What are you talking about? My family is going to benefit by over $4,000 in our taxes next year when the full aspects of the law will be in place as my accountant explained.
I’m pretty certain that the majority of NJ-11 will benefit just like my family. NJ-11 is more of a blue collar middle class conservative district, hence why Rodney consistently won.
As for the House bill’s $10,000 cap on the property tax deduction, the average deduction claimed was about half that in 2015, the TPC says. But “the average amount claimed for taxpayers with incomes above $200,000 was $10,250,” the TPC says, with higher averages in some states.
“The $10,000 cap would of course limit the benefit for the highest income earners,” Jared Walczak, a senior policy analyst at the Tax Foundation, told us in an email. “At the average U.S. effective property tax rate of 1.08%, a home would have to be worth nearly $926,000 before the property tax deduction is reached. Under current law, however, a very significant percentage of filers with homes above that amount are already subject to the alternative minimum tax, which eliminates the benefit of the state and local tax deduction.”
So your house has to be worth almost a million before you hit the cap and even then, they got a tax cut when the rates were lowered, so before they lose anything it has to be substantially more than that. I haven’t run the numbers. But when you start talking about people making that kind of scratch, most of them were probably already getting hit with the AMT anyway, meaning they had already lost that deduction.
The number of people who itemize is expected to go down from 30 to 10 percent. It’ll be interesting to see how many of them are individuals who are bumped out of itemization due to loss of SALT deductions.
So the democrat plan is to increase taxes? Will they have the guts to actually say this? And what about the rest of the agenda? Can you give me the top five items they will focus on.
“Sell” it? Nothing to sell because it’s literally true, guy. ICE is out of control committing widespread human rights violations and going after even non-criminal legal immigrants. If people wanted open borders they’d probably be calling to abolish the agency that literally has Border Patrol in its name. This isn’t some kind of incredibly subtle distinction.
They hit on something with the story about “separating children from their parents”. That set their extremists (no small portion) to going after ICE and opposing immigration law enforcement. Sad stories about how people really really wanted to stay in the US but weren’t allowed just because they had no legal right.
Well, what issue do they have left now that the bogus collusion investigation is failing. That’s all they pushed for a year and a half.