The recent news surrounding the proposed Republican tax plan from the House of Representatives is the first hint that the Republican Party is going to seriously consider how to tax the rich. These tax breaks are a big part of the Republican platform, and I think we saw enough of it from them this year to be concerned whether or not they have the right idea on how to tax the rich.
This year the Republicans did indeed do away with the estate tax. But they also did away with the cap on the amount of deductions you can claim. This means that for the first time ever, you can claim deductions for your mortgage or car payment. And I’m talking about the kind of deductions that you can take that will actually pay for your mortgage, car, and other expenses. In fact, if you combine all your deductions together, it will almost be more than your taxes.
I’m not sure if its a good idea, but the deduction for mortgage interest is an actual tax break that helps the typical taxpayer take advantage of the tax deduction. In addition, the cap on the amount that you can claim is a tax break for the rich. And this year the Republicans did that too. They also tried to get rid of the cap on deductions for state and local taxes. Again, this will help the rich take advantage of the deduction.
This one is obviously a no, but it’s worth pointing out since the cap is a tax break for the rich. There’s also a good chance that the cap will affect people who don’t live in a state with its own state income tax rate.
Like I said, I think this one will be a no. The state income tax rate in Louisiana is 13.01%. And the IRS has to treat the state income tax rate as a “business” tax rate, which would mean the rate would be higher than the cap. That’s a big no.
The government has to be held to the same level of scrutiny as the state income tax rate, which is the upper bound of the cap. If you have a couple hundred thousand dollars in your pocket (or that’s the cap) and you could get a good deal more than a $200,000 state income tax rate, you’d be much more likely to be able to get a $200,000 cap on your income. The rest is a joke, though.
The state income tax rate as a business tax rate is a little different than the cap for state income tax rates. The difference is that the cap is a maximum, instead of a minimum, which means it’s much easier for businesses to get the tax rate they want. The state income tax rate is also pretty high.
If you’re in a state that has higher income taxes, you’ll get a better deal. But its not. If you want to get a better deal, you’ll have to have more money to pay for it. I’m guessing you’ll get a better deal if you’ve got the state income tax rate. So, if you want to go to a state where the state income tax rate is lower, you’ve better luck.
A state that has a good deal on taxes is in the top 5% of the income earners, and that’s good enough for you. But if you want to get the state income tax rate lower, youve got to have a better deal. So, if youve got the state income tax rate lower than 5%, youve got to be better.