BS. My taxes are going UP with this abortion of a bill. I swear, if this gets signed into law, I’ll do everything in my power to vote every single one of these bastards out. I don’t care if democrats get in there to replace them, the repubs deserve to have their asses kicked if they raise taxes on this many middle class families.
Same.
Hell yeah!!!
I’m looking at sending about $10,000 more to these retarded bastards to waste, and lets not forget about my $6,800 medical deductible, that these retarded bastards haven’t been able fix either.
There will be HELL TO PAY!!!!
“BS. My taxes are going UP with this abortion of a bill. I swear, if this gets signed into law, I’ll do everything in my power to vote every single one of these bastards out. I don’t care if democrats get in there to replace them, the repubs deserve to have their asses kicked if they raise taxes on this many middle class families”
AMEN!!!
this bill is an attack on all middle income tax payers. the elimination of most of the itemized deductions should be a deal killer to all those of our duly elected to represent us who vote them into office, and not as thank you gifts to those corporations who donate the fattest envelopes to their re-election campaigns.
so just as the cost of obamacare was being shouldered by all the healthy young people who had to sign up or pay a fine, this tax bill is being paid for by the average middle class taxpayer for the benefit of big permanent tax cuts for corporations and the wealthy. Touting this as a tax cut to all the middle class deplorables who elected Trump is the same as obama promising that you would save $2500 on your insurance premiums and could keep your doctor. This isn’t a tax cut, but a tax increase for the average American.
the standard deduction is being not quite doubled, but then they are eliminating the individual personal exemptions for yourself, your spouse and your dependents. so they give with one hand but take away with the other. in addition, they are eliminating the extra deduction for those over 65 or blind.
if you take the standard deduction, you cannot then itemize; therefore, giving up the normal deductions for medical expenses, long term care insurance expenses, state and local taxes, property taxes [under the senate bill], mortgage interest deduction limits, student loan interest deductions, moving expenses, alimony, dependent care assistance accounts, casualty and theft losses, unreimbursed job expenses and tax preparation fees.
Now look at its impact on the economic strata of taxpayers to see who benefits the most:
“...the highest-income taxpayers (0.1 percent of the population, or those with incomes over $3.7 million in 2016 dollars) would experience an average tax cut of nearly $1.1 million, over 14 percent of after-tax income. Households in the middle fifth of the income distribution would receive an average tax cut of $ 1,010, or 1.8 percent of after-tax income, while the poorest fifth of households would see their taxes go down an average of $110, or 0.8 percent of their after-tax income.”