All the Rich Folks wanting to move out from High Tax New York State!

Society Business and Career
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And here every one thought Trump Tax changes would favor the Rich?

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Re: All the Rich Folks wanting to move out from High Tax New York State!

^^ Are you for real???

You mean tax deduction on things like “private jets” will help the poor not the rich??

This is a scam bill to give very heavy cuts to billionaires on their high incomes, and you think its not for rich?? LOL

And yea the bill written by a southern republican is just putting the democratic states under burden namely NY and Cali. So shooting two birds with one stone, they are punishing democratics as well as making rich further richie rich.

There cant be any more cunning plan than this.

GOP Has Written the Least Popular Tax Bill in Recent History

Sanders: At least GOP is being honest that tax bill is written for their donors | TheHill

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Re: All the Rich Folks wanting to move out from High Tax New York State!

:rotfl:
Though the bill is not funny, it made me want to laugh.
PS: I think we need a ‘shrug’ smiley.

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Re: All the Rich Folks wanting to move out from High Tax New York State!

I believe we are talking about average Joes who do not own property, and they come close to 40 million to 50 million in all of the States who are apartment dwellers! and they is split half and half Dems and Repubs equally they ALL will benefit from this Tax Bill because their Standard Deduction went up! and they do not loose any Property Tax deductions! and since do not Itemize they will not loose out on the SALT deduction that the rich folks take!

If you read the article I posted above they mention people earning $500,000/- yr and above will loose their SALT deductions and end up paying in $100,000/- more in Taxes.

**I am sorry if you are impacted by that bill, you should have voted for Bernie Sanders ** :frowning:

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Re: All the Rich Folks wanting to move out from High Tax New York State!

https://www.yahoo.com/news/5-myths-tax-reform-why-192500231.html

**Yes Bhai Sahib I am for Reality; check this out:

Americans deserve to know the truth about the proposed tax reform packages. There are several Myths going around about what the proposed plan would do.

Here are a few of them, and why they’re wrong.

Myth 1: This is just a tax cut for the rich, and it will actually raise taxes for everyone else.

The truth is in fact the opposite. The Senate tax bill increases the amount of taxes paid by the rich and, according to the liberal Tax Policy Center, 93 percent of taxpayers would see a tax cut or no change in 2019. It found similar results for the House bill.

Both tax bills would actually increase the progressivity of the U.S. tax code. That means fewer people at the bottom will pay income taxes, and people at the top will see their share of taxes paid increase.

The Cato Institute’s Chris Edwards notes that the Senate tax bill cuts income taxes for people making $40,000 to $75,000 a year by about 37 percent. People making over $1 million see a cut of only 6 percent.

In two recent Daily Signal pieces, we calculated how 12 different taxpayers would fare under each of the tax plans. The results show that almost everyone will see a tax cut, and only the wealthiest families are at risk of their taxes going up.

Under the current tax code, the top 10 percent of income earners earn about 45 percent of all income and pay 70 percent of all federal income taxes. The U.S. tax code is already highly progressive, and these tax reforms will only increase the trend of the wealthy paying more than their share of income earned.

Now if you are in the $500,000/- yr earning bracket then may be you should consider moving from NY;

Are you in the high bracket? if so then your Taxes go up because your deductions will go down!

I will guess most all of us here on GS are not even close…right? so majority of us here on GS will reap a benefit from this bill/windfall!

CHEERS !**

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Re: All the Rich Folks wanting to move out from High Tax New York State!

Another share link of a “blog” :smack:

O bhai, instead of being the spokesman of FOX news and barbeit, get the facts straight.

the shared yahoo link is getting its info from this blog: 5 Myths About Tax Reform (And Why They?re Wrong) | The National Interest Blog

Hahahaha.. See time after time trump fans only prove them they are ignorant to the highest level.

And when I see this much ignorance I usually stay away from any argument cuz you only can argue with someone who knows the ground reality.

Please stay in lala land and keep thinking that Revoking Paris climate, Net neutrality, Muslim ban, Tax bill, mexican wall and all other upcoming presidential orders are going to make your life heaven and by this calculation I’m sure after next three years, you’ll be living in a paradise. So good for you!!

Make sure you send flowers in thanks to Trump and Steven bannon and award them with heavy donation

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Re: All the Rich Folks wanting to move out from High Tax New York State!

