Low wage earners get the misnamed "earned income tax rebate".
"HIGH" wage earners, in todays's proposed Bills, get NAILED TO A CROSS, with pilfered pockets.
And it's NOT just them...it's also lots and lots and LOTS of middle class people who live all over this nation; not only high state tax ones.
If this bill comes to pass and Trump signs it, it will be the death of the Republican Party and I personally will sit out the 2018 & 2020 elections. (Can't bring myself to vote Democrat so that's the best I can do.)
Despite living in NY - my increase isn’t coming from this SALT business.
Our bill will go up because of the size of our family AND because we are out of the EITC giveaway range.
So they “give” with the child tax credit - but they “take away” with the elimination of personal/dependent exemptions.
The new child tax credit doesn’t offset adding &28k to taxable income.
They’re also taking away education credits - medical expenses.
This is insanity!
They’re “simplifying” our taxes by removing beneficial deductions.
How nice of them!