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Multiple supporters of President Donald Trump over the past couple of weeks have taken to Twitter to air their grievances about the president’s signature tax cut plan. Here's one example.
You could go out there and tell people that if we cut taxes on the wealthy even further to the point it is regressive then they will get a larger tax return and more jobs will be created because the wealthy have more money to spend, and they will still buy it to this day, because they are dumb.
The personal exemption was removed. This means it doesn't make sense for many people to itemize even when they used to itemize. Those that do itemize will no longer have the $4050/per person exemption. This means a couple with 1 child would lose the $12,150 personal exemptions that they previously had. They used to include that $12,150 deduction with their mortgage interest, property tax and state tax when they itemized. Ouch, even for low tax states.
Losing the personal exemption is a major hit for anyone that itemizes, forcing them to choose the standard deduction over itemizing. In other words, many will no longer deduct their mortgage interest or property taxes, regardless what state they live in.
Last edited by sware2cod; 02-05-2019 at 09:28 AM..
Most of the people getting screwed are in states that didn't vote for him. So if he loses NY by 20% more than he did, and loses the popular vote by 8 million instead of 3 million like he did..he can still win.
This was a calculated F-you to blue states, and tough luck to you if you live there and supported him.
Do we know where these people are from? Did state taxes come into play?
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