> *If you lower our taxes a little, but take away most of our deductions, how is that a “tax cut” at all?
Because they double the standard deduction.
•30.1 percent of households chose to itemize their deductions (44 million returns).
•68.5 percent of households chose to take the standard deduction (101 million returns).
By doubling the standard deduction, look for that 68.5% who take the standard deduction to increase significantly.
Some upper income taxpayers in mainly blue states will likely pay more.
AND - news flash - 900,000 ‘poor’ will pay more in taxes - because the tax foundation predicts 900,000 new jobs will be created.
The new defintion of “ rich”
Anyone who itemizes deductions
Im going to bet that “ only” 30% of us itemize but we pay 70% or more of the taxes
But then we itemizers who get a tax increase? Well its our own damn fault for living in a “ blue” state and being “ subsidized” by red staters - right?
Another divide and conquer argument
Just think how many more jobs they'd create if they really cut taxes and spending?
I'm curious why you are so in favor of this plan? It sucks. It's another boon to CPA's, lawyers and accountants. It just complicates taxes more than they are already.
Why aren't the lowest brackets paying some taxes? EVERYONE should pay taxes on their income if one person has to. This crap of getting back more than you paid in is a double tax on those of us who pay. Not only are we paying our share but we have to pay theirs.
Why are there no cuts to the budget? Who cares if a tax plan is neutral? I want taxes to go down - for everyone.
I forgot to ask: Is that next year or over ten years? Nine hundred thousand new jobs isn't much, really.
And deleted the personal exemption. For a family of three then there is no net increase in exemptions. For a family of four our more the taxable income goes up.
take $8000 and that leaves $16000....
not even close to what we could deduct last year and a couple thousand below what we could deduct this coming year if this passes...
oh, so they might lower the tax rate...
and they can simply raise it at a whim....
THIS IS A TOTAL CROCK.....