Wed Nov 1, 2017, 06:57 PM

This is terrible tax plan for middle level managers

There are those of us who are hard working reliable mid-level managers .. But not quite superstars.. We stuck in middle.. And hung out to dry..

We are going to get fucked.. And there won't be anyone to help us. If you don't itemize your returns - I am sure you are quite happy with the doubling of std. deduction. If you earn mainly through an llc or a corporation.. You are going to be making out like a bandit.

Those of us working 50-60 weeks, killing ourselves for the next promotion and be able to pay our mortgages.. And the super high property taxes (not uncommon to pay 25000 in my town) so that our kids can go to good schools.

For all my troubles - the following things are probably gone: state and local tax deduction, mortgage interest deduction and tax deferred 401 contributions.

I am sure there will be many on DU who don't care much for any of the above.. But just because it doesn't affect you does not mean that it is not a punch to the gut for someone.

I am all for shared burden.. But in this case Republicans are stealing from the educated upper middle class (who mostly vote Democratic) and giving it to the filthy rich.

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50 replies	Author	Time	Post
This is terrible tax plan for middle level managers (Original post)	Le Gaucher	Nov 2017	OP
My wife and I will be hit hard. We're upper middle class in California	taught_me_patience	Nov 2017	#1
I do not have your situation BUT I DO CARE	Angry Dragon	Nov 2017	#3
Thanks.	taught_me_patience	Nov 2017	#7
All my tax proposal related threads have sunken like stone	Le Gaucher	Nov 2017	#9
Same here. The net result is an even larger draining of California tax money out of state	Johonny	Nov 2017	#12
I am in your boat ... based on the plan I am looking at 10k more Fed taxes	MyNameIsKhan	Nov 2017	#2
My fear is that there aren't enough of us to topple this tax reform	Le Gaucher	Nov 2017	#4
I hope that republicans in blue states block it	taught_me_patience	Nov 2017	#5
huh ! the russian stooge	MyNameIsKhan	Nov 2017	#6
The issue is how to fund the tax breaks Repukes have promised, 5.5Trillion over 10years and	MyNameIsKhan	Nov 2017	#8
My fear is that Democrats from poor districts in Red states will support it	Le Gaucher	Nov 2017	#10
Yeah, this seems like an incredibly risky gamble for the GOP	cemaphonic	Nov 2017	#44
Capping the mortgage interest deduction at 500k makes it even worse	taught_me_patience	Nov 2017	#48
I am reading the tax reform.. Looks like 401k and property tax	Le Gaucher	Nov 2017	#11
Without the personal exemption and state taxes	Johonny	Nov 2017	#13
agreed .. I am still going to be hit.	Le Gaucher	Nov 2017	#17
They left the 401k alone, but the property tax deduction is capped to $10,000 from what I've read.	WillowTree	Nov 2017	#20
not uncommon to have 25k property taxes in my town	Le Gaucher	Nov 2017	#21
This message was self-deleted by its author	WillowTree	Nov 2017	#23
This message was self-deleted by its author	WinkyDink	Nov 2017	#36
Trump's Middle Class Tax Hike	lagomorph777	Nov 2017	#14
Just wait until it blows a hole in the deficit and invokes a dollar crisis.	roamer65	Nov 2017	#15
Not sure how the plan would affect me. But being single with no kids and no mortgage and	SweetieD	Nov 2017	#16
I refi'ed my student loan using SoFi	Le Gaucher	Nov 2017	#18
My student loan situation is a nightmare. And is the subject of another thread. There is no	SweetieD	Nov 2017	#19
same here .. I pay $700/month in student loans	Le Gaucher	Nov 2017	#22
I am in the same situation as you. It's a nightmare and the republicans are only making it worse.	smirkymonkey	Nov 2017	#45
This message was self-deleted by its author	WinkyDink	Nov 2017	#30
We are far below upper middle class	Skidmore	Nov 2017	#24
We're going to take a hit too	Bettie	Nov 2017	#25
I doubt many people will be hurt DIRECTLY in the plan released today. Some will, but	Hoyt	Nov 2017	#26
This message was self-deleted by its author	WinkyDink	Nov 2017	#28
You must be making a ton of money unless by "much increased" you mean a few thousand dollars.	Hoyt	Nov 2017	#31
This message was self-deleted by its author	WinkyDink	Nov 2017	#37
So, you still deduct your $5500 under Trump's plan. You lose some state income tax deduction, but	Hoyt	Nov 2017	#39
This message was self-deleted by its author	WinkyDink	Nov 2017	#43
That would be one of those other matters to criticize ("whine" about).	Hoyt	Nov 2017	#47
It's a big give away to the rich, but not awful for the poor	Johnny2X2X	Nov 2017	#27
This message was self-deleted by its author	WinkyDink	Nov 2017	#29
It's not what they want.	Johnny2X2X	Nov 2017	#32
This message was self-deleted by its author	WinkyDink	Nov 2017	#34
That's exactly how I would put it.	Le Gaucher	Nov 2017	#38
One thing, they are eliminating the personal exemption, so you aren't getting a doubling of	Hoyt	Nov 2017	#35
This message was self-deleted by its author	WinkyDink	Nov 2017	#33
I don't know. Every ignorant GOPer I've ever me thinks they are going to make a million dollars	Hoyt	Nov 2017	#40
They think they are getting 4K tax refunds next year nt	maryellen99	Nov 2017	#42
I wish the media spoke in term of a median and not mean.	Le Gaucher	Nov 2017	#46
I have heard that those things are non-starters.	Demsrule86	Nov 2017	#41
I'd save quite a bit in taxes with this plan...	Joe941	Nov 2017	#49
My Republican Congressman is voting against it ..	Le Gaucher	Nov 2017	#50

