Posted on 09/28/2017 11:26:12 AM PDT by Mariner
We keep getting disappointed. If we can replace liberal Republicans with conservative Republicans in Congress, that would help, I believe. But it must be more than a few.
I don’t think that will be so. Doubling the standard deduction will make itemization irrelevant for most 100,000 earners.
Removing the personal exemption will make the doubling of the standard deduction irrelevant for a family of four or more. Your giving deductions with one hand and taking deductions away with the other.
As Rush said yesterday, the government is saying that the money “cut” will come back from other sources (increased fees).
They are refusing to cut the spending and won’t wait for any improvement in the economy to bring in more tax “revenue”.
Recall that the Golden Child One lord king Obama promised not to raise taxes and then imposed the Obamacare tax on everyone.
FUGS
Yes - exactly.
Our family will get hammered.
This is crazy. Why do we bother voting? At least liberals are upfront about wanting to fleece everyone.
My taxable income goes up $20k
More fake news. Be smart. Don’t play their f’ing game.
With no information on where the new brackets fall - it’s very difficult to get a good estimate.
They are pitting different groups against each other depending on what state you live in - size of family - home ownership - perceived definitions of “upper” and “middle” class.
Taxes will go down for many - and will go up for many.
Up until now the working poor have had the EIC -where you can pay nearly nothing in withholding and still get a “refund” of $8k.
I wonder how the EIC fits into all of this.
Working poor with children LOVE tax season!
Yes - I’ll inform both sets of aging parents that it’s time to sell all of our homes so we can all move to another state - just because (once again) republicans suck and can’t lower everyone’s taxes.
It isn’t just that many don’t pay at all - a lot of people are getting thousands in “refundable credits” -without paying anything at all.
They’re making money - a total giveaway.
Tax will not go down because the term “Revenue Neutral” is repeated over and over. It other words we get screwed again.
Yes, it is a wash with the personal exemptions removed. I hadn’t heard that. For me, and I hope for most, getting rid of old high interest mortgages via refinancing at much lower rates has made a huge difference in the value of itemizing deductions. The doubled standard deduction will be as good as the current system. But, I don’t have a bunch of kids.
The issue becomes the bracket cutoffs for income levels. I’ve had to write Uncle a check for the past 15 years or so. Will it be bigger or smaller? Wait and see the bracket cutoffs, I guess..
Thank you for giving me hope.
I’ll hold off on putting my home up for sale & convincing our aging parents to do the same.
Time to start emailing our reps.
This is crazy - even Obama didn’t propose soaking us like this.
I am single and over 65. The change in the standard deduction apparently means I pretty much break even as a result of that change.
Last year, my standard deduction was $7,850 and my personal exemption was $4,050, for a total of $11,900.
If the tax bill is passed with the SD + PE changed to a total of $12,000, the difference would $100, and the tax reduction on that would be $15.
Whoppee!
——size of family-—
Rush had an interesting caller yesterday. The caller claimed he gets a $7,500 refund from the IRS but pays no taxes. His income is his Wife’s $50,000 salary. ( he stays home and tends house)
On questioning as to why he gets such a check, it was learned he has 8 kids. The money comes from the earned income tax credit.
The issue of a wife bearing 8 kids and then bringing home all the income was not discussed
They doubled the EITC.
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