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by mankash666
3141 days ago
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The current administration is not pro small business, for all their shilling about being business friendly. If the current tax bill passes as is, it'll trigger a housing crisis (mortgage deductions capped at $500K), probably increase tax for residents of states with state income taxes, and kill startups with this options thing. It'll only benefit Trump & his big business cronies. |
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~97.5% of all home owners will remain unaffected by that cap at $500,000.
"approximately 2.5 percent of Americans are paying mortgages on homes valued at $500,000 or more."
https://www.washingtonpost.com/news/wonk/wp/2017/11/03/how-m...
88% of the benefit of the state income tax subsidization goes to people making over six figures.
"The state and local tax deduction disproportionately benefits high-income taxpayers, with more than 88 percent of the benefit flowing to those with incomes in excess of $100,000."
https://taxfoundation.org/press-release/benefits-state-local...
You're taking issue with taxes going up on people that are doing quite well, in other words.
Further, the stock options taxation policy has been removed from the Senate legislation and has zero chance of becoming law.
The 20% corporate income tax rate will benefit the majority of small businesses.