• About
  • Contact
  • Give
Newsletter
NOQ Report - Conservative Christian News, Opinions, and Quotes
Sunday, August 7, 2022
  • Home
    • About
    • Give
  • News
  • Opinions
  • Quotes
  • Around the Web
  • Videos
  • Podcasts
No Result
View All Result
  • Home
    • About
    • Give
  • News
  • Opinions
  • Quotes
  • Around the Web
  • Videos
  • Podcasts
No Result
View All Result
NOQ Report - Conservative Christian News, Opinions, and Quotes
No Result
View All Result

NOQ Report Is Moving to AmericaFirstReport.com

Here's the GOP tax plan…and it sucks if you live in New Jersey or California

by Steve Berman
November 2, 2017
in News

NOQ Report Is Moving to AmericaFirstReport.com

The economy is tanking. We recommend two America First precious metals firms. Our Gold Guy delivers personal service, no gimmicks. GoldCo offers a wide array of products. You can’t go wrong with either (or both).

The GOP has finally unveiled details of the “tax reform” plan coming out of the House Ways and Means Committee. Yay.
I use scare-quotes around “tax reform” because it doesn’t really reform much, but it does monkey with deductions, exemptions, tax credits and brackets. For many Americans on a paycheck it will put more cash into their pockets. But if you live in a high tax state like New Jersey, New York, or California, you might get soaked.
I’ll get to that in a minute…first, some highlights.
The top bracket will remain at 39.6%. They wanted to lower it but Democrats won the day here. As for deductions, the standard deduction nearly doubled from $12,700 (married) to $24,400, along the same lines as the head of household and single deductions. But the personal exemption of $4,050 will disappear. So, the question here is: will the added standard deduction result in a lower tax bill or not?
Democrats are claiming it will increase most Americans’ tax burden. But that’s been debunked. Apparently they only looked at Democrats in high tax states, not, you know, the whole country. The WaPo fact checker gave them the dreaded “four Pinnochios.” For shame.

Democrats are lying about Republican tax plan, says Washington Post fact-checker

http://www.washingtonexaminer.com/democrats-are-lying-about-the-gop-tax-plan-says-washington-post-fact-checker/article/2639367The Washington Post’s fact-checker said Thursday that Democrats aren’t telling the truth when they say the Republican tax plan would raise taxes on most middle-class families. In an early Thursday morning story, fact-checker Glenn Kessler gave Democrats four Pinocchios for making that claim. Kessler noted that the data Democrats used to make their argument actually showed that taxpayers in each of the five income bands used in the analysis would see a tax cut, not a hike, and that the average cut would be $450 for 80 percent of families.

Less itemization

That all depends on if you itemize. With such a high standard deduction, some of the caps proposed to what used to be itemized deductions may cause more people to file a non-itemized return. That’s the “reform” part, I guess. Less work for Uncle Sam looking at the Schedule A and associated documents.
The big deal is a cap of $10,000 for property tax only, and no deduction at all for other state and local taxes. If you live in a high income-tax state, well, ouch. That part of the bill may not survive.
One way for Californians and other meta-socialist dwellers to get their deductions back would be to give more to charity. I know, Democrats would rather pay taxes and let the government give away their money, but charity is still completely deductible. That’s good news for Christians, who give the most.
For high-value home buyers, the interest deduction, currently capped at loans up to $1 million, will cut in half to $500,000. Meh. And the dreaded Alternative Minimum Tax (AMT), will go away. That’s bad for the super rich and their accountants. Again for the rest of us, meh.
No changes will be made to the $18,000 pretax deferral for 401(k) contributions. At least they didn’t monkey with our retirement (as if Social Security isn’t a 10-ton gorilla monkeying with our retirement, but that’s a different story).

Reports

Republicans Release Tax Plan, Cutting Corporate and Middle-Class Taxes

https://www.nytimes.com/2017/11/02/us/politics/tax-plan-republicans.html?action=Click&contentCollection=BreakingNews&contentID=66033953&pgtype=Homepage&_r=0The compromise, as it had been sketched out this week, would preserve the deduction for property taxes, but not for state and local income taxes, and it appeared as if there would be a cap on the deduction. But at first glance, it did not appear as if that was enough to win over all of the New York and New Jersey members.