The Russians did it!

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Re: All the Rich Folks wanting to move out from High Tax New York State!

Yea he has made you happy by all means. but I guess you wouldnt like biryani then.

Btw Who do you idolize more: Trump or Steve bannon?

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Re: All the Rich Folks wanting to move out from High Tax New York State!

Broke people like me are trying to move to new york lol.

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Re: All the Rich Folks wanting to move out from High Tax New York State!

all good points but why focus only on ultra rich folks? why not answer this specific point below which I have found out to be true so far, unless I am missing something:

"people who do not own property, and they come close to 40 million to 50 million in all of the States who are apartment dwellers! and they are split half and half Dems and Repubs equally they ALL will benefit from this Tax Bill because their Standard Deduction went up! they do not loose any Property Tax deductions! and since do not Itemize they will not loose out on the SALT deduction that the rich folks take!"

as far as I know, all these poor folks with no homes mortgage and who dont itemize, will have their standardized deduction doubled overnight and it is a huge benefit for them. and we are talking about millions and millions of people. Over 40% people dont even own a home in the US.

So Can you please specifically address this point? I will appreciate a candid and honest response as I am also trying to gather facts. I dont trust FOX but i dont trust CNN either. both garbage and emotional, so guess what, I try to do my own research now and I need your help. So please help us paint a full picture. The problem is that the moment you try to see both sides of the picture you are labeled as pro trump fascist animal. and I know you hate trump but it it will be nice to address a full picture before passing a full judgment on this tax bill . that is all. thx

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Re: All the Rich Folks wanting to move out from High Tax New York State!

I never said and will say that its 100% garbage plan. But to me taking away mortgage interest is the one of the many flaws. If you see what was the main attraction of buying a home (other than the satisfaction of your own home) is when you submit tax returns you get the interest paid on mortgage on home costing less than $500, 000 coming back. First you note the point that mostly middle class people will buy home less than this price. Trump and his filthy class rich already buy far more than that.Now what kinda tax plan is it which has taken the biggest financial interest away from the middle class people and bring non-homeowners and homeowners (who are paying heavy interest to banks) in the same class? Who is getting benefit from it? THE BANKS. duh! LOL

If you want to analyze the tax bill dont go over it just thinking what will happen in 1-2 years. Think over the larger picture and you'll clearly notice that this tax plan is a dream come true for all banks, insurance companies, real estate moguls (trump is one of them) and all the top layer.

You are mentioning just one housing thing. What about the huge slash in tax from 35% to 20%? And as I mentioned removal of tax from private jets. As you said yourself, paint the full picture. So yea the full picture doesnt get completed till you count all the benefits that the ultra wealthy people will get.

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Re: All the Rich Folks wanting to move out from High Tax New York State!

SID, i am not trying to pick a fight or just make an argument with you. I am legitimately trying to understand the bill myself. every bill has good and bad stuff but so far i have only heard bad things about the bill (helping rich, private jets etc) and I am aware of them. lets see if their is any thing good. can you help me with that?

So before we go into more details, can you please answer the question that is this bill going to help all those people or not who have no homes today? we are talking about 35-40% of population who dont have homes...some on their own choose but many cannot afford. so my question is that isnt this bill going to double their standardized deductions ? that is a lot of money for someone who is making 25-45K a year.

once we are aligned on this one, we will move to second phase which is about people who have homes today and how is this bill going to impact them. thx

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Re: All the Rich Folks wanting to move out from High Tax New York State!

Oh no PD bro, there is no 'pick a fight' thing, its just a discussion. I can only point out what I know about anything. Same goes for this bill. As I know about mortgage interest thing, I mentioned it. Thats one of the hurting points.

Now first of all there were two bills. Now that both bills are reconciled, I havent read that final one yet. (PS: Those who have voted for it havent read it either, as mentioned by one of the republican senators)

So I'm sorry I dont know the answer yet. And I think most of us are in a similar boat. I can dig in and let you know. But best case, ask an accountant and they'll know better, only if they have studied the final plan.