Response to Le Gaucher (Original post)

Wed Nov 1, 2017, 07:06 PM

taught_me_patience (5,477 posts)

1. My wife and I will be hit hard. We're upper middle class in California

We'll lose 35k in SALT deductions. Plus, our marginal tax rate is 43%, so the reduction of the 401k would be a HUGE blow to our ability to save. I'm middle management and wife is a physician who works about 60 hours a week... so we're pretty much in the same boat as you. It sucks. Most here at DU don't really care because it affects those making 150-350k.

This is terrible tax plan for middle level managers

1. My wife and I will be hit hard. We're upper middle class in California

3. I do not have your situation BUT I DO CARE

7. Thanks.

9. All my tax proposal related threads have sunken like stone

12. Same here. The net result is an even larger draining of California tax money out of state

2. I am in your boat ... based on the plan I am looking at 10k more Fed taxes

4. My fear is that there aren't enough of us to topple this tax reform

5. I hope that republicans in blue states block it

6. huh ! the russian stooge

8. The issue is how to fund the tax breaks Repukes have promised, 5.5Trillion over 10years and

10. My fear is that Democrats from poor districts in Red states will support it

44. Yeah, this seems like an incredibly risky gamble for the GOP

48. Capping the mortgage interest deduction at 500k makes it even worse

11. I am reading the tax reform.. Looks like 401k and property tax

13. Without the personal exemption and state taxes

17. agreed .. I am still going to be hit.

20. They left the 401k alone, but the property tax deduction is capped to $10,000 from what I've read.

21. not uncommon to have 25k property taxes in my town

14. Trump's Middle Class Tax Hike

15. Just wait until it blows a hole in the deficit and invokes a dollar crisis.

16. Not sure how the plan would affect me. But being single with no kids and no mortgage and

18. I refi'ed my student loan using SoFi

19. My student loan situation is a nightmare. And is the subject of another thread. There is no

22. same here .. I pay $700/month in student loans

45. I am in the same situation as you. It's a nightmare and the republicans are only making it worse.

24. We are far below upper middle class

25. We're going to take a hit too

26. I doubt many people will be hurt DIRECTLY in the plan released today. Some will, but

31. You must be making a ton of money unless by "much increased" you mean a few thousand dollars.

39. So, you still deduct your $5500 under Trump's plan. You lose some state income tax deduction, but

47. That would be one of those other matters to criticize ("whine" about).

27. It's a big give away to the rich, but not awful for the poor

32. It's not what they want.

38. That's exactly how I would put it.

35. One thing, they are eliminating the personal exemption, so you aren't getting a doubling of

40. I don't know. Every ignorant GOPer I've ever me thinks they are going to make a million dollars

42. They think they are getting 4K tax refunds next year nt

46. I wish the media spoke in term of a median and not mean.

41. I have heard that those things are non-starters.

49. I'd save quite a bit in taxes with this plan...

50. My Republican Congressman is voting against it ..