What the Republican Tax Plan Means for You – WSJ

https://www.wsj.com/articles/what-the-republican-tax-plan-means-for-you-1509629815The highlights include lower rates for many individual households but not the highest earners; fewer individual tax brackets; a larger standard deduction for households who don’t itemize their tax bills; trimmed-back deductions for state and local taxes; eventual repeal of the estate tax; and much lower rates for corporate profits and profits for individuals on unincorporated business income.


Don’t get caught unprepared as things go south. Order a case of five life-saving antibiotics prescribed directly to you by board certified physicians. Use promo code “RUCKER10” for $10 off. Having an emergency supply of antibiotics is crucial before the crap hits the fan.


Reactions

WashPost: "Any Democrat who spread this claim should delete their tweets and make clear they were in error." https://t.co/0WwOmH6Qul

— The White House (@WhiteHouse) November 2, 2017

Washington Post fact-checker: Democrats are lying about the GOP tax plan https://t.co/XZ8GptLl3g pic.twitter.com/9M19GiBz0X

— Washington Examiner (@dcexaminer) November 2, 2017

GOP Tax Plan "Talking Point" Highlights Released https://t.co/ZE6qtKOqUX

— zerohedge (@zerohedge) November 2, 2017

BREAKING: GOP tax plan kills deductions for student-loan interest and medical expenses. https://t.co/MchRNU94R4 @WSJPolitics

— Aaron Zitner (@aaronzitner) November 2, 2017

Final thoughts

The real question here: Is the GOP tax plan better than doing nothing? In government, doing nothing is almost always better than doing something, since legislators tend to screw up everything they do. The less they do, the less to screw up. But in this case, the jury is still out for me. Personally, it would likely be a wash. I don’t make enough money to be affected by the high tax bracket and AMT issues. I don’t live in a relatively high-tax state (Georgia isn’t Florida, Texas or New Hampshire, but it’s not New Jersey either). The rest of the changes might put some cash in my pocket–or not.
I think it’s a good start. But the more these things get kicked around, the more they get turned into rotting fly-infested carcasses that don’t resemble the thing they were supposed to be. This is why the jury is out…we may yet find out that doing nothing was the right move.



They’re Trying to Shut Us Down

Over the last several months, I’ve lost count of how many times the powers-that-be have tried to shut us down. They’ve sent hackers at us, forcing us to take extreme measures on web security. They sent attorneys after us, but thankfully we’re not easily intimidated by baseless accusations or threats. They’ve even gone so far as to make physical threats. Those can actually be a bit worrisome but Remington has me covered.

For us to continue to deliver the truth that Americans need to read and hear, we ask you, our amazing audience, for financial assistance. We just launched a GiveSendGo page to help us pay the bills. It’s brand new so don’t be discouraged by the lack of donations there. It’s a funny reality that the fewer the donations that have been made, the less likely people are willing to donate to it. One would think this is counterintuitive, but sometimes people are skeptical because they think that perhaps there’s a reason others haven’t been donating. In our situation, we’re just getting started so please don’t be shy if you have the means to help.

Thank you and God bless!

JD Rucker

TOP Buy Physical Precious Metals
Tags: deductionsEconomyFeaturedGOP tax planlocal budgetpoliticalproperty taxesRepublican Partystate and local taxestax credits deductions and exemptionstax plantax reformtaxationTaxesTop StoryWashington Post
  • Jan says:
    November 2, 2017 at 9:13 pm

    We will have to do our taxes to tell if this a tax cut or not.

