In terms of this, CA trump supporters may not be worse off with T. But anyway, CA T supporters did not have any impact on election results
Hillary was going to increase tax rates on those people too. There’s no avoiding it. No one is going to suggest the 42% paying zero start paying taxes. They are too large of voting block. You’re only hope of avoiding tax increases is to start demanding less government spending.
You may want to change to S-Corp and choose to be taxed as corporation. Ask your CPA. This might be a huge tax cut for you.
You forgot we liberals like taxes. I myself won’t mind more taxes if they are used in ways I approve. But looks like my taxes will actually be cut under trump.
GOP may start cutting spending after the tax bill. The only way to cut spending is to first reduce tax, only discuss spending cut when money is tight. No one wants to cut spending when there is enough to spend and a lot to borrow. Only 1 senator wants to control deficit as of now
So your position is democrats increasing taxes is good but republicans increasing taxes is bad? My head hurts trying to understand that.
Yeah right. It blows up the deficit and the debt. So much for so-called fiscal conservatives.
Nope. I am only saying you guys are voting for things you said you hated. I vote for things I like. Logical consistency.
Hillary was going to increase taxes as well. So that part is unavoidable unless someone cuts spending. There’s zero chance of democrats cutting spending.
We need to lower California state taxes. Californians have no impact on federal tax policy, but state tax is in your hands. Go!
I voted for Johnson. Trump is disgusting and Hillary is too liberal…
Voting for Johnson is a cop out. Same with Stein. But anyway in CA it doesn’t matter.
Deficit and the debt won’t blow up under the Dems. Thought you care about that?
A large part of our issue is the 2 party system. More parties would make it so they can’t cater to the extreme of each base once they have a majority. They’d have to drop party ideology and do what’s best for people.
2 party system is the natural outcome of winner takes all system. Unless we rewrote the constitution and have a European style proportional representation system 2 parties are all we are ever gonna get.
Of course it is, but I have always hated Trump…
I would even prefer Hillary over him …
This tax “cut” is historically unpopular, like trump. Surprisingly it’s even less popular than tax hikes.
Up to 50k net income,after all deductions, LLC are better for californians due to state tax benefits. Above 50k income, S-Corp is better in California.
Potentially everyone earning above 125k in California pays additional taxes than paying less.
For sure , All tax filers, annual income 150k, whoever filing itemized in California are going to pay 5% tax increase by eliminating state income tax from deduction.
Detailed information was posted in yesterday mercury news which state (NJ, NY, CA…etc) filers will pay how much additional…
I have been itemizing every single year. I also hit AMT every single year. As a result, none of my SALT or property tax is deductible. In that regard, nothing changes for me. The new rule also raises the threshold to phase out child tax credit, from $110K(which disqualifies most families in Silicon Valley) to $500K(which includes most families in Silicon Valley). I think it is very likely a typical Silicon Valley family will have lower tax under the new rule.
I didn’t vote for Trump last time. Should I seriously consider him in the next election, if he is still eligible?
We think our taxes will go down slightly. For us, it’s the elimination of ever getting hit with AMT that makes us more secure.