Addition: And I apologize if you felt that my post was aggressive, I was just responding to the best of my knowledge

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Re: All the Rich Folks wanting to move out from High Tax New York State!

thx SID...and if you get a chance to verify, here is what I know based on what I have talked to accountants in detail so far, so pls verify this:

1) if you don't have home and no mortgage, most likely you dont itemize your expenses today and you use standardized deduction and that will be doubled under this bill i.e i think going up from 6000 to 12000. so this is a huge big plus for really low income people. lets talk about homeowners now

2) for current homeowners, nothing is changing, they are grandfathered into existing plans and will keep on taking the advantage of old rules. so no issue

3) for new homeowners, this tax plan cuts the current $1 million loan limit for the home-mortgage-interest deduction in half meaning that the bill would apply to new home purchases and under new bill, homeowners can deduct interest payments on up to $500,000 worth of home loans.

4) what it means that you can still get tax deduction for mortgage interest for home loans up to 500K and i do believe that majority of middle class and lower middle class in US own homes less than 500K (other than maybe NY, washington DC, san fransisco, LA) and if you take loan of more than 500K, first 500k is tax deductible.

the fact is that the new bill is bringing mortgage tax deduction below from 1MM to 500K so it is hurting people who are buying homes close to million dollar or more , not the folks who are buying 500K homes or less. this is what i know today. thx

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Re: All the Rich Folks wanting to move out from High Tax New York State!

:)

^^what a rosy picture. And everybody lives happily thereafter Trump's tax plan ;)

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Re: All the Rich Folks wanting to move out from High Tax New York State!

trust me....this rosy pic which i put in post 14 is coming from couple of my business school buddies, who are currently practicing accountants and who live in NYC and who are actually anti-trump by heart. now see, they are really upset about this tax plan as both of them have their eyes set to buy their next homes over 1.5 million dollar and they have to take loan mortgages way above $500K,so they are really upset but the plan is plan.

so my friend if you are planning to buy a home for 700K and put down 200K and take a loan of 500K, each and every cent that you pay in interest is tax deductible :) and i stand behind my statement.

what i wrote above in post 14 is factually correct based on my search SID. all you gotta do is to get it verified :(. The media is so divided that it only shows what it suits their plans. Fox does the same and so does CNN. so poor PD did a bit of search. yes bill has bad parts but right now, lets focus on real estate portion and get that sorted out.

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Re: All the Rich Folks wanting to move out from High Tax New York State!

PD bruv you know me from PA mod days. I do my research thoroughly. I said all above from what I know and I also mentioned what I dont know. And whatever I dont know yet I'll dig in. Thats how I pretty much come up to conclusion all the time. So i'll figure it out and will let you know :)

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Re: All the Rich Folks wanting to move out from High Tax New York State!

Btw @Southie and @queer may know even more than me

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Re: All the Rich Folks wanting to move out from High Tax New York State!

The original house and senate tax bills tried to punish high local and state tax localities. Not a coincidence that these areas are overwhelmingly blue.

Anyway, latest tax bill, the conference one that has been reconciled, has a lot of compromise and lollipops for almost everyone. Mortage amount raised to $750K, up to $10K of State and Local Tax deductions. Grad student tax idea dropped. Deficit is going to skyrocket but hey.... Republicans only moan about that under Obama.

If the Dems had racked up this much of a predicted deficit, at least they'd have earmarked some money for infrastructure spending. These a-holes are basically giving away the trillions creating the deficit to rich people and corporations.

No one will move from NY to Kansas over taxes. No matter how much Kansas has lowered its state taxes "to encourage growth", it just keeps withering and dying. I guess it takes more than just lack of taxes to attract talent - for example, a sensible local population that wont shoot and kill brown engineers who work at Garmin after calling them ISIS. SindSagar, are you moving to Kansas?

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Re: All the Rich Folks wanting to move out from High Tax New York State!

What many supporters are forgetting is that the individual taxes have a sunset clause while the corporate taxes don't. Many analysts warned that there would be time to pay when bush was giving tax cuts and invading away in the middle east but I didn't think that it would come like it is coming out now.

It is going to be bad for millions of americans but I hope the trump supporters are happy when they get decimated in the future. If there was only some way to make them hurt and realize their foolishness in supporting the current iteration of the GOP but alas, democrats will probably come and "fix" it, don't take any credit for it (others go low we go high crap) and another trump 2.0 will come take credit and promise more MAGA.