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Talking Rotten
Message
From
07/02/2019 17:00:48
 
 
To
06/02/2019 18:06:25
John Ryan
Captain-Cooker Appreciation Society
Taumata Whakatangi ..., New Zealand
General information
Forum:
Politics
Category:
Economics
Title:
Miscellaneous
Thread ID:
01665625
Message ID:
01666074
Views:
41
>>>Any stats you can point me to for that? And last time I checked CA was part of the USA.
>
>OK, lets take a specific look at the GOP Tax Cuts and Jobs Act.
>
>The SALT rule used to allow people paying local tax to deduct it from their federal tax. That's a truism you can confirm easily.
>
>The GOP Tax Cuts and Jobs Act caps SALT deductions at $10K. Also a truism you can confirm. But it does a few other things too:
>
>This Act caps mortgage interest deductions to interest on $750K that used to be $1M. Is that policy better for the rich or the poor, btw?
>
>It almost doubled the standard deduction to $12K for individuals, $24K for couples and $18K for heads of households. Do you think that'll be felt more by the rich or the poor?
>
>It also increases the child credit from $1K to $2K and if after the standard deduction this pushes you into tax credit, the IRS now will cut you a refund check which was not refundable previously. Is that better for the rich or the poor?
>
>But this will please you: the Estate Tax cutoff increased from $5.xM to $11.xM which definitely favors the rich at face value- though it also reduces the incentive to jiggle affairs to avoid tax altogether.

https://www.amazon.com/Fifth-Risk-Michael-Lewis/dp/1324002646
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