Actually, it’s not quite as bad as that. And most people will see a net decrease simply because the net rates for most people will be lower. The big winner will be all who profit from a booming economy due to the corp tax rate cut. And by “all who profit,” I’m referring to all of us.
It's as bad as I say and probably far worse! Every time a little bit more gets dribbled out, it's bad news for more and more people!
I'm not going to profit and and neither are a whole lot of others and they aren't even in the highest or second highest brackets!
The economy is booming right now; once this hits, that's going to stop...unless this is changed and changed radically!
Embedded into this plan is what is sometimes called "mission creep"; for want of a better term. These brackets aren't steady and it is all too easy, especially with even minimal inflation, for people to be bumped up a bracket or two, in the ensuing years.
Property taxes are capped at a $10,000 deductible. Property taxes just about NEVER fall, but they sure do rise ! LESS MONEY there in people's pockets!
The "earned income" refunds, for those who pay NO or almost NO Fed taxes are to be raised pretty heftily. LESS MONEY FOR THOSE WHO PAY, MORE FOR THOSE WHO DON'T!
I can go on, but hopefully you and others will see that this is NOT such a "rosey picture" no matter how one slices it.