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You are missing the point of the article completely.
Posted on: July 10, 2017 at 21:12:31 CT
JeffB MU
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The point is NOT whether there are very rich liberals, nor is it whether or not Republicans or conservatives have gone bankrupt.
The point is that liberal tax and spend policies do not create wealth for anybody, but instead destroy wealth and hurt poor people the most of all.
"New York and California house many Billonaires and are very liberal states and it doesn't seem keep the rich folks from living there nor does it cashes them to go broke"
New York and California are states virtually everyone lists in the top 10 states most likely to go broke. Their pension funds are underfunded by HUNDREDS OF BILLIONS and they are already billions in debt with some of the highest tax rates in the nation.
and it looks like state tax deductions may be removed from income tax forms:
Blame the Spendaholics, Not Tax Reformers
https://www.creators.com/read/betsy-mccaughey/04/17/blame-the-spendaholics-not-tax-reformers
If you live in tax hell — New York, Illinois, California, New Jersey or Connecticut — paying your state and local taxes could soon become even more painful. Congressional Republicans and President Trump have plans to lower federal tax rates for almost everyone and simplify tax rules. All good news. But there's a catch for residents of high-tax states.
For now, federal tax filers can deduct their state and local taxes when calculating what they owe the IRS — reducing the bite out of their wallets. But the House GOP tax reform eliminates those deductions to partly pay for dramatically lowering rates. The Trump tax overhaul, expected today, is said to cap these deductions. Ouch.
Almost half the taxpayers in Maryland and New Jersey and more than one-third of California and New York taxpayers take these deductions. New Yorkers who itemize on average deduct a whopping $21,000 for state and local taxes. Hardly chump change.
----
California:
$118.7 billion in total debt.
$785.72 billion in unfunded liabilities and other retirement benefits.
New York:
$58.32 billion in total debt.
$349.81 billion in unfunded liabilities and other retirement benefits.
The point is that liberal tax and spend policies do not create wealth for anybody, but instead destroy wealth and hurt poor people the most of all.
"New York and California house many Billonaires and are very liberal states and it doesn't seem keep the rich folks from living there nor does it cashes them to go broke"
New York and California are states virtually everyone lists in the top 10 states most likely to go broke. Their pension funds are underfunded by HUNDREDS OF BILLIONS and they are already billions in debt with some of the highest tax rates in the nation.
and it looks like state tax deductions may be removed from income tax forms:
Blame the Spendaholics, Not Tax Reformers
https://www.creators.com/read/betsy-mccaughey/04/17/blame-the-spendaholics-not-tax-reformers
If you live in tax hell — New York, Illinois, California, New Jersey or Connecticut — paying your state and local taxes could soon become even more painful. Congressional Republicans and President Trump have plans to lower federal tax rates for almost everyone and simplify tax rules. All good news. But there's a catch for residents of high-tax states.
For now, federal tax filers can deduct their state and local taxes when calculating what they owe the IRS — reducing the bite out of their wallets. But the House GOP tax reform eliminates those deductions to partly pay for dramatically lowering rates. The Trump tax overhaul, expected today, is said to cap these deductions. Ouch.
Almost half the taxpayers in Maryland and New Jersey and more than one-third of California and New York taxpayers take these deductions. New Yorkers who itemize on average deduct a whopping $21,000 for state and local taxes. Hardly chump change.
----
California:
$118.7 billion in total debt.
$785.72 billion in unfunded liabilities and other retirement benefits.
New York:
$58.32 billion in total debt.
$349.81 billion in unfunded liabilities and other retirement benefits.
Please explain why this message is being reported.
MESSAGE THREAD
You are missing the point of the article completely. - JeffB MU - 7/10 21:12:31