[bruin]

How does the proposed tax reform affect you? The big changes are that you can no longer deduct state and local taxes and the mortgage changes. Mortgage interest will be limited to the first $412,000 in higher priced areas. Also, it will be changed to a credit of 15%, so if you are in a bracket above that, you will pay more taxes.

The bone they throw to compensate? No more AMT.

Overall however, these amount to a huge tax increase by themselves. Read my lips, higher taxes.

[FoxV]

$this->bbcode_second_pass_quote('bruin', 'O')verall however, these amount to a huge tax increase by themselves. Read my lips, higher taxes.

[bruin]

http://www.businessweek.com/bwdaily/dnf ... _db016.htm

[falser]

These changes were just final "proposals". It's fairly likely this will get voted down in Congress - how many of them do you think will be hurt by these changes? But I hope it passes, they should've gone further because they gotta pay for Iraq somehow.

[nth]

Most of us will pay higher taxes, but don't be fooled. This is no tax hike. This is a huge tax cut for the wealthy top 0.3% of Americans.

[bruin]

This article has more details:

Marketwatch link

[basil_hayden]

Once again, i make life plans according to the rules, and they change the rules. This elimination of the mortgage deduction really smells bad. On paper, it's supposed to hit the rich more than the middle class, but let's face it - the rich can handle it, the middle class and poor cannot. This is essentially my only deduction, without it i'm screwed.

edit- As it was described last night in the news, this was proposed to simplify the tax code. HOW EXACTLY DOES ELIMINATING A DEDUCTION and ADDING A CREDIT SIMPLIFY THE DAMN TAX CODE? More BS for the masses.

[emersonbiggins]

$this->bbcode_second_pass_quote('basil_hayden', 'O')nce again, i make life plans according to the rules, and they change the rules.

[BabyPeanut]

limiting tax deductions for home-mortgage interest

[Bobbotov]

Isn't eliminating state and local tax deductions and then being charged for that in federal taxes as taxable income result in double taxation? Did we not start a revolution over stuff like this?

[Novus]

This is what Americans get for voting Replican. Another tax cut for the rich payed for on the backs of the working poor. The AMT is only thing that keeps America from sliding back to the age of robber barons when the rich payed no taxes at all and most of America was dirt poor.

[holmes]

and the dumb fuc sheople support this and not gas tax. Pure unadulterated idiocy. Herd them up and put them out to pasture I say. Thats all they are a protein source. Brand them and viola u got some cattle. They need daily beatings tho this new cattle. It tenderizes the meat.

[holmes]

$this->bbcode_second_pass_quote('Bobbotov', 'D')id we not start a revolution over stuff like this?