Key GOP chairman: House will not accept 'total elimination' of property tax deductions

[DonViejo]

Source: The Hill




BY OLIVIA BEAVERS - 11/12/17 09:33 AM EST

House Ways and Means Committee Chairman Kevin Brady (R-Texas) said Sunday the lower chamber will not accept the total elimination of state and local property tax deductions as part of the final tax reform bill.

When asked by host Chris Wallace on “Fox News Sunday” whether he can "guarantee" that "total elimination" will not be included, Brady responded, "I can."

“I’m convinced that this is where we will end up,” the Texas lawmaker said, adding that it is important that Americans keep more of what they earn. Wallace again pressed Brady, asking if the chairman is saying the House won’t accept total elimination.

“That’s what I’m saying," Brady responded.

Read more: http://thehill.com/homenews/senate/359981-brady-house-will-not-accept-total-elimination-in-final-tax-reform-proposal

[turbinetree]

1. So asshole.....................

you came out and said what you said, I have two fucking questions that should have been asked

MEDICARE, and SOCIAL SECURITY------------------

If this BS tax bill is passed, will your leader Eddie Munster Paul Ryan ( Ayn Rand), then come back and say that to get rid of the 1.4 TRILLION deficit, that if MEDICARE and the SOCIAL SECURITY Treasury bonds earning money from all of us that have paid into the trust funds are to be used to cut to pay down that 1.4 TRILLION deficit--------------YES or NO asshole?


My answer is yes, they are on the block............and that is when I go into the street...........



So when you said this: “I’m convinced that this is where we will end up,” the Texas lawmaker said, adding that it is important that Americans keep more of what they earn.

So asshole I earned and paid for my MEDICARE and my SOCIAL SECURITY, are going to let me keep what I paid for, after I helped make millions for those oligarchs in this country that don't pay shit into the system, like for instance these 27 and counting:

https://www.usatoday.com/story/money/markets/2016/03/07/27-giant-profitable-companies-paid-no-taxes/81399094/


And then there are the hedge funds:

http://www.politifact.com/ohio/statements/2011/aug/22/sherrod-brown/sen-sherrod-brown-says-wall-street-hedge-fund-mana/

[Igel]

4. FICA is a separate tax.

It's not federal income tax. They're not discussing it.

As it is, the SS trust fund accrued $35 billion in the year ending 7/17. https://www.ssa.gov/policy/trust-funds-summary.html

In some years it had a net loss of trust funds. Otherwise, it's entirely on a pay-as-you-go basis. I paid FICA not to stockpile money for me but to pay for my mother's benefits. A small percentage of what I paid was put in the trust fund, but when if it runs dry according to current predictions I'll be in my 70s and reliant on it.

Medicare is a set of taxes. The dedicated Medicare portion is mostly expended every year; there's a trust fund, IIRC, that's due to be drained in a few years because expenses for that fund exceed revenues, but that may have already happened for all I know. Every time there's a tax reform the stated agreement that all parties pledge to uphold is to reform Medicare to make it live in its budget. Then every year all the parties to this agreement toss a heap of money from general revenues into Medicare. Medicare mostly isn't adequately funded and a big chunk of the electorate gets an additional subsidy from people who don't themselves qualify for Medicare. If you're on Medicare, it's not from any money you put into the system; if you're paying Medicare taxes, you're not paying into any kind of trust fund that'll pay back to you what you paid in. (At least with SS and FICA there is a trust fund.)

Now, *that* general-revenues portion of Medicare funding almost is certainly up for discussion because it's part of general revenues and not dedicated funding.


And there's little awareness that relatively soon general revenues will have to cough up money to redeem SS trust fund securities, either by issuing additional public Treasury securities or covering the cost with general revenues.

[turbinetree]

5. Medicare and the Ryan plan from 2012

https://www.mediamatters.org/research/2012/08/11/seven-things-the-media-needs-to-know-about-paul/189277


Ryan and this Bradley character will not cover the cost for those treasury funds to the budget on these three programs, you have to issue bonds to cover them, they currently will have a 1.4 trillion short fall in that budget, if they can pass it, and they will use Medicare, Medicaid, and Social Security-------------

https://www.pgpf.org/budget-basics/budget-explainer-what-are-federal-trust-funds


-snip-

" Ultimately, trust fund income and outlays are not separate from the rest of the federal budget, and the sustainability of trust fund programs, like Social Security, depends on the overall sustainability of the federal government."


Call me paranoid, but Ryan hates these three programs, some one has to pay for that budget tax cut

[justgamma]

2. The way they work

they'll probably eliminate it for the most expensive houses to give the poor rich people a break.

[Igel]

3. Which will look like simply limiting the deduction to a set figure.

You can deduct the first $500 or $1000 of property taxes.

(I'd like to see it worded differently: You can deduct perhaps the first $1000 of your combined state income and property taxes. States with no income tax make up for it with property tax. The income tax deduction's always been unfair to people in those states; last time I had a state income tax deduction I didn't need to itemize, but in a state where I have no state income tax if I don't itemize I can't deduct property taxes. I don't usually have enough to itemize.)