General Discussion

JHB

(38,138 posts)

45. 55 Minus 10

Wed Apr 26, 2017, 10:58 PM

Apr 2017

Below is an image of the US Federal income tax rates for 1955 adjusted for inflation.

Lop 10% off the rate in each bracket: 20% becomes 10%, 22% becomes 12%, all the way up.

The biggest reason for directly basing it off the 50s tax rates (and lower than what was in effect then) is to fire a shot across the bow of everyone who "wants their country back". These are the tax rates they're talking about for THAT country.

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Wait they're really going to eliminate all deductions besides charity and mortgage? [View all] Johonny Apr 2017 OP

I'm a process server BamaRefugee Apr 2017 #1

Doesn't your milage expense come off your Schedule C dumbcat Apr 2017 #17

I'd have to ask my acccountant! BamaRefugee Apr 2017 #47

Then I would suggest you also ask your accountant dumbcat Apr 2017 #48

"before making comments on things you don't know about" ????? BamaRefugee Apr 2017 #49

Oh Gads! I'm hit! dumbcat Apr 2017 #50

no worries BamaRefugee Apr 2017 #58

LOL! AgadorSparticus Apr 2017 #59

The thing about tax proposals The Velveteen Ocelot Apr 2017 #2

Returning wealth to its rightful owners underpants Apr 2017 #3

The true Wellstone ruled Apr 2017 #4

Is this now going to be... sheshe2 Apr 2017 #8

When was it not? Wounded Bear Apr 2017 #14

So very sad, isn't it. sheshe2 Apr 2017 #18

No trickle! It's an opening for the WhiteTara Apr 2017 #20

"Returning wealth to OUR rightful owners." FIXED. WinkyDink Apr 2017 #24

And here's a hint--their idea of 'rightful owners' and yours are not the same! Maeve Apr 2017 #27

Yup. It's a big middle finger to blue states crazylikafox Apr 2017 #5

this mopinko Apr 2017 #35

Paying for a spouse or a parent's marybourg Apr 2017 #6

Since when was LTC tax-deductible? It wasn't for me, either with my husband in 2014 or my mother in WinkyDink Apr 2017 #26

I don't know why not. It's marybourg Apr 2017 #41

Unless the parent was declared a "Dependent" (and I'm thinking not just in December of the tax year) WinkyDink Apr 2017 #42

This is grade school kind of pie-in-the-sky thinking. randome Apr 2017 #7

Notice how the "Homeowner" protection conveniently does not include MedusaX Apr 2017 #9

Good descriptor of Trump's business model... Wounded Bear Apr 2017 #15

Still screwing the middle class up the ass with a cactus isn't he? n/t CousinIT Apr 2017 #10

That would suck no medical, mileage etc will he lower our tax rate! FloridaBlues Apr 2017 #11

They're "simplifying the tax rate" to three rates at not yet determined income levels... Johonny Apr 2017 #13

Anytime they talk about "simplifying" taxes by cutting brackets they're lying... JHB Apr 2017 #23

You just go to the tax table exboyfil Apr 2017 #29

Can somebody even tell me why we still use a bracketing system? Volaris Apr 2017 #43

Yes, you are missing something. Progressive taxation is based on a "credit" for basic necessities... JHB Apr 2017 #44

55 Minus 10 JHB Apr 2017 #45

I thought the rates were: 15% becomes 25%; 28% becomes 35%, as does 39.6%. WinkyDink Apr 2017 #31

That was one suspicion. Igel Apr 2017 #40

Stupid "postcard tax return" mentality. Ilsa Apr 2017 #12

See #45 above JHB Apr 2017 #46

the only deductions i have are charitable and DesertFlower Apr 2017 #16

The mortgage deduction was stressed as one of TWO deductions remaining, the other's being chari- WinkyDink Apr 2017 #32

I think the standard deduction wants to go to $30k elias7 Apr 2017 #19

Not if a person just bought a middle class house and have prop taxes, 30k wouldn't cover no where... uponit7771 Apr 2017 #21

Um...subject-verb? "the standard deduction wants to go to $30k"---I don't get it. And no standard WinkyDink Apr 2017 #28

individual goes from 6 to 12k ... MedusaX Apr 2017 #30

This message was self-deleted by its author Skittles Apr 2017 #56

Michiganders and Pennsylvanians Are Going to Be Pissed Off, Too Leith Apr 2017 #22

Oh, I AM (PA.). WinkyDink Apr 2017 #33

Those swing states are not the only ones to be angered. Dawson Leery Apr 2017 #57

I heard there is one more major deduction that will stand DFW Apr 2017 #25

Exactly right. CaliforniaPeggy Apr 2017 #34

The middle class are going to be poor. Doreen Apr 2017 #36

Don't forget child care and other dependents. nikibatts Apr 2017 #37

Gone. WinkyDink Apr 2017 #39

It will hurt all the blue states the worst because they're the ones who are willing pnwmom Apr 2017 #38

Working people are going to abandon this doofus by the millions Warpy Apr 2017 #51

No they won't. They've proven that they will continue to vote against their own interests so... Kablooie Apr 2017 #53

Conservative brainwashing radio, that's why sharedvalues Apr 2017 #55

And mortgage deductions are only for people who can afford a mortgage. Kablooie Apr 2017 #52

I would see my taxes go down for sure MichMan Apr 2017 #54