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I don't know how high or low you have to go to benefit from this "cut". I am between 100 and 200 and a recalc with new info that is coming out has my taxes going up by 30% (literally hundreds of dollars a month) over this year due to elimination of the exemptions and cutting back on allowable deductions for social security (20%), state income taxes (I live in a low tax state or it would be worse), college expenses, health insurance premiums, and more. The new standard deduction is half of what my itemized were last year and I loose another 12 grand in personal exemptions. I think I am a pretty typical upper middle income earner. There is going to be shock when people sit down and crunch their numbers.
This won't help me in anyway, and they are trying to penalize citizens in high tax and property states as if we don't give enough to the rest of the country as is.
I don't know how high or low you have to go to benefit from this "cut". I am between 100 and 200 and a recalc with new info that is coming out has my taxes going up by 30% (literally hundreds of dollars a month) over this year due to elimination of the exemptions and cutting back on allowable deductions for social security (20%), state income taxes (I live in a low tax state or it would be worse), college expenses, health insurance premiums, and more. The new standard deduction is half of what my itemized were last year and I loose another 12 grand in personal exemptions. I think I am a pretty typical upper middle income earner. There is going to be shock when people sit down and crunch their numbers.
I agree. Anyone with Republican house member should be on the phone telling them how unhappy they are.
I really doubt they will get this plan through as it is. Too many marginal R seats would be lost on the coasts.
But the upside is if it did go through Rs would lose dozens of seats and trump might himself impeached by late jan 2018.... maybe this is the Rs plan to get rid of trump by putting the Ds in control of the house....
So, where are the tax breaks for the "mega wealthy?"
I think doubling of the standard deduction is a huge break for the "poor." Don't you? More of those you call "poor" will pay no tax.
Leftists always spin tax cuts the same way. When was the last time a Democrat administration cut anybody's taxes? They like to raise taxes, not cut them.
Yet entire tax revenue for the USA is just 3.2 Trillion
It's mathematically impossible. Didn't you claim to be a tax expert? Never seen a tax expert who can't correctly explain fiduciary responsibility nor do simple math.
Over a lifetime it will be trillions.
I think that for a first try this isn't that bad. It will of course fail miserably, but its not that bad. As it gets things added to it, it will of course turn into something truly bad. The 1.5 trillion in extra debt is not such a good thing. I bet it more then double by the end, and contains a ton of poison pills for the democrats beyond the tax provisions designed to punish blue states.
The church thing is great as it will eventually get people annoyed enough to start taxing churches.
....
But the upside is if it did go through Rs would lose dozens of seats and trump might himself impeached by late jan 2018.... maybe this is the Rs plan to get rid of trump by putting the Ds in control of the house....
Butting in here, my husband just sent me last years return and we had $62,000 in deductions last year (which I believe includes 401K contributions, it must). Between property taxes over 20,000, state income tax, mortgage interest (around 20 grand) it was pretty easy to get up there in deductions. Not anymore, much to my dismay.
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