylvania secretary is making thanks to the GOP legislation.

“A secretary at a public high school in Lancaster, PA, said she was pleasantly surprised her pay went up $1.50 a week ... she said [that] will more than cover her Costco membership for the year,” Ryan tweeted on Saturday.

The tweet predictably drew mockery, and Ryan deleted it Saturday afternoon.