Property tax eduction. Good for corps but not us

[RealDave]

The Republicans are doing it again.

They are taking away the federal income tax deduction for property taxes on our homesteads. Yet corporations & landlords still get theirs.

Middle class people get a small tax cut! Whooppeee. But they lose several deductions like the property tax write off.

Corporations see their top tax rate fall from 35% to 20%. A 40+% cut. They keep their property tax deduction. Landlords keep their deduction. Both because these are business deductions.

Republicans are giggling & laughing as they think because blue states tend to have higher property taxes that they are fucking over Democrats.

This is how stupid Republicans are.

There are 15 Republicans from CA & 9 From NY in the US Congress that are Republican. McConnell & Ryan are pissing on them. These people are not stupid & Republicans could lose House seats in these States.

 

[DGS49]

For the vast majority of Americans who itemize, the doubling of the standard deduction will more than offset the loss of the property tax deduction. For others, whose property tax deduction is - shall we say - enormous, they can still itemize.

Corporations are not people [you IDIOT!]. A corporation is a fictitious "person" created by the state to protect the personal assets of its owners. 90% of corporations treat their taxes the same way as a partnership does: the company merely serves as a conduit for income to flow to the owners as TAXABLE income. Hence, the corporation itself PAYS NO INCOME TAXES. For other corporations, our current Federal Tax rate, especially when coupled with state income taxes, creates a perverse situation where major business decisions are being made solely on the basis of TAX RAMIFICATIONS, rather than on maximizing the profitability of the entity - which is its reason for existence, after all.

Reducing federal tax rates to rates which are comparable to our international counterparts will reduce this perverse incentive, and make more profits available to be paid out to shareholders as TAXABLE dividends, and to employees in wages, bonuses, and benefits.

 

[RealDave]

For the vast majority of Americans who itemize, the doubling of the standard deduction will more than offset the loss of the property tax deduction. For others, whose property tax deduction is - shall we say - enormous, they can still itemize.

Corporations are not people [you IDIOT!]. A corporation is a fictitious "person" created by the state to protect the personal assets of its owners. 90% of corporations treat their taxes the same way as a partnership does: the company merely serves as a conduit for income to flow to the owners as TAXABLE income. Hence, the corporation itself PAYS NO INCOME TAXES. For other corporations, our current Federal Tax rate, especially when coupled with state income taxes, creates a perverse situation where major business decisions are being made solely on the basis of TAX RAMIFICATIONS, rather than on maximizing the profitability of the entity - which is its reason for existence, after all.

Reducing federal tax rates to rates which are comparable to our international counterparts will reduce this perverse incentive, and make more profits available to be paid out to shareholders as TAXABLE dividends, and to employees in wages, bonuses, and benefits.

Business owners choose to be treated as individuals. Their corp proftis are just treated as individual income. They still write off their property taxes as a business expense.

And I see you think corp will give everyone a raise when they get this tax cut? Really? Corps have piles of money now so why aren't they passing our raises?