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One deduction on the chopping block is the deduction for state and local income tax.
"By 2027, about 30 percent of those earning between $50,000 and $150,000 and 60 percent of those taking home between $150,000 and $300,000, would pay more under the Republican plan."
I think that this may partly be a result of reducing the number of tax brackets, which could put some people in the bottom of a higher tax bracket than before, combined with loss of some deductions.
Of course, the highest bracket will see a dramatic cut.
Taking a bit more 'off the top'.
There is a lot more information we have yet to see about the plans, little has been released and there has not been much time to study it, plus we might be treated to 'alternative' facts from the administration.
60 percent of those taking home between $150,000 and $300,000 will get a tax INCREASE
^^^^ Looks like many hard working people will be getting a tax INCREASE so that the billionaires with 7 expensive houses around the world and their own private jet can get massive tax cuts.
Great. We're usually the ones with the most debt (student loans, mortgage, etc) which makes our take-home pay seem higher than it is. I personally don't mind paying the tax rate I do currently, but not so the Trumps of the world can get off scot-free with all their lawyered-up loopholes.
Well duh... The wealthy are the ones who are really struggling. The way it works is we cut the taxes for them and they will pass on the breaks to the rest of us everyday rustics. They would never screw over the lower classes. Never.
Sarcasm aside, it's absolutely outrageous. But this is nothing new. When middle class voters cast that ballot for Trump they cast a ballot for a tax increase for them and a pay raise for the wealthy. So glad we get to finance second, third, fourth homes, yachts, and jets for the zillionaires.
Before I throw rocks at the idea or give it a thumbs up, I want some more details. Like what the brackets are; where the 12% would become 25% is important to me for my IRA withdrawals.
Before I throw rocks at the idea or give it a thumbs up, I want some more details. Like what the brackets are; where the 12% would become 25% is important to me for my IRA withdrawals.
Well..if they pass this through reconciliation like they want to do you probably won't know what's in it until it's passed. There is a provision in the budget resolution to eliminate the requirement for a CBO score before a vote
What did you expect? They wouldn't let the Democrats have any input at all just like the health care they told you was so "wonderful". You just can't trust a plan they are so eager to sell and then distort so bad that some are actually going to believe they are getting a tax cut. Who's drinking this kool Aid?
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