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So will mortgage interest no longer be a deduction? They are talking about removing a lot of deductions. This could get interesting.
Mortgage interest deduction remains. Deduction for property tax, state income tax, local income tax, sales tax are eliminated. The standard deduction will double from 12,600 for jointly to 25,200.
Companies are going to use every tax strategy they can slip into the law to avoid paying taxes.
And as long as they can find a country with no taxes that will let them hide their profits, then we can lower the tax rate to 1% and they'll still do it if the law allows.
Mortgage interest deduction remains. Deduction for property tax, state income tax, local income tax, sales tax are eliminated. The standard deduction will double from 12,600 for jointly to 25,200.
I paid a ton of taxes this year and this will probably help me but I'm not sure it's good for the country. I just cannot believe that the same Republicans that went insane about debt with Obama are silent now. I never want to hear them utter a word about debt or deficits again, they are so full of it.
Guessing a lot of places like New Jersey and Texas are angry about losing their high property tax deduction. Washington doesn't have income tax and property tax is probably the only loss but ours are nothing like some states.
Under the proposal, the tax cuts for individuals and married couples filing separately will increase from $6,300 to $12,600. The standard deduction for a married couple filing jointly will jump from $12,700 to approximately $24,000.
I didn't read this thread and will but keep in mind, educate yourself by learning the tax basics and how it applies to you instead of just taking the media's word for it because they have an agenda.
I didn't read this thread and will but keep in mind, educate yourself by learning the tax basics and how it applies to you instead of just taking the media's word for it because they have an agenda.
I'd be getting a 20+% cut. I like the sound of it, but I don't know how the country can afford it.
These tax cuts will certainly help the budget deficits. Yep.
Deficits don't matter when Republicans are in charge.
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