Posted on 10/22/2017 11:44:11 AM PDT by newberger
OK, let's look at this another way (or two):
We are empty nesters. That means a standard combined deduction in the *current* system of 12,000 + $8,100 = $20,200. With my itemized deductions, for 2016 my combined (exemptions + deductions) was over #34,000.
BUT, my home is paid off so I have no deduction there and although my itemized deductions were over $24,000, the lack of mortgage interest wipes out my itemized deductions - a loss of over $12,000 in exemptions + deductions under the new system.
A major loss!
True! That's why now is the time to complain about the framework.
Thank you for your prior informative post.
Complain about what?
That’s the whole point. You folks aren’t even sure what the real bill will have in it.
Why don’t you protest the Betsy Ross Flag tax too? What Betsy Ross Flag tax? Well, what doing away with other tax credits too? You just don’t know.
Yes, and your employer pays half your SS taxes from his own pocket. You pay nothing!
Politicians love people who don’t know they’re paying taxes.
Reducing Corp taxes allows them to reduce prices. Those that do will attract market share and make more profit.
That hasn't stopped Trump, Ryan, and McConnell from claiming that this will be the greatest tax cut for the average person in recorded history. So there has to be a whole lot they're keeping to themselves because based on what's known so far the average person is in for a royal shaft.
That’s what puzzles me.
These two are idiots, but the tax changes you folks are addressing would kill them politically. They aren’t interested in that. Ryan thinks he’ll be king of the House for the next, well forever, it seems.
What would he gain from this?
And if tomorrow Congress passed a law doing away with the employer contribution to Social Security then do you honestly think that the employers would add that money to the employees paycheck? Really?
Reducing Corp taxes allows them to reduce prices. Those that do will attract market share and make more profit.
Taking the tax cut and keeping the prices at the same level will make even more profits.
The sufficiently anxious will ignore their own knowledge.
We have a large family - 5 of our kids are still on our tax return. The child tax credit normally is lost the same year the child turns 17.
So with the loss of personal exemptions and one child’s credit plus extra 2% for lower bracket - we are looking at a good sized increase (depending on details of the new child tax credit & bracket cut offs)
These are just the same old tired excuses that the rich benefit more. Well since they pay more to begin with they are going to see bigger numbers remaining in their control instead of the government that wastes resources. However, they still will have a larger burden as well, then those lower tiered taxpayers. We want growth, and that growth is provided in large measure by the wealthy. As the middle class starts to recover then they too will add investment money.
I don't agree with them on the business and top level tier taxes. They *should* come down to move the economy into a higher gear.
It's just the administration is marketing this as a benefit for the middle class. It isn't a cut for me and it isn't a cut for large families.
P.S. World News Group is conservative and bases their reporting on a biblical world view.
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