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To: ProtectOurFreedom
Kids are gone.
We lose a huge amount of SALT deductions.
Standard deduction increase is meaningless if you itemize.
Loss of personal exemption is huge for us.
Bracket adjustments are trivial and do not compensate.

Pretty much describes our situation, although we aren't losing much of the SALT deductions. The kicker for us will be the inability to itemize our medical expenses. One of us is on an under 65 medical plan, and those don't come cheap, especially for those who aren't poor enough to quality for ACA subsidies. We also lose the additional personal exemption of $1,500 for being 65+.

It would have been nice to throw retirees a bone by raising the income threshold when Social Security becomes taxable. It doesn't take much income to find 85% of your Social Security being taxed.

38 posted on 12/21/2017 11:18:15 AM PST by CatOwner
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To: CatOwner

you can still itemize if you want... it would just be stupid when you can keep more of your money by taking the now doubled standard deduction.


77 posted on 12/21/2017 11:45:42 AM PST by TexasFreeper2009
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