“There will be no tax cuts...the market will crash..Trumps fault..bet on it”
from what i read these tax cuts are like obamacare: all smoke and mirrors. first they double the standard deduction to $12K or $24K, but then they eliminate the personal deduction of $4050 per person. then all the deductions that the average middle class American can take are being capped or eliminated. and if you take the standard deduction, you can’t itemize can you? so, how is this a good deal for average jane and joe taxpayer?
even older taxpayers on social security or other fixed income will have their extra deduction removed.
just like obamacare, where the young and healthy are picking up the tab for the high risk enrollees, it looks like the average taxpayer is picking up the tab for all the other real cuts in tax rates for the wealthy that are being championed in both proposals.
it’s funny, how the government under obama could just find $500 million for solyndra or $150 billion for Iran without the CBO sticking their 2 cents in, but for some reason the CBO has to have their say when the deductions for the middle class are supposedly going to bankrupt the economy?
http://www.steverichardsoncpa.com/the-proposed-new-tax-law/
They give with one hand & take with the other .
In our case - they’ll take more than they give