I hope you’ll report back when you actually do your taxes because as I calculate there is only a small group of people earning a 400K to 416K as a married household who will potentially have a 2% increase and only on that portion of their income from 400-416K. The lower taxation % on the rest of their income should offset that tax.
There is a 10K allowance for State/local taxes, thanks to Susan Collins.
At this point no one knows how their particular situation will be effected but I find your sky is falling for me projections premature at best. I speak for many in the Blue States when I say if it costs me personally a couple extra thousand dollars (and I think it won’t) than I am glad to do it for the good of the country and for the massive effect on the National debt, the return of industry in out country and the step towards decreasing the size of Government intrusion.
Congress will never do anything to reduce the debt. It just isn't in their DNA. Everything they will ever do will always be about their own bottom line at the expense of the nation, and there is no situation so bad the can't make it worse.
That was a nice crumb they were so generous to throw our way.
The problem with it is that state and local deductions are fully taken away from us (read: made illegal).
Therefore, if you itemize, you won't get state and local. So you are stuck with the standard deduction.
The problem with the "doubling" of the standard deduction is that they are also eliminating (read: made illegal) the personal exemption. So it really isn't a "doubling" at all.
Increasing taxes NEVER begets an increase in revenues. Check the Laffer Curve.
what does this $10000 allowance for state and local taxes mean anyway...I need my PROPERTY taxes to be deductible to get over the threshold...