The Latest: Tax jump for households earning under $200K

Associated Press ^ | November 13th, 2017 | Unattributed

[Mariner]

Congressional analysts are estimating that the Republican Senate tax bill would increase taxes in 2019 for some 13.8 million U.S. households earning less than $200,000 a year.

The nonpartisan Joint Committee on Taxation provided the analysis Monday as the Senate’s tax-writing committee begins work on its version of the tax overhaul bill. The legislation, promoted as a boon to the middle class, would steeply cut corporate taxes, double the standard deduction, and limit or repeal completely the federal deduction for state and local property and income taxes.

The analysis of the Senate plan says 13.8 million households, or about 10 percent of all taxpayers, would face a tax increase of $100 to $500 in 2019. There also would be increases greater than $500 for a number of taxpayers, especially those with incomes between $75,000 and $200,000. By 2025, 21.4 million households would have tax increases.

[Abby4116]

I think for those without outside funds, part of their social security, basic medicare and medicaid (combo of the three) pays for 365 days a year nursing home care. They get to keep a small part of their social security payment for spending money.

If a person has savings/income to pay those costs themselves, definitely medicaid wouldn't and I doubt much medicare payment (they do not pay long term nursing care).

I just found this:

is in a nursing home or home for the aged, and the primary reason for being there is for medical care, the entire cost, including meals and lodging, is a medical expense for purposes of the tax deduction.

[Mears]

Thanks a lot-——you are a good researcher. :-)

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[Monitor]

I am against any tax plan that increases the number of citizens who pay no income tax. Everyone should have a skin in the game.

Agreed. If I were king, I'd divide up the federal budget by the number of able-bodied adults under a given retirement age, and give every one of them the exact same tax bill.

But that won't happen. I'd settle for no deductions or exemptions of any kind. I don't care if you have kids, I don't care if you pay interest on your mortgage, I don't care if you took a bath in the stock market last year, I don't care if you make minimum wage. You are here, you enjoy the protection of the military, the protection of police and fire, access to the courts, the patent office, etc. You pay, he pays, she pays, everyone pays, no one gets subsidized at taxpayer expense.

[Kalamata]

Every day disgust for the Sewer Rats increases exponentially.