Pretty upset with the plan.
It will mean a tax increase for me, once the state deduction is removed. Honestly, I don’t think this bill has much of a shot.
we don't have many write offs...children are grown, mortage winding down, no rental properties or side businesses..
the biggest problem is the property tax, which never goes down and is becoming a sizeable chunk...
“Pretty upset with the plan.
It will mean a tax increase for me, once the state deduction is removed. Honestly, I don’t think this bill has much of a shot.”
I agree with your comments. Also, as best as I can find, the medical expense deduction also is going. So, for all of us Seniors who have significant medical expenses, long term care expenses, drug deductibles and co-pays, etc., etc., etc., we will be seeing higher taxes.
One article I read, hit the nail on the head. For upper middle income taxpayers, most would see an increase in our taxes. If this bill passes as written, my tax bill for the tax year 2016 would have been 16% higher.