Good day all. This story came out a couple of weeks ago, but is still valid today. It concerns the tax cuts President Trump pushed through congress and the effects it will have on the rich Progressives infesting Kalifornistan.
Long story short, they are going to get it in the shorts. While the Progressive Liberal Democrats keep screaming that the Trump tax cuts are either “Bread crumbs” or “Only go to the wealthy”, the fact is, the tax cuts are benefiting the middle class. The uber rich, in their multi-million dollar replica’s of the Palace of Versailles are going to end up paying a heck of a lot more.
This has them up in arms. “How DARE they be forced to pay taxes! Only the little people should be paying taxes, not I, the wealthy elitist. I should be given government money so that I may spread my wisdom among the filthy masses from my palatial estates in the People’s Democratic Republic of Kalifornistan.” The Sacramento Bee has some of the amusing details:
President Donald Trump’s tax cuts will be anything but for about 1 million California taxpayers who will owe Uncle Sam more money a year from now. They’re the Californians who will lose a collective $12 billion because the new law caps a deduction they have been able to take for paying their state and local taxes, according to a new analysis by the Franchise Tax Board. Very wealthy Californians earning more than $1 million a year will pay the lion’s share of that money, with 43,000 of them paying a combined $9 billion.
But some middle-class Californians will pay more, too.
Here it comes!
About 751,000 households with incomes under $250,000 probably will owe more tax. All together, they’ll owe an extra $1.1 billion.
Now here’s where the numbers get interesting. The “Middle class” in Kalifornistan, thanks to the ridiculously high cost of living, generally make well into the 6 figures in pay. They have to in order to not actually starve to death, thanks to Kalifornistan’s political class making it damn near impossible to build housing or other forms of infrastructure. Pretty much anywhere else in the country, those same people would be considered part of the rich. Still, most people out in the Land of the Fruits and the Nuts will benefit.
The FTB has been releasing reports on the new tax law in waves since December, explaining in detail how it differs from state regulations and analyzing how taxpayers might respond to the changes.
We already know how they’re responding to the tax and regulatory environment in Kalifornistan. They’re leaving as soon as they can get a Uhaul van.
Overall, most Californians should see a tax cut. The new federal law doubles the standard deduction available to all taxpayers, and it increases a child tax credit. It also slashes corporate tax rates.
Not to worry. Kalifornistan’s political class is already looking at raising taxes to “recover” that dirty money that they don’t deserve, even if they actually worked to earn it.
It’s still hard to tell how it will affect individual families and businesses, said Controller Betty Yee, a member of the tax board. She doesn’t have a clear picture yet on how different aspects of the new law will interact and potentially change taxpayer decisions.
“What we’ve been telling taxpayers is just stay in touch with your own situation, stay in touch with your tax preparer,” she said.
“And with the state,” she said, referring to the Legislature and other policy makers, “we shouldn’t rush to judgment.”
Sure we should! If the Supreme Soviet has their way, they will take every penny from people who benefit from the tax cuts. After all, only the collective wisdom of the educated elites can possibly know how to spend the taxpayer’s money.
Meanwhile, we have Party General Secretary, Jerry “Governor Moonbeam” Brown. He is most unhappy that his primary constituency, rich liberals, are actually going to have to actually pay taxes.
California Democratic leaders have been wary of how the tax law will play out. Gov. Jerry Brown called it “evil in the extreme,” arguing that it primarily benefits wealthy people and swells federal deficits by hundreds of billions of dollars.
He also said in January that he’s worried that the changes will provide an incentive for wealthy Californians to leave the state, potentially starving the state of tax revenue. The state’s wealthiest 1 percent, for instance, pay about 48 percent of the state’s personal income tax.
I wonder, do you think the old moonbat actually understands that these two remarks are dead opposite of each other? It’s either “These tax cuts for the rich!” or “This is unfair to rich people! Now they might leave for states with lower taxes!” Somehow, I doubt it. It’s long been known that his elevator doesn’t go all the way to the top.
The fact is, the new tax law actually benefits the working stiffs trying to make a better life for themselves and their families. I have seen some benefit, and since my mortgage deduction is below the cap, I still get that benefit. Oh yes, New Hampshire doesn’t have a sales or income tax so more winning for me. Massachusetts, like Kalifornistan, is a state run by morons or, as they are also known, “Tax fattened hyenas.” Now the Progressives are going to feel some of the pain they have been inflicting on the rest of us for century. It couldn’t happen to a nicer bucnh.
Thatisall
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