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| Do y’all support this? https://www.acts20.com/viewtopic.php?t=87851 |
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| Author: | acts [ Tue Jan 14, 2025 2:07 am ] |
| Post subject: | Chicago27: Do y’all support this? |
| www.reuters.com/article/us-usa-tax-itemizing/millions-would-lose-mortgage-gift-write-offs-under-u-s-tax-bill-study-idUSKBN1E206I |
| Author: | acts [ Tue Jan 14, 2025 2:07 am ] |
| Post subject: | Cojak: |
| Shucks I understand this completely. Politics as usual.Republicans propose, the Democrats find hundreds of ways the world is falling apart.But then the Democrats propose, and the Republicans find hundreds of ways the world is falling apart.Got it. Sorta like the Jerusalem deal. Some time back I understand Democrats were all for the recognizing Jeruslem decision. BUT now that it is being done, it is a big NO NO@!It all sorta sucks bilge water. We don't even need a congress, it is deadlocked by stupidity. Some facts but mostly just my [email protected]/ |
| Author: | acts [ Tue Jan 14, 2025 2:07 am ] |
| Post subject: | Cojak: |
| Until I went into business at 43 yrs of age, I did our own taxes. At 60 I started again. WE only filed a long form once. I figured them both ways and the one house we paid on for three years never made a difference.In the past few years neither did the donations, although they amounted to min $7K, never made a difference. Some of this stuff is over blown by tax filing companies like they are savingyou money.. TAxes ain't that hard to do, I am shocked at educated intelligent folks who cannot fill out the simple (complicated sounding) forms both ways and see the difference.NOw I have always filed <100K, I don't know about the rich guys. Some facts but mostly just my [email protected]/ |
| Author: | acts [ Tue Jan 14, 2025 2:07 am ] |
| Post subject: | UncleJD: Re: Do y’all support this? |
| What a joke. They take the DOUBLE standard deduction and spin it to be bad. Millions won't LOSE anything, they will take the higher deduction as they ALWAYS have, it will just happen to be that the standard deduction will now be HIGHER than itemizing for most people. IF people give more and pay more mortgage interest than the standard deduction (that is now doubled), then they will STILL itemize their taxes just as before. |
| Author: | acts [ Tue Jan 14, 2025 2:07 am ] |
| Post subject: | Mat: Last I heard ... |
| Last I heard, the cap on mortgage interest deductions was going to drop to $500 K per year. Who can afford a home were the interest alone is $500 K? Not me and not anybody I know. If they can afford that kind of home, they can afford the taxes on their income.Yes, raising the standard deduction will reduce the number of people filing an itemized return, because their income will be reduced by the standard deduction. As it is, unless you are paying a mortgage which still has a large percentage of interest, you give a larger than average amount to charity and you medical bills are high enough to reach the minimum percentage of income to deduct the balance, you gain more from the higher standard deduction without all the paperwork.How will it affect church giving? On a local level I believe Christians pay tithes and give because they love the Lord, not for a tax deduction. Some who give will be able to itemize on taxes, but the Saints in the pews are not motivated to give for the sake of reduced taxes. Now if they start taxing the local church property (our campgrounds, state and national office building and colleges), there's were the pain will come. |
| Author: | acts [ Tue Jan 14, 2025 2:07 am ] |
| Post subject: | FLRon: Re: Last I heard ... |
| Not so fast. You’ve obviously never been a church clerk or treasurer who endured the wrath of the dear saints in the pews after you made a $5.00 error on their annual giving statement,have you? That’s when you find out how important that tax deduction is to them “Hell will be filled with people that didn’t cuss, didn’t drink, and may even have been baptized. Why? Because none of those things makes someone a Christian.” |
| Author: | acts [ Tue Jan 14, 2025 2:07 am ] |
| Post subject: | Nature Boy Florida: Re: Do y’all support this? |
| Yeah - it stinks for those of us that itemize deductions |
| Author: | acts [ Tue Jan 14, 2025 2:07 am ] |
| Post subject: | Dave Dorsey: Re: Do y’all support this? |
| How so? There are a number of things in the tax bill that concern me, but I'm having trouble understanding why this would be one of them. |
| Author: | acts [ Tue Jan 14, 2025 2:07 am ] |
| Post subject: | brotherjames: I could see how this could result in a loss of giving |
| Re: Do y’all support this? |
| Author: | acts [ Tue Jan 14, 2025 2:07 am ] |
| Post subject: | UncleJD: |
| Yeah - it stinks for those of us that itemize deductions. |
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