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How much income tax did you pay in 2018?

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  • ENT Doc ENT Doc 
    Participant
    Status: Physician
    Posts: 3024
    Joined: 01/14/2017

    State taxes and mortgage interest have no business being deductible. Why exactly should all other Americans, more specifically future generations, subsidize your high state taxes and high mortgage interest?

    There’s no evidence that this law targeted Democrats. As with any law some people will benefit while some won’t. Just because a specific outcome occurred doesn’t mean that was the intent – it could just as well be a simple byproduct of the law that can’t possibly have equal effects. Further, just because people in blue states tended to pay more there’s no proof that those people actually paying the higher amounts voted Democrat. They’re just paying higher amounts because now they are realizing the full effects of their high state taxes and mortgage decision. If they happen to be Democrats so be it. If they happen to be Republicans so be it.

    You want to talk about “loopholes” that put a hurt on tax revenues to the government? The SALT and mortgage interest deductions are two of the biggest. Feel free to move or vote in people who actually have fiscal restraint. But don’t make unverifiable claims about preferential targeting or complain about the fact that everyone else isn’t bailing you out any more.

    #198515 Reply
    Liked by Zaphod, DCdoc, MaxPower, ZZZ
    Avatar Scopemonkey 
    Participant
    Status: Physician
    Posts: 66
    Joined: 12/28/2017

    How much tax this year?  An amount I can barely fathom.

    #198521 Reply
    Avatar Wiscoblue 
    Participant
    Status: Physician
    Posts: 149
    Joined: 05/17/2017

    High state taxes result from the state of residence and only serve that state. I lost $30k in state tax deduction. I’m fine with that. Why would anyone expect to pay a lower federal tax (which benefits everyone) simply because they live in a high tax state? Why should a person in Florida making 250k pay more federal tax than a person living in NY earning the same salary?

    Click to expand…

    I see your point. I hate all taxes.

    #198538 Reply
    Avatar Larry Ragman 
    Participant
    Status: Other Professional
    Posts: 490
    Joined: 08/30/2018

    Ah, right, no bracket reduction over $600K. That would do it.

    #198539 Reply
    Avatar Wiscoblue 
    Participant
    Status: Physician
    Posts: 149
    Joined: 05/17/2017

    State taxes and mortgage interest have no business being deductible. Why exactly should all other Americans, more specifically future generations, subsidize your high state taxes and high mortgage interest?

    There’s no evidence that this law targeted Democrats. As with any law some people will benefit while some won’t. Just because a specific outcome occurred doesn’t mean that was the intent – it could just as well be a simple byproduct of the law that can’t possibly have equal effects. Further, just because people in blue states tended to pay more there’s no proof that those people actually paying the higher amounts voted Democrat. They’re just paying higher amounts because now they are realizing the full effects of their high state taxes and mortgage decision. If they happen to be Democrats so be it. If they happen to be Republicans so be it.

    You want to talk about “loopholes” that put a hurt on tax revenues to the government? The SALT and mortgage interest deductions are two of the biggest. Feel free to move or vote in people who actually have fiscal restraint. But don’t make unverifiable claims about preferential targeting or complain about the fact that everyone else isn’t bailing you out any more.

    Click to expand…

    I’ve voted republican for as far back as I can remember. But I’m pretty sure the recent tax bill targeted blue states. They also happened to be high income tax and high property value states, in addition to high property taxes.

    And as far as ‘bailing’, I don’t pretend to be an expert in economics but I think the top states providing revenue for the federal government (corrected for population) are mostly blue states. It seems to me that I’m the one bailing out red states while living in a blue state. But that’s looking at it very superficially. The blue states used to get some back in the form of deductions for their high state taxes and expensive housing. When that got taken away, there is a definite tilt towards the red states benefiting from this tax law. Again, I’m not an expert and I’m open to others views and to be educated by knowledgeable people like you on this board.

    #198541 Reply
    Liked by Dusn
    ENT Doc ENT Doc 
    Participant
    Status: Physician
    Posts: 3024
    Joined: 01/14/2017
    But I’m pretty sure the recent tax bill targeted blue states. They also happened to be high income tax and high property value states, in addition to high property taxes.

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    You prove my point in your second sentence above.  Just because they happened to be the states where taxes were highest doesn’t mean they were “targeted”.  They just happened to be disproportionately affected.

    I think the top states providing revenue for the federal government (corrected for population) are mostly blue states. It seems to me that I’m the one bailing out red states while living in a blue state.

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    This is not correct.  You aren’t bailing out a state – you are bailing out free loaders.  Those free loaders (those who pay little to no tax) exist in every state, red and blue.  You would be paying the same federal tax regardless of where you lived, red or blue state.  It’s your income that is being targeted.

    The blue states used to get some back in the form of deductions for their high state taxes and expensive housing.

    Click to expand…

    Again, why should future taxpayers subsidize the people choosing to live in high tax regimes?  The blue states didn’t get anything back.  The specific individuals benefiting from the aforementioned deductions benefited – and they shouldn’t.  Now if you want to argue that taxes should be lower or less progressive I’m on board with that.  But I’m against deductions, subsidies, and credits.  They make things look cheaper and create market distortions that wouldn’t exist if people were made to realize the full cost of things.

    When that got taken away, there is a definite tilt towards the red states benefiting from this tax law.

    Click to expand…

    How exactly are red states benefiting here?  Certainly high income and high mortgage individuals in their states are feeling the pain as well.  The government is collecting more money from those not benefiting from the deductions (as much), regardless of their location.  And while I’ll concede this will fall disproportionately on blue states, it’s not like the federales are now shoveling that money into red states now.  They’re simply collecting more money so we can be less badly in debt.

    #198563 Reply
    Avatar Dusn 
    Participant
    Status: Physician
    Posts: 152
    Joined: 01/02/2018

    The nation’s debt went up dramatically as a result of this tax law.

    And red states by in large receive far more federal assistance:

    https://wallethub.com/edu/states-most-least-dependent-on-the-federal-government/2700/

    #198566 Reply
    The White Coat Investor The White Coat Investor 
    Keymaster
    Status: Physician
    Posts: 4263
    Joined: 05/13/2011

    Just a fun poll – how much did you pay total in income taxes, and for bonus points what was your total tax rate? Here’s mine to start:

    $72,000; 21.6%

    Click to expand…

    Taxes are the ultimate political topic. As near as I can tell, only 1 or 2 other people answered your poll. The rest of this thread degenerated and started generating more heat than light, so I closed it.

    Site/Forum Owner, Emergency Physician, Blogger, and author of The White Coat Investor: A Doctor's Guide to Personal Finance and Investing
    Helping Those Who Wear The White Coat Get A "Fair Shake" on Wall Street since 2011

    #198577 Reply
    Liked by Zaphod

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