Joe Biden’s big fat lie. I will not raise taxes on those earning less than $400,000

DOLOOP · October 23, 2020, 4:17pm

You can believe me or not. The fact is that some folks had more taxable income added from the SALT cap than they got relief from marginal rate reduction.

It’s a fact.

DOLOOP · October 23, 2020, 4:17pm

Sophistry.

zantax · October 23, 2020, 4:18pm

DOLOOP:

Eagle-Keeper:

DOLOOP:

Eagle-Keeper:

I live in NJ, and even though my property taxes are over $10,000/year, my tax bill went down by over $5,000. How exactly did your overall tax burden go up?

If you took the standard deduction and your total of deductions would have been greater than the standard deduction without the salt cap.

Your taxes went down, but not by as much as if there was no cap on salt.

The standard deduction was raised from $12,000 to $24,000. My total itemized deductions would still have been under $24,000. So even though my property taxes are over $10,000/year I was still better off because the standard deduction was raised. In other words if your itemized deductions were high due to high property taxes and high state taxes then you were impacted but that still would have been offset because of the cut in the marginal rate along with the increase in the child tax credit.

There is a doughnut in there where the value of the decreased marginal rate is less than than the increased overall income imposed by the difference between standard deduction and previous deductions without SALT cap.

Amusing how many of the board liberals happen to fall into that doughnut hole isn’t it? And by the way, the only way to fall into it is to be pretty wealthy and given democrats stance on taxes on the wealthy, what are they complaining about again?

DOLOOP · October 23, 2020, 4:18pm

zantax:

DOLOOP:

Eagle-Keeper:

DOLOOP:

Eagle-Keeper:

I live in NJ, and even though my property taxes are over $10,000/year, my tax bill went down by over $5,000. How exactly did your overall tax burden go up?

If you took the standard deduction and your total of deductions would have been greater than the standard deduction without the salt cap.

Your taxes went down, but not by as much as if there was no cap on salt.

The standard deduction was raised from $12,000 to $24,000. My total itemized deductions would still have been under $24,000. So even though my property taxes are over $10,000/year I was still better off because the standard deduction was raised. In other words if your itemized deductions were high due to high property taxes and high state taxes then you were impacted but that still would have been offset because of the cut in the marginal rate along with the increase in the child tax credit.

There is a doughnut in there where the value of the decreased marginal rate is less than than the increased overall income imposed by the difference between standard deduction and previous deductions without SALT cap.

Amusing how many of the board liberals happen to fall into that doughnut hole isn’t it? And by the way, the only way to fall into it is to be pretty wealthy and given democrats stance on taxes on the wealthy, what are they complaining about again?

It is amusing. Almost calculated, isn’t it? Like it was intended to disproportionately affect a certain demographic.

I’m please to see you catching on to that.

zantax · October 23, 2020, 4:19pm

DOLOOP:

zantax:

DOLOOP:

Eagle-Keeper:

DOLOOP:

Eagle-Keeper:

I live in NJ, and even though my property taxes are over $10,000/year, my tax bill went down by over $5,000. How exactly did your overall tax burden go up?

If you took the standard deduction and your total of deductions would have been greater than the standard deduction without the salt cap.

Your taxes went down, but not by as much as if there was no cap on salt.

The standard deduction was raised from $12,000 to $24,000. My total itemized deductions would still have been under $24,000. So even though my property taxes are over $10,000/year I was still better off because the standard deduction was raised. In other words if your itemized deductions were high due to high property taxes and high state taxes then you were impacted but that still would have been offset because of the cut in the marginal rate along with the increase in the child tax credit.

There is a doughnut in there where the value of the decreased marginal rate is less than than the increased overall income imposed by the difference between standard deduction and previous deductions without SALT cap.

Amusing how many of the board liberals happen to fall into that doughnut hole isn’t it? And by the way, the only way to fall into it is to be pretty wealthy and given democrats stance on taxes on the wealthy, what are they complaining about again?

It is amusing. Almost calculated, isn’t it?

I had no idea only liberals had expensive houses. I did know though that they are the kind of people who scream for more taxes on the wealthy, until their taxes go up. That I knew.

WuWei · October 23, 2020, 4:27pm

Yes or No?

Our federal tax rates are the same. What is different?

DOLOOP · October 23, 2020, 4:28pm

Wrong question. Sophistry.

WuWei · October 23, 2020, 4:29pm

No, it isn’t. My federal SALT deduction cap is the exact same as yours. What’s different?

DOLOOP · October 23, 2020, 4:31pm

Sophistry.

The simple fact is some folks paid more taxes under the new law than less.

Trying to hide that with legerdemain is sophistry.

WuWei · October 23, 2020, 4:33pm

What’s different?

The sophistry is yours.

Your SALT is not my or the nation’s problem.

PurpnGold · October 23, 2020, 4:35pm

Not enough. Trust me.

Yes my marginal tax rate went down. I also lost more deductions than I gained.

It’s really not that hard

DOLOOP · October 23, 2020, 4:35pm

It’s pretty simple stuff. Given the same inputs year over year, did someone pay more or less in federal taxes.

The answer is some folks paid more.

I’m not the sophist trying to say the answer is something different than that.

WuWei · October 23, 2020, 4:37pm

Because of your state and local taxes

Tough ■■■■

How about that?

DOLOOP · October 23, 2020, 4:37pm

No need to get emotional.

PurpnGold · October 23, 2020, 4:41pm

Which were the same before Trump tax “cuts”.

I have a 10k cap on SALT now. My SALT is between 20-25k a year.

I’m sure you would have no problem if Biden removed mortgage deductions for people who own more than 2 acres of land. Right?

WuWei · October 23, 2020, 4:42pm

Sophistry.

johnwk2 · October 23, 2020, 4:43pm

No. I won’t trust you. Show me your tax returns. Do you have something to hide?

JWK

Our communist/socialist domestic revolutionaries, which now control the Democrat Party Leadership, are known for accusing others of what they themselves are guilty of.

WuWei · October 23, 2020, 4:43pm

Tough ■■■■■

Your SALT is not the nation’s problem.

There is no such deduction.

PurpnGold · October 23, 2020, 4:47pm

I understand.

I’m just stating that this tax bill didn’t help me out. But I’m sure some people were helped by it. Good for them.

Just like “like your doctor, kept them” I kept my doctor but I understand some people didn’t.

I guess tough ■■■■ right?

PurpnGold · October 23, 2020, 4:48pm

I don’t care if you believe me or not. ANYONE who has SALT above 10k, like me, lost the benefit that we had prior to Trump.