Since it raises taxes for millions of people, and gives credits to illegals, you’d think the media would be praising it. Instead, like me, they’re not supportive. Imagine that
I agree with your take on it
I support it because the bad things don’t change. Much of the bill is better. The bad stuff is already in there now. They may have tinkered to make it worse though.
It’s Trump, so that’s the only reasoning they need to think it’s bad.
“Since it raises taxes for millions of people, and gives credits to illegals, you’d think the media would be praising it. Instead, like me, they’re not supportive. Imagine that”
exactly.
it’s interesting to me that i haven’t heard one congress critter oppose this bill on the grounds of its evisceration of the middle class. where are the folks that we elected to represent us? oh, that’s right, we are only given lip service at re-election time.
In this tax bill 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 should not represent a thank you gift 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.
the standard deduction is being not quite doubled [for individuals, it would go from $6,300 to $12,000, and for married joint filers, it raises that deduction from $12,600 to $24,000], but then they are eliminating the individual personal deductions [of $4,050 per person] for yourself, your spouse and your dependents; thereby, reducing the doubled standard deductions real net worth to $7,950 for singles [a real net increase of $1,350 from existing std deduction] and to $15,900 for joint filers [a real net increase of $3,300 from the current std deduction].
The models they are showing you are for single taxpayers. Anyone that has children are taking a big hit do to the loss of exemptions. For example a family of 4 in 2016 got a $12,600 standard deduction and $16,200 exemption amount at $4,050 per person. For a total deduction of $28,800... Under the new plan they will only get a $24,000 deduction, or a net loss of $4,800. The more children they have the more deduction they lose. The majority of middle and low income workers have children. How is this a tax decrease?
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.
Now, 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.