  • Bypass Big Tech Censors



    My Shows

    The JD Rucker Show (Rumble)
    The JD Rucker Podcast (Apple)
    Red State Talk Radio (M-F 2pm ET)
    America Out Loud (M-F 7pm ET)
    America First Report (Substack)
    The Late Prepper (Substack)
    End Medical Tyranny (Substack)

    Our Sponsors

     
    MyPillow Promo Code NOQ

    MyPatriotSupply

    Z-Stack Life

    Our Gold Guy
     
    Valley Food
     

    Shows

    7 Signs of Hope

    Pandemic Panic Theater 2.0

    Precious Metals Companies Hate You

    Trump Fixes

    Kari Lake Almost Robbed

    10 Preps

    Bypass Big Tech Censors

    RSS The Federalist

    • The Time To Hold Corrupt Bureaucrats Like Christopher Wray Accountable Is Before They Are Even Confirmed
    • Dick Cheney Ignores His Own Record While Indicting Trump As Worst Threat To American Democracy Ever
    • Senate Witnesses: It’s Time To Make Sure Research On Pandemics Isn’t Causing Them
    • Grassley’s Questioning Of Wray Suggests Biden Scandal Is The Tip Of The Deep-State Iceberg
    • Netflix’s ‘Spiderhead’ Is A Subpar Retelling Of A Classic Short Story

    RSS The Blaze

    • Former Nickelodeon star Jenette McCurdy says children's cable network offered $300,000 in 'hush money' not to reveal offers of unwanted massages and underage alcohol
    • Rachel Levine gets SKEWERED for suggesting 'gender affirmation treatments' somehow 'empower' youth
    • Charles Payne and others expose hidden problems with 'booming' jobs report, Peter Doocy presses White House about disappointing economic statistic
    • Tulsi Gabbard lights up Kamala Harris for 'hypocrisy' of defending Brittney Griner and not Americans locked up at home for marijuana violations
    • Intense video shows the moment Las Vegas smoke shop owner stabs would-be thief: 'I was in a fight or flight mode'

    RSS PJ Media

    • Mayor Adams 'Greets' Illegals in NYC, but Most Don't Show Out of Fear
    • GOP Senators Will Hold Democrats' Feet to the Fire in All-Night Vote-a-Rama
    • GOP to Go on Offense Against Intel Officials in Hunter Biden Probe
    • Dems Miffed Bernie Sanders Telling Truth About Inflation Reduction Act
    • Did Lightning Caused by Climate Change Really Kill Three People in Washington?

    RSS National File

    • Gay Couple Used Adopted Sons to Make Child Porn, Police Say
    • Oakland Teacher Charged with Molesting Student Remained at School for 17 Years Despite Red Flags
    • Video: African Migrant Brutally Attacks Italian in Broad Daylight Amidst Illegal Migration Surge
    • Half-Naked Man Teaches Child to Pole Dance at PA Pride Event
    • Screenwriter Exposes Hollywood Pedophilia on ‘In The Trenches With Teddy Daniels’

    RSS Townhall

    • Will He or Won’t He
    • Biden Administration Takes a Step Back on Railroad Safety
    • War, Burn Pits, Resentment, and Grace: A Natural Imbalance
    • A Quick, Compelling Bible Study Vol. 125: The Right Hand of God
    • Both Inflation and Inaction Are Unbiblical

    RSS RedState

    • RedState on the Air: Brad Slager Interviews Managing Ed. Jennifer Van Laar on WBT Radio About California Policies
    • Jerry Jones Shows His Trust in Ezekiel Elliot as a Starter, Plus a Look at Elliot's Fantasy Football Stock
    • OPINION: The Alex Jones Verdict Is Wrong and Dangerous
    • New Poll Shows Americans Aren't Buying Latest Dem Spin on Economy, Biden
    • PODCAST: Duke Over America 189, WAAM Radio Edition: Sunday, August 7th, 2022
    • About
    • Contact
    • Give

    © 2021 NOQ Report

    No Result
    View All Result
    • Home
      • About
      • Give
    • News
    • Opinions
    • Quotes
    • Around the Web
    • Videos
    • Podcasts

    © 2021 NOQ Report

    Session expired

    Please log in again. The login page will open in a new tab. After logging in you can close it and return to this page.

    >