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College Sports Season Tickets Not Deductible and Taxing Coaches Salaries
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<blockquote data-quote="Deleted member 2897" data-source="post: 367165"><p>I am a big fan of drastically lowering the tax rate, but then removing all the deductions. Then, our government can't control or influence (or be influenced by) companies and rich fat cats. If there are no deductions, what would GE or Bill Gates lobby government for? But this is exactly why we will never really be able to clean up our tax code. There are too many people with their hands out. In the current tax bill (as I understand it), you can deduct your property taxes up to $10,000. Well that surely will cover anybody who considers themselves in the middle class. If you live in California in a $750,000 house and pay $20,000 a year in property taxes, you probably don't consider yourself rich. But come on, you're living there on purpose. Nobody wants to give up anything. A lot of Republicans voted against the House bill specifically because of this - nevermind that THE TAX RATES WERE GETTING CUT ON INCOME. I mean, if your tax rate drops 3% and you made $150,000 lets say, living in California. That's $4,500 less in federal income taxes you'll pay. And losing $10,000 worth of property tax deductions if your tax rate is 25% (I'm swagging a lot of this just for illustration), costs you $2,500 net. You still come out way ahead.</p></blockquote><p></p>
[QUOTE="Deleted member 2897, post: 367165"] I am a big fan of drastically lowering the tax rate, but then removing all the deductions. Then, our government can't control or influence (or be influenced by) companies and rich fat cats. If there are no deductions, what would GE or Bill Gates lobby government for? But this is exactly why we will never really be able to clean up our tax code. There are too many people with their hands out. In the current tax bill (as I understand it), you can deduct your property taxes up to $10,000. Well that surely will cover anybody who considers themselves in the middle class. If you live in California in a $750,000 house and pay $20,000 a year in property taxes, you probably don't consider yourself rich. But come on, you're living there on purpose. Nobody wants to give up anything. A lot of Republicans voted against the House bill specifically because of this - nevermind that THE TAX RATES WERE GETTING CUT ON INCOME. I mean, if your tax rate drops 3% and you made $150,000 lets say, living in California. That's $4,500 less in federal income taxes you'll pay. And losing $10,000 worth of property tax deductions if your tax rate is 25% (I'm swagging a lot of this just for illustration), costs you $2,500 net. You still come out way ahead. [/QUOTE]
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College Sports Season Tickets Not Deductible and Taxing Coaches Salaries
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