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The key factor you are leaving out is, California and New York, also have very large numbers of very wealthy people, who pay on average a much higher percentage
by Shivetya 8y ago
The key factor you are leaving out is, California and New York, also have very large numbers of very wealthy people, who pay on average a much higher percentage of all taxes in this country. That California and New York charge their residents higher rates is immaterial to this.
Hence the change is a soak the rich change would you would think that progressives would like. the same tax law changes included raising the standard deduction to twelve thousand thereby giving the poor, the middle class, and even portions of the upper middle class, a bigger write off. The only people negatively affected by the change are in income categories far in excess of the average American. The same people who many claim are not paying their fair share.
Well here is the simple truth, the wealth needed to pay for all the programs politicians are wanted cannot be made off the backs of billionaires. There aren't enough of them. You could take all their money and barely pay a year of the government. However the wealth does exist in the upper income earners, those north of hundred thousand and more. Over twenty percent of America is beyond that income level and they are most likely to be affected.
So, you have to ask yourself, who do we need to help? Who do we tax to pay for it?
- dsfyu404ed 8y ago>Hence the change is a soak the rich change would you would think that progressives would like. the same tax law changes included raising the standard deduction to twelve thousand thereby giving the poor, the middle class, and even portions of the upper middle class, a bigger write off. Even filing as a single male in a state that collects tax like it's going out of style and making a respectable tech salary I had a net decrease in taxes paid this year compared to last. That increase in standard deduction helped a lot of people. The inability to deduct SALT only hurt people who itemize and with the higher deduction very few people need to itemize.
- deleted 8y ago[deleted]