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Deduction targeted to end in tax bill popular across U.S.; in Arkansas, fifth of filers claimed it in ’15

By Compiled by Democrat-Gazette staff from wire reports

This article was published November 19, 2017 at 4:30 a.m.

in-this-thursday-nov-16-2017-file-photo-house-speaker-paul-ryan-of-wis-joined-by-house-republicans-speaks-to-the-media-following-a-vote-on-tax-reform-on-capitol-hill-in-washington

In this Thursday, Nov. 16, 2017 file photo, House Speaker Paul Ryan of Wis., joined by House Republicans, speaks to the media following a vote on tax reform, on Capitol Hill in Washington.

ATLANTA -- A popular deduction targeted to end in the GOP's overhaul of the tax code is claimed by more than a quarter of all filers in a majority of states, including many led by Republicans where some residents eventually stand to see their federal tax bills rise.

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Print Headline: Targeted deduction popular across U.S.; In Arkansas, fifth of filers claimed it in ’15

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Comments on: Deduction targeted to end in tax bill popular across U.S.; in Arkansas, fifth of filers claimed it in ’15

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pavlov says... November 19, 2017 at 6:57 a.m.

Why not give us a choice.....the proposed higher standard deduction of 12,000 ....or the deduction of SALT plus the ORIGINAL standard deduction of 6,300 ?

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RBear says... November 19, 2017 at 7:16 a.m.

Good question pavlov. My guess is Republicans are worried about the loss of tax revenue from average Americans needed to help pay for the cuts to the wealthy and corporations. This tax reform bill is a kludge of issues that are going to be VERY difficult to work out in reconciliation. The SALT deduction is just one example of eliminated deductions that affect the average American. Another is interest on student loans. This impacts young people who are trying to make a start in life

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PopulistMom says... November 19, 2017 at 7:34 a.m.

I agree with RBear. The Republicans are trying to sell this package as "tax cuts" when many of us will pay increases with the elimination of the deductions. For my family, this package would be a tax increase. As RBear pointed out, they need the revenue to pay for the elimination of the estate tax on the most wealthy and the reduction of corporate taxes. Nevertheless, the Republicans have been on tv with their propaganda show of "cutting taxes". The rates may be lower, but the taxes increase with the elimination of deductions.

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cliffcarson says... November 19, 2017 at 8:03 a.m.

In Arkansas the average SALT amount deducted is around $9,000 plus. Now that I am retired it won't be like it was when I was working but we are being told that we will now have to pay a Federal Tax on the amount of SALT taxes we pay. This is being done to give the high income and Corporate more money to enjoy. doesn't seem right to me. The last year I worked for a large Corporation, the employees at my Arkansas facility were told that profit Goals were not met for the year and therefore there would be no raises for the Arkansas workers. However at Corporate Headquarters, the President of the Arkansas Division of the Corporation was given a Bonus that exceeded the combined salaries of the annual salaries of the workers at the Arkansas facility . The reason stated by the Corporation was that his group had exceeded profit goals. The Arkansas facility was indeed the Cash Cow for the Corporation.

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pavlov says... November 19, 2017 at 8:32 a.m.

Corporations don't actually pay taxes anyway. That tax is just passed to employees, stockholders and people who buy the product of the corporation. This only makes American products less competitive. The rich already pay the vast majority of income taxes in this country (remember 49% of 'taxpayers' pay no federal income tax) so any tax cut will of course benefit them more than the average joe (as it should), however eliminating the SALT will negatively affect the rich MORE than it will the average taxpayer as they pay higher amounts in SALT.

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PopulistMom says... November 19, 2017 at 8:51 a.m.

pavlov,

I see no reason why people should pay a lower capital gains tax for sitting on inherited wealth than people who work. The rich get many of the benefits in this society. A Stephens may pay quite a bit in taxes, but how much taxpayer money does he get from bond issues and other government contracts? The big chicken farmers, steel mills, and paper mills get to dump their wastes in our waters without paying a dime for the privilege (in most states). The Kochs get rich dumping gunk in our waters and contribute handsomely to political campaigns so that they can have this privilege. Monsanto and Dow also give handsomely so they can make money off chemicals which cause cancer and birth defects. Rich guys like Donald Trump get deferments so poor guys from the Delta can die in Vietnam. No, the rich are not getting a bad deal here. The people who get the short stick on taxes are the middle and professional classes who work hard so that people at the bottom can collect disability while they are on drugs and while the people at the top can pay off politicians to give them government contracts and lower tax rates.

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RBear says... November 19, 2017 at 8:52 a.m.

pavlov, the trickle down thought about taxes into products is really a meaningless one. Companies pass the savings along to shareholders in increased earnings, not in cheaper products to consumers. I know it's a noble thought, but it's about as meaningless as the thought they will also pass those to workers in wages. Those taxes are designed to provide a well-supported economy through common infrastructure, safe working conditions for average Americans, and a secure financial system for all.
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To just promote the trickle down idea while ignoring the infrastructure reality shows how little you truly understand our economy. Take away the highway system and tell me how cheap these products would really be. Take away our ports, built with additional funds from the federal government, and tell me how cheap they would be. The list goes on. But those arguments are ALWAYS excluded from right wing conversations.
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Wanna go head to head on these issues? I'm ready including a vast list on the wealthy. You parrot the rhetorical line of the right without really understanding the details.

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GoBigRed says... November 19, 2017 at 8:59 a.m.

Interesting way to put it Pavlov.
Who are the 49 percent of Americans who don't pay income taxes? The vast majority are the lowest income households, the elderly and young working families with children.
So, you are saying that it is a shame we pay people so little that they qualify to pay zero federal taxes?
49 % ? I guess it would really upset you to know that 2/3rds ( more than 66%) of all active corporations had zero tax liability?

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pavlov says... November 19, 2017 at 9:05 a.m.

Probably somewhat, but not entirely true. More profitable companies DO pay better wages and benefits. Higher earnings for stockholders result in YOUR 401K, IRA or stockholdings being worth more $....and YOU pay more taxes on those holdings. YOU are better off. Taxes are still collected . America remains competitive in the world market....which increases jobs HERE.....more jobs here means more competition to hire employees which drives wages up.

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RBear says... November 19, 2017 at 9:35 a.m.

Pavlov, once again more rhetoric. Very few benefits from tax cuts flow into the retirement savings of average Americans and Republicans were going to shift taxes on some of those accounts in one version of the bill.
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With regards to wages, some companies do pay better wages but those have been anemic in growth even though companies have experienced higher earnings. There is no indication that will change with this bill. If they aren’t raising wages today with higher earnings, why would they do it then?
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One way I’ve advocated for seeing wages rise is to couple the tax cuts to business with a raise in the federal minimum wage to $12 or higher. That would make sure the average American benefited. But i’l Bet you won’t get behind that.
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You are parroting the lines of Laffer advocates even though there is no proof of those ideas EVER working. All the while our deficit and debt rise. Wanna try another round?

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