GOP Tax Overhaul

[Nebe]

I told you guys... property taxes are going to get you in the ass.
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[The Dad Fisherman]

Originally Posted by Nebe

I told you guys... property taxes are going to get you in the ass.
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Not me, looks like it will get the rich folks though.
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[PaulS]

Originally Posted by The Dad Fisherman

Not me, looks like it will get the rich folks though.
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Property taxes in Connecticut are high so you don't have to be rich to hit the $10,000 level.
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[scottw]

Originally Posted by PaulS

Property taxes in Connecticut are high so you don't have to be rich to hit the $10,000 level.
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it's for the children...

[Jim in CT]

Originally Posted by scottw

it's for the children...

yeah, right...

[The Dad Fisherman]

Originally Posted by PaulS

Property taxes in Connecticut are high so you don't have to be rich to hit the $10,000 level.
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your home needs to be assessed at about half a million to hit the $10k level in CT. That certainly isn't poor.

[Jim in CT]

Originally Posted by The Dad Fisherman

your home needs to be assessed at about half a million to hit the $10k level in CT. That certainly isn't poor.

It varies a bit by town, but that's just about correct. And what's also correct, is that you're not poor if you have that house.

Also, the cap on state and local taxes is one piece of the tax reform, there are lots of moving pieces. I will also be hurt by the cap on state/local taxes (here in CT, I have a 5 year old Pathfinder and a 9 year old minivan, and I pay $1,000 a year to my town in car taxes, that's how CT works), so between that, my state income tax, and the tax on my home, I am a bit over 10k in total state/local taxes.

But other things in the bill, like the child tax credit, will more than offset that for me. I'll pay about $2,000 less than I would under the old tax rules.

You have to consider the combined effect of all the things that are changing, not just the pieces that make your taxes go up.

[Jim in CT]

Originally Posted by The Dad Fisherman

your home needs to be assessed at about half a million to hit the $10k level in CT. That certainly isn't poor.

Also remember, the limit of 10k is for all state and local taxes (not just tax on your home), including car tax you pay to your town (I pay $1,000 a year for a 5 year-old Pathfinder and a 9 year-old minivan) and state income tax, which is around 5%-6% of income. If the total of all those taxes is over 10k, then you are hurt by the cap. But as I posted, there are other things changing that can offset that, especially if you have a couple of kids.

[PaulS]

Originally Posted by The Dad Fisherman

your home needs to be assessed at about half a million to hit the $10k level in CT. That certainly isn't poor.

I am certainly not poor, nor am I rich. I pay more than 10K. small house in an area very close to the water where my house is considered a tear down bc of the size. I was very lucky w/my house bc the area became hot (and continues to be)after I bought it. Very desirable area, with good schools. Paid off my mortgage quickly by not taking the standard 30 year term and made extra payments (mainly so I can stop paying flood insurance).

Can't complain (too much).

[Nebe]

Originally Posted by The Dad Fisherman

Not me, looks like it will get the rich folks though.
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When the fed gubment cuts back on money to the states and the states cut back on funding to towns, the towns will play the Shell game and use the tax apraisor to magically tell you that your 300k house is now worth 400k. Local governments will also look to any other way to suck you dry.
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[scottw]

Originally Posted by Nebe

When the fed gubment cuts back on money to the states and the states cut back on funding to towns, the towns will play the Shell game and use the tax apraisor to magically tell you that your 300k house is now worth 400k. Local governments will also look to any other way to suck you dry.
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I thought government was benevolent?

[detbuch]

So lower the property taxes in Connecticut.

[detbuch]

Originally Posted by Nebe

When the fed gubment cuts back on money to the states and the states cut back on funding to towns, the towns will play the Shell game and use the tax apraisor to magically tell you that your 300k house is now worth 400k. Local governments will also look to any other way to suck you dry.
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How about the fed not taking the lion's share of tax money out of the states in the first place. The situation that we are in now where states have to depend on getting money back that was taken from them in the first place by the federal government is ass-backwards. The federal government shouldn't be so heavily involved in state finances and state taxation.

It shouldn't be doing those things that were meant, constitutionally, for the states to do. Divesting itself from those responsibilities would tremendously lower its need to tax us and could leave the states to fend for themselves by structuring their own tax system to suit their resources.

Which would give the citizens of those states a much greater motivation and voice in shaping their tax structures. When they could no longer depend on the central government giving them tax breaks to compensate for their high state taxes, they would demand that their state taxes get lowered.

[spence]

What I like best about the new plan is they got rid of the AMT, carried interest, reduced the number of brackets and above all simplified the code so much I can do my taxes on a single postcard.
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