If this thing passes, many, many people are going to be hurt. Badly.
Sounds like the Democrats are still running Washington.
Sure it will be a tax hike on a lot of people but it will be simple and lots and lots of people like simple. Right?
FYI, people in assisted living and memory care facilities will be creamed by this. Imagine, fixed income, required 24 hour medical care running $60k/yr as a minimum and easily into the 80’s and up, with no offsetting medical expense deduction. That’s a tax hit of $10k or more.
This is deduction reform, not tax reform.
Simple rate cuts won’t do for the idiot GOPe. They have to pick winners and losers on brackets, caps and limits instead of simple rate cuts, elimination of the Death Tax, elimination of the Earned Income Tax Credit, and cutting the corporate rate to 20%.
The bills are turds. Both House and Senate.
Can someone tell me what exactly “tax reform” is supposed to accomplish — even if the GOP actually manages to do it well?
This is the best and most thorough examination of the GOP tax proposal that I’ve seen, and confirms the immediate dread that I felt when they first announced this plan. Under the current plan, we get three exemptions, one each for me, my wife, and one child, which total $12,150. And we already itemize our deductions to the tune of around $19,000. So, our deductions will only rise by about $5,000, but we are losing $12,150 in exemptions.
Yes, they are raising the break points at which your income will hit the next tax rate, but I don’t see how that is going to account for the increase in taxable income. And we are certainly NOT “rich”, but squarely in the upper portion of the middle class in income. More importantly, we are in the exact demographic profile that most strongly supported President Trump and voted for him. It’s almost as if this plan is designed to punish the most ardent Trump supporters. I think Brady and his crew think they are going to pull the wool over our eyes, but people are onto them.
They should restore the personal exemption or even better, add it onto the standard deduction. This would give everyone a deduction high enough to not need itemizing.
The medical deduction is big for some people. Without it many will self bankrupt and go on Medicaid.
I could support the present bill as a first cut but obviously more needs to be done.
This is tax increase on the middle class. What kind of idiots are these people!
Flat Tax! 10 percent. NO DEDUCTIONS for anything. Its good enough for God. Should be good enough for the morons in DC!
Boy that really simplifies it and helps my small business. The entire Washington sewer is an incompetent bunch of fools and criminals.
It looks like they went out of their way to figure out everything they could do to hurt the middle class and especially alienate most of the people who voted for Trump.
For those of you who think that all Californians are nut cases, there still are lots of middle and upper middle income conservatives living here, and I am one of them.
For folks in low or no state income tax states, if you itemize and think that either of these bills will not result in higher incomes taxes, then think again and try applying these proposed changes to your last year’s tax returns, both Federal and State.
Everyone will lose medical expenses, real property taxes, personal property taxes, sales taxes and some other tax deductions. Plus, if your state income taxes are calculated directly off of your Federal income tax form as is California’s, then your state itemized deductions will be significantly reduced, and your state income taxes will be significantly increased.
We need large and small business income tax reductions but we do not need this fraud of an individual tax increase for those of us middle and upper middle income earners.
If this thing passes, many, many people are going to be hurt. Badly.
“This is not a tax cut, it’s a tax hike by design”
That’s what I’ve been saying since the House released their plan.
It’s a tax increase. And it’s coming from a Republican Congress.
The dirty rotten bastards.