Doesn't do anything for middle class families...
- Thread starter MidGABulldawg76
- Start date
Doubles the standard deduction, which helps some of the middle classers. And the ones who use the standard deduction, like me, are fine with the local tax deduction going away, and the limitations on other deductions. So for old middle classers like me, who can no longer itemize, we get a huge deduction and other people have to pay for it. MAGA.
Personally I can't believe you are a pub. You are spouting msm and dimwit talking points. For some reason I can't get the tables to post here without being jumbled. But if you look at the actual comparison of rates and the addition of the 12,000 standard exemption, I can not comprehend how one can arrive at your conclusion. When I can find a comparison table that will post, I will put it here for all to see. But until then, I believe you are a dimwit spewing talking points.
I think it's going to depend greatly on if you itemize or not. If you don't, you're probably better off (as pointed out above). The math will get trickier for people who itemize since some deductions will go away.
Yes, agree. The big thing is the reduction in the corporate rate, which should spur growth. Might even get some freeloaders off the tit. FWIW, I'm very much in favor of safety nets for those who genuinely hit hard times., but we need to reduce the welfare rolls. Too many manipulators.
Might for some, but if I understand correctly, the change to the mortgage interest deduction does not kick in unless your mtg. is over a million dollars. That will never affect me. That and the charitable contribution are the only deductions I can take.
500k on new purchases (that's cumulative if you have multiple homes or properties) but it's only for new purchases and isn't retroactive.
There appear to be some other changes such as the state and local income tax deduction going away.
Personal exemptions are going away as well, so if you are filing as a family, and you have kids, the loss of the exemptions are going to offset the increase in the standard deduction.
If you make seven figures, this is the deal for you.
If you make seven figures, this is the deal for you.
