However, the fact is that a significant number of people with a not-so-high income will pay more. Singles and retirees are particularly likely to end up owing an additional $1000-3000 on incomes under $100,000.
“a significant number of people with a not-so-high income will pay more. Singles and retirees are particularly likely to end up owing an additional $1000-3000 on incomes under $100,000.”
Really? Please explain how doubling the standard deduction and increasing the child exemption increases taxes?
Only some filers who itemize should pay more -as in people earning >$250k who itemize the bejeezus out of their returns.
Hardly anyone below 100,000 will itemize because the standard deduction is doubling.
Personally, I’m due a $4,600 deduction. IOW a $4600 pay raise.
I really wished the House and Senate had done it sooner than waiting so long.
Please, no snark.
These “single people” and “retirees” shall still not be going on EBT or Section 8 housing. While there may somewhat less disposable income, these individuals are in a position where they can rearrange their daily expenses so the the NET disposable income is virtually unchanged.
No expense is absolutely fixed and immutable. Downsizing is an option in virtually every aspect of your life. And who knows, with simplification, life may become even more satisfactory.
instead of throwing out generalities, how about explain the exact circumstances you are talking about?
Most will see their taxes reduced. Some in high tax states will pay more - because of their high local taxes no longer being deductible. The fault -and solution-lies within those states. Federal and state taxes shouldn’t have been mingled in the first place.
sorry i didn’t see that you had already done so
“However, the fact is that a significant number of people with a not-so-high income will pay more.”
No, that is NOT a fact.
That is idiotic liberal propaganda for the feeble minded to believe.
However, the fact is that a significant number of people with a not-so-high income will pay more. Singles and retirees are particularly likely to end up owing an additional $1000-3000 on incomes under $100,000.”
That’s where I am. Since I cannot now deduct my big home equity loan I will pay about $2,000 per year more. I save some tax money on the new rates, but the lack of home equity deduction counteracts that savings, adds more taxes, and I pay more.
The bright spot, though, is most of us with big home equity loans also have a stock portfolio and since Trump was elected I have made several times over this additional $2,000 extra tax I will have to pay. Boosting the earnings of the corporations will increase the market even more.