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#1 User is offline   Moderator T 

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  Posted 11 November 2017 - 01:33 AM


‘I don’t feel wealthy’: The upper middle class is worried about paying for the tax overhau


Todd C. Frankel
Washington Post
11/9/17

EXCERPT:

On the income distribution charts at the center of tax overhaul plans, Courtney Mishoe knows she’s doing well. She works as a tax manager at a firm in the Atlanta suburbs. Her husband is a police officer. Together, they make more than $180,000 a year. They are solidly in the upper middle class. But they have a mortgage and three kids, including one in day care and another in high school with plans to go to college. It all adds up. They depend on tax deductions to make their budget work.

“I don’t feel wealthy,” Mishoe said. “I don’t have a bunch of money stashed away anywhere.”

Mishoe is the type of person — affluent enough for an annual family vacation but not enough for a boat or second home — who potentially stands to lose under the Republican framework for changing the country’s tax code, which threatens to eliminate or deeply cut deductions for ­mortgage and student loan interest and state and local taxes. These popular deductions are widely viewed as sacrosanct in high-tax, high-cost states like New York, New Jersey and California, where residents have led the fight against the proposed changes.

But what has been widely overlooked is that residents of well-to-do suburbs in red and blue states across the nation — including here, just north of Atlanta — could find themselves in a similar tax squeeze. This threatens to further complicate efforts to pass a tax plan that many Republican officials view as essential after a year of legislative struggles. Both the House version, which passed out of a critical committee Thursday, and the Senate version, released Thursday, target this group of ­upper-middle-class Americans to raise revenue to offset other tax cuts.

The tax push illustrates the political risks of attacking provisions favored by prosperous but far-from-rich suburbanites, a powerful voting bloc that often faces the financial stress of living in increasingly pricey neighborhoods. Many in the GOP already are worried about losing their grip on this important group after Tuesday’s result in the Virginia governor’s race, where Democrat Ralph Northam crushed Republican Ed Gillespie by running up votes in the dense areas outside citie

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#2 User is offline   intotheblackhole 

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Posted 11 November 2017 - 03:19 PM

My hope is that the Democrats keep pushing the "rich need to pay their fair share" mantra so that there will be more folks secretly voting for conservatives.
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#3 User is offline   Hieronymous 

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Posted 12 November 2017 - 02:45 AM

National sales tax. Want to lower your tax rate? Buy less stuff.
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