Some quick math. Assuming you’re single, this is your only income, and you have no other deductions to make use of:
$20,000 per year would mean $2,533.75 in Federal taxes owed. Since this is from actual pay, you’ll most likely have it deducted straight from your bi-weekly paychecks.
$60,000 per year would mean $10738.75 in Federal taxes owed. That’s a net increase of $8,205, or, if you’re budgeting it ahead of time, $683.75 per month.
This money can either come out of your paychecks if your university shoulders the responsibility of paying these taxes for you. That would literally cut your paycheck in half. Or you can be on the hook every April 15 of scrounging up 8 grand.
The California Association of Realtors, hardly a wild eyed libtard organization, has paid for a full page ad in several California newspapers, as well as Politico and the DC edition of the Wall Street Journal, opposing the Republican tax plan, as detrimental to the American dream of home ownership.
Yup. I’m a middle class working stiff Californian with a $600k mortgage. I stand to lose my mortgage interest deduction, plus deductions of state income tax and property tax; and I’d expect to see my home’s value take a big hit. This tax bill is a giant middle finger to California.
While the GOP tax bill is terrible, the point of tax reform is to eliminate deductions and reduce rates.
Given the information you’ve provided, I’d bet you pay less taxes than most Floridians making half your income. Tax reform is supposed to reduce that unfairness.
Roy Moore’s wife put out a letter signed by 53 Alabama pastors saying they supported him. Several of the pastors have said they did not sign the letter.
Anyone want to guess how long it will be until we get the tearful confession of how he sinned in his youth and was just too ashamed to admit it but now God has forgiven him? The week before the election? The day before?
Yes. That’s the point of THIS tax reform, but the idea of tax reform is a concept is to get rid of deductions, and any GOOD tax reform will probably get rid of the mortgage interest deduction and state and local tax deductions. All those are are payoffs to upper middle class voters, who are extremely valuable voters to politicians. They exist in large numbers and they donate to campaigns. But those are two of the biggest deductions in the tax code, so tax reform is meaningless without eliminating them or cutting them.
