Everybody in the gov’t/media likes to talk about the effect on the “average” person and then to trot out their personal favorite individual example as proof about the wisdom of the “change”. They are mostly concerned about the aggregate effect on the gov’t and themselves (e.g. Congress exempt from Zer0DontCare).
Of course ~ 50% pay Zer0 income taxes and many get a welfare check (”refund”) through EITC.
The deductibility of State and local taxes of many kinds has strong philosophical arguments on both sides. It’s obviously best for any peep to have their total taxes go down.
The current situation is so complex that the only way to get change is to make it more complex. So it’s a total mess and there will be plenty of winners and losers. Raising the tax rate and the standard deduction is kinda nuts IMHO, but it is a way to “buy” support from many.
Stability of the system is good for planning purposes though some of the complexity drives suboptimal decisions by individuals against the Economy in general.
What to do? Enjoy the squawks from libs in high tax States.
“Enjoy the squawks from libs in high tax States.”
Again, this is the GOPe talking point.
EVERY SINGLE TAXPAYER in EVERY STATE that itemizes will lose.
So, you’re OK with the “tax the rich” meme of the progressive left because you don’t make enough money to itemize?
The way I’m reading this, my deep red upper middle class suburb in Houston is about to take it in the shorts.
And if there is one thing Republicans want to do in a majority minority state like Texas, it’s take money from the suburbanites who give them all their power.