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It's also a huge attack on wealthy blue states. Eliminating state/local taxes, cap on $500,000 for mortgages, cap on property tax deductions, no student loan deductions, etc.
It's literally a middle finger to the states with a high cost of living, which will just make their cost of living astronomically worse.
Republicans are so beyond evil, they're cartoon villains at this point.
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68,330 posts, read 54,419,437 times
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Quote:
Originally Posted by Fiyero
This bill is a catastrophe and will hurt most of the country. But Republican voters will cheer as they lose thousands more in their bank accounts, while the top 1% get millions.
The current rate is 25% for married couples at $75,900. Raising it to $90,000 is an improvement.
But only 24K of deductions will apply and no exemptions. It is the loss of exemptions that are killer. The new standard deduction is not much more than the total of the old standard plus exemptions. For larger families it could be much less. It is very easy to calculate ones tax. Mine goes up 3000 from this years return! I make well under 200K on mostly retirement funds.
The tax cut from 260k to 1,0000 is about $35,000 !
THis plan is a massive giveaway for the wealthy a 20% corp tax is a massive drop for Real estate investors and pretty much anyone who can structure their businesses to benefit from the low rate.
The mortgage deduction is cut in half.. how do you figure its a giant give away for real estate investors?
There isnt a tax plan on the face of the earth that those who can structure to benefit from, wont..
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