Fledermaus
DP Veteran
- Joined
- Apr 18, 2014
- Messages
- 120,589
- Reaction score
- 32,138
- Gender
- Male
- Political Leaning
- Libertarian - Right
You may repeat this a million times. I have told you all I need to tell you. After that, you become boring.
Please tell me how my taxes are lowered by increasing what I am taxed?
The data from the state financial officials doesn't indicate household size in its income breakdown. But an analysis of 2014 IRS data by the Tax Policy Center found that of all itemizers making between $50,000 and $75,000, nearly half were single, while only about a third were single in the $75,000 to $100,000 category, and just 16% were never married in the $100,000 to $200,000 group.
Tax filers in all states would be affected by repeal, including Republican states with no income tax, the report said. For instance, a family of three in Conroe, Texas, making $100,000 saves $2,450 on their federal tax bill because of the state and local tax deduction.
That said, it's impossible to know if that family's total tax bill would go up or stay the same because tax reform would involve other changes to the tax code. For instance, Republicans have said they want to double the standard deduction. That could lessen the bite for them of losing the state and local deduction.
But the report by the state and local finance officers notes that that might still not be enough to offer them actual tax relief: Even if the standard deduction was tripled, "a significant portion of taxpayers would still end up with tax increases."
State and local tax deduction: Millions in middle class will feel it if GOP kills this tax break - Sep. 26, 2017
Increasing taxes =/= Lowering taxes.
Last edited: