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Old 11-24-2017, 07:05 PM   #57
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Oh I forgot the most important one:

"Until ANY changes are actually signed into LAW it is all just Blah, Blah, Blah" or could be yada, yada, yada, same thing
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Old 11-25-2017, 11:29 AM   #58
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Originally Posted by Rvlegaleagle View Post
"Since when can you write off sales tax, please explain so I can understand, Iím am very serious, really want to know, thank you Maybe this is an individual state thing?"

It sure is Stuart

"No, Dan; you don't "get the value of the doubled deduction plus any deductions above that amount." Either you take the standard deduction or you itemize; one or the other."

True

"So, if I lose $20K in itemized deductions and gain $12K in the new standard deduction, I pay taxes on $8K more than I used to. That's a tax increase any way you look at it. And, that's just about where I'll be if this "tax reform" passes."

Yup


"Our taxes are too high I agree BUT government spending is WAY too high also. Something has to give or our grand kids are going to inheret a HUGE mess. Sorry for the rant!!"

Have 3 myself and they were screwed BEFORE they were born, HAS LITTLE TO DO WITH TAXES
The deduction for sales tax is that you get either the sales tax paid, including big ticket items like RVís, or you get your state income tax paid, whichever is higher. It is a state thing only from the standpoint of whether or not your state has sales tax and/or income taxes.

The math on your deductions is a bit off. If you lose $20,000 in itemized deductions, but your standard deduction goes from $12,000 to $24,000 then you are actually better off by $4,000 plus if you have a state tax refund it will no longer be taxable because you didnít itemize. Just part of the pluses and minuses of tax law and what may or may not happen.
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Old 11-25-2017, 02:09 PM   #59
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Based on the lobbying, I expect that the final tax bill coming out of conference will have a cap on mortgage interest, but allow a single 2nd (vacation / RV) home. Additionally, I would expect the deductions for charitable giving and property taxes (capped as well and limited to the two residences) to remain.

Gosh, I need to find a way to make my RV a business!

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Old 11-25-2017, 02:37 PM   #60
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Looks like we live in the wrong state and county, but still working so no choice yet, will be traveling and visiting potential retirement states in the RV.


Stuart,

In the year you made a large purchase RV etc. you can deduct the sales tax or your state income tax but not both. A California accountant should be able to help you on this.
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Old 11-25-2017, 02:44 PM   #61
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Our taxes would be a lot lower if more people actually paid some. With all the deductions many perhaps over half donít pay into the general fund. Payroll taxes and sales tax yes, none of that pays to run the country.


So true, my neighbor is disabled. So gets SS/ Food stamps/pays no taxes, including property taxes etc. But he is able to paint cars for cash in his large enclosed shop. Yes he is scarred up from an offshore incident, but his bragging on how he beats the system boils my blood!
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Old 11-25-2017, 09:23 PM   #62
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So true, my neighbor is disabled. So gets SS/ Food stamps/pays no taxes, including property taxes etc. But he is able to paint cars for cash in his large enclosed shop. Yes he is scarred up from an offshore incident, but his bragging on how he beats the system boils my blood!
Could be some reward $$ for you. Welfare cheats need to be called to account, IMHO.
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Old 11-25-2017, 09:33 PM   #63
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How about corporations pay taxes again ant the top 2% pay progressive tac.
Like the 60s were so bad for business and the Middle-class?
Figure it out
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Old 11-26-2017, 02:34 PM   #64
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How about corporations pay taxes again ant the top 2% pay progressive tac.
Like the 60s were so bad for business and the Middle-class?
Figure it out
Corporations do not pay taxes, they never have. They collect it from consumers as part of the cost of doing business and send it to the government. Raise taxes on corporations and they raise prices on consumers. That along with the cost of materials and labour contributes to inflation = higher prices to consumers. We consumers are the only class that truly pay taxes.
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Old 11-26-2017, 04:10 PM   #65
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Potential new tax code

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Originally Posted by Hgrace56 View Post
How about corporations pay taxes again ant the top 2% pay progressive tac.
Like the 60s were so bad for business and the Middle-class?
Figure it out


Well corporations do pay taxes which are passed on to everyone as higher prices or diminished returns on investment. Those corporations that don't pay taxes do so because they take advantage of tax breaks for this or that implemented by congress to achieve some goal or another which are vigorously protected by lobbyists.

The US also has the most progressive tax system in the developed world.

I work 100 hour weeks to scrape the bottom of the top 1% and pay more than my fair share already, TYVM.
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Old 11-26-2017, 07:06 PM   #66
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Money shuffle.
Smoke and mirrors.
A shell game.
Slight of hand.
Spoof.
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Old 11-26-2017, 07:31 PM   #67
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Fro myself any potential Federal post sale taxes deductions are not a consideration. If I get a break great but it has never been and never will be a driving factor.
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