If I understand his plan correctly, he wants to double the standard deduction. That would help my middle class family immensely.
I don’t pay state taxes. This helps me immensely. Maybe more states should drop their taxes.
Until you eliminate the deductions they take away. Higher math is difficult, but it must be used.
Remove the $4050 personal exemption that you have for yourself and each member of your family, as this plan does, and then tell me what your additional standard deduction nets out to. Plus now I understand that they're talking about capping the tax-free 401K deductions at $2400. What does that do to you?
Same here.
In high-tax states like NJ, tripling the standard deduction probably will not offset the lost credits for property taxes and mortgage interest (if those are both targeted).
These deductions are among the few real incentives to buy a home; home ownership is already shaky, and it appears we are heading towards a massive change in how people make living arrangements. We are already seeing in young people a trend where large numbers will never buy a home or car, or invest in children; the consequences of these trends are already seen in the Third Worldization of areas with the highest costs of living. The ultra-rich in NYC and LA are increasingly surrounded by areas devoid of American taxpayers, where imported hordes speak a babble of tongues.
If it spurs business growth it will help the middle class immensley
Removal of SALT deductions is a non starter.
Doubling of the standard deduction won’t remotely make up for this in most cases..
Same thing with the home mortgage interest deduction and the 401k limitations.
Not sure what is going on here it’s like they are trying to poison this thing out of the gate with some of this stuff
It also eliminates personal exemptions.
That’s going to mean a tax increase for my family.