At least one Regular American ended up with a tax hike.

[Different Drummer]

https://threadreaderapp.com/thread/1094003252138594305.html

[world wide wally]

1. Not only that, but he didn't get a bonus either!

[still_one]

2. I will be paying significantly more taxes. The main reason is because they eliminated the Personal

exemptions for everyone, and capped itemized deductions on SIT + Property Tax, plus removed the deduction for equity line of credit unless it was used to improve the house. Using it to help pay for a child's college doesn't count.


Increasing the Standard Deduction, but eliminating the personal exemption is a zero sum game for those who used to itemize deductions.


I wouldn't mind paying the increased taxes if it was for healthcare for all, the environment, low income housing, etc., but for the republicans cockamamie wall, and trickle down economics, which has demonstrated from the past to be a complete failure, and increasing the deficit unecessarily, its bullshit

[blm]

3. same

.

[roamer65]

4. It's going to get brutal in NY, NJ, CA and New England.

This is the kinda stuff that creates significant secession movements.

There once a set of British colonies that separated over taxation issues...

[still_one]

5. There is no question about it, this was punitive against the large blue states with high property

tax and SIT for not voting for trump


However, by eliminating the personal exemption for everyone, a lot of folks I suspect won't see as big of a tax break as they may think

[roamer65]

6. Correct.

There is only one subset of the middle class that appreciably benefitted from the tax cut, from what i’m seeing so far.

Single, standard deduction w/o kids. It’s a very narrow subset.

My taxes were cut by about 22 pct over last year’s taxes, on roundabout the same income.

[still_one]

7. The biggest largest gains are to the corporations and the extremely wealthy.

[Blue_true]

8. Actually, people in Arizona and Texas are going to get hammered.

UpperMiddleClass honeowners in New Hampshire are going to get pounded on the property tax deduction.

I really think that blue voters will see through this. The problem children will be voters in blue states that vote red. If you look at socalled tax revolts of the past, they are usually concentrated in red areas of blue states. The anti tax proposition in Massachusetts some years back is the lone exception, the one in California was a more mixed case because that state still had significant red areas when it passed, and was mostly electing republicans to most statewide offices.