We note the increase in standard deductions and also note the loss of deductions for state and local taxes and the loss of the $4050 personal exemption and the capping of 401k contributions at $2400 and we see that in many cases the net result is an increase in taxable income. As for the lower tax rates, the lowest rate increases from 10% to 12%. So the ultimate impact of this tax scheme will depend on where the other tax brackets kick in and so far nobody is talking about those. So it's hard to just sit back and automatically assume that everyone's taxes are going down.
Why isn’t the GOP cutting spending to cover the cost of business-tax cuts? Instead, they’re eliminating deductions for the middle class
“the capping of 401k contributions at $2400 “- a rumor started by the investment industry and lobbyists according to the WSJ article cited for that “info”.
There’s so much garbage out on the tax changes. And there is no bill.
Don’t blame people for looking out for themselves but there’s nothing to go on but rumor and innuendo.
And on taxes in general there’s the bizarre, yet prevalent, belief that corporate taxes are not paid by consumers.
Such hidden taxes are bad policy- though great politics: no one complains about taxes they don’t know they’re paying.