www.reuters.com/article/us-usa-tax-itemizing/millions-would-lose-mortgage-gift-write-offs-under-u-s-tax-bill-study-idUSKBN1E206I
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www.reuters.com/article/us-usa-tax-itemizing/millions-would-lose-mortgage-gift-write-offs-under-u-s-tax-bill-study-idUSKBN1E206I
Shucks I understand this completely. Politics as usual.Republicans propose, the Democrats find hundreds of ways the world is falling apart.But then the Democrats propose, and the Republicans find hundreds of ways the world is falling apart.Got it. Sorta like the Jerusalem deal. Some time back I understand Democrats were all for the recognizing Jeruslem decision. BUT now that it is being done, it is a big NO NO@!It all sorta sucks bilge water. We don’t even need a congress, it is deadlocked by stupidity.________________Some facts but mostly just my [email protected]/
Until I went into business at 43 yrs of age, I did our own taxes. At 60 I started again. WE only filed a long form once. I figured them both ways and the one house we paid on for three years never made a difference.In the past few years neither did the donations, although they amounted to min $7K, never made a difference. Some of this stuff is over blown by tax filing companies like they are savingyou money.. TAxes ain’t that hard to do, I am shocked at educated intelligent folks who cannot fill out the simple (complicated sounding) forms both ways and see the difference.NOw I have always filed <100K, I don’t know about the rich guys. ________________Some facts but mostly just my [email protected]/
What a joke. They take the DOUBLE standard deduction and spin it to be bad. Millions won’t LOSE anything, they will take the higher deduction as they ALWAYS have, it will just happen to be that the standard deduction will now be HIGHER than itemizing for most people. IF people give more and pay more mortgage interest than the standard deduction (that is now doubled), then they will STILL itemize their taxes just as before.
Last I heard, the cap on mortgage interest deductions was going to drop to $500 K per year. Who can afford a home were the interest alone is $500 K? Not me and not anybody I know. If they can afford that kind of home, they can afford the taxes on their income.Yes, raising the standard deduction will reduce the number of people filing an itemized return, because their income will be reduced by the standard deduction. As it is, unless you are paying a mortgage which still has a large percentage of interest, you give a larger than average amount to charity and you medical bills are high enough to reach the minimum percentage of income to deduct the balance, you gain more from the higher standard deduction without all the paperwork.How will it affect church giving? On a local level I believe Christians pay tithes and give because they love the Lord, not for a tax deduction. Some who give will be able to itemize on taxes, but the Saints in the pews are not motivated to give for the sake of reduced taxes. Now if they start taxing the local church property (our campgrounds, state and national office building and colleges), there’s were the pain will come.
Not so fast. You’ve obviously never been a church clerk or treasurer who endured the wrath of the dear saints in the pews after you made a $5.00 error on their annual giving statement,have you? That’s when you find out how important that tax deduction is to them________________“Hell will be filled with people that didn’t cuss, didn’t drink, and may even have been baptized. Why? Because none of those things makes someone a Christian.”
Yeah – it stinks for those of us that itemize deductions________________
How so? There are a number of things in the tax bill that concern me, but I’m having trouble understanding why this would be one of them.
Re: Do y’all support this?
Yeah – it stinks for those of us that itemize deductions.
Re: Last I heard …
Not so fast. You’ve obviously never been a church clerk or treasurer who endured the wrath of the dear saints in the pews after you made a $5.00 error on their annual giving statement,have you? That’s when you find out how important that tax deduction is to them. Yes, thank God for faithful Church Treasurers who are as quite as monks about who gives what and who does not, while suffering the tax season inquires and the monthly reports. God bless them all!As to changes in the tax bill, it is the loss of business expense deductions that would be my undoing. Not to mention the Parsonage Allowance tax deduction. Even so, come Lord Jesus, hopefully before April 15th!
I guess I travel in the wrong circles. BUT I have NEVER known anyone who GAVE for a deduction. THAT has never made sense to me.I remember a nephew who couldn’t wait until the end of the year to use his Interest payments on his house as a deduction. He was SOOO disappointed when it did not pay him back for the interest. LOLQUESTION…..What is the status of the Tax bill? I pay very little attention to the news and NEVER watch TV for news or entertainment. I remember hearing my wife say last week, that it had passed the /senate. Are they still hammering differences in house and senate?????If they are, like every time before, it will be so watered down no one will know there was a change…. IF ANY! ________________Some facts but mostly just my [email protected]/
Cojak you need to consider
Re: Cojak you need to consider
Re: Cojak you need to consider
This doesn’t make any sense. You know what offsets the tax bill associated with other income better than giving 50k to a church? Having 50k in your bank account.
How so? There are a number of things in the tax bill that concern me, but I’m having trouble understanding why this would be one of them. If you are currently itemizing because the minimum standard deduction is X and your deductions are Y, and they raise the minimum standard deduction to Y, you are still writing off the exact same amount. How is that a loss? If property taxes are limited or charitable donations are limited (or eliminated) (which may still happen) – the total amount of deductions is smaller.If the higher standard covers it – you are out nothing.If you are over that amount – your taxes go UP________________
Here’s the thing…
Every tax bill tries to become revenue neutral. That is, in some way, the same amount of money keeps coming in to the government.BUT THAT IS PRECISELY THE PROBLEM!!! The government doesn’t want to spend anything less than it is already spending!Here’s how you do it: You pass a law that says every penny you make is taxed at a flat rate. Or, you might create a national sales tax that applies to everything but essential food items. Or some other way of doing things.As for businesses, you tell them that they can pay X% of income…or X+% of profit, whichever is the most (this keeps businesses from playing the numbers so that they don’t have to pay anything, etc.) If the government brings in HALF of what it brought in last year, THEN GROW UP AND DO WHAT VIRTUALLY EVERY FAMILY IN AMERICA HAS TO DO AT TIMES: MAKE CHOICES!