It was widely reported the bill eliminates the personal exemption.
But they doubled the standard deduction.
Yep.
Personal exemption eliminated but standard deduction almost doubled. For people that itemized, it may be a net increase in taxes. In fact, that is why places like California hate it. But if you don’t itemize, you will almost certainly come out ahead.
Doesn't it also&mash;among other things—double the standard deduction?
Most working Americans—not to mention their employers—people will receive a tax break under this bill. It's ludicrous to argue that President Trump would support something which isn't good for individuals and small business and larger corporations.
Not to mention the fact that employers will be able to pay their employees more as a result of this bill—a fact which has already been borne out.
Of course there will be winners and losers in some individual cases, but on balance, there's no doubt that this is an historic tax cut—the biggest since Reagan. Let's stay focused on the big picture here.
In case you haven't noticed, President Trump likes winning, and he's not going to risk being called a loser by doing anything tax-wise that's going to screw the American worker. Get real.
Let's leave the Left-wing bellyaching about this tax bill where it belongs —with the Left.