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 Facts of the new GOP tax law.... (3)

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Facts of the new GOP tax law....

The standard deduction is doubling from $12,000 to $24,000!

The 25% tax bracket for couples who jointly made up to $90,000, will go down to 12%! Do you have any idea how large a tax cut that is?

The tax credit for children will go up!

The only loss of mortgage deductions will be for expensive homes, not most middle class homes!

The loss of State tax deductions will matter not for the middle class becuase they will now be able to take the $24,000 standard deduction. Most middle class people can not find itemized deductions that would surpass $24,000.

Retirees who mostly own their homes and pay no State taxes on their social security will see a large tax cut with standard deduction going up and lower tax 12% tax bracket.

The $4000 federal exemptions will go away but the other tax cuts for the middle class will offset that loss.

The wealthy with expensive home mortgages and high itemized deductions wll be the ones hurt, not the middle class.
-FromWithin
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2 points

I'll admit up front I'm not a tax expert. And also I'm aware that both sides of the news are hyping this in opposite ways to their advantage.

So with that said, I do indeed believe there are some nonpartisan sources out there. Congressional Budget Office is one and I'm not going to give a link to that because anyone can and they basically said it doesn't pay for itself. And then this one, Consumer Reports, which is similar to CBOs and adds the short term benefits to the middle class end up biting them years down the road.

https://www.consumerreports.org/taxes/senate-tax-plan-winners-and-losers/

So hey, look, I'm willing to agree this bill probably isn't all bad. But then again, I want the boosters to observe and admit to the following:

This benefits the rich more than it does anyone else, and also it was pushed through 100% partisan and not only over objections of opposition but without the opposition even invited to the table. When Obamacare got rammed through you were furious over the fact that it was, and yet at that time Republicans did indeed at least have a seat at the table, they just didn't win. What just happened with tax law is double the infraction you claim that Obamacare was.

1 point

So the next time you hear fake news, the Democrat Party, and the deceptive liars on this site tell you of how the tax plan only helps the Rich?

LAUGH IN THEIR FACE AND BAN THE DECEPTIVE LIARS.

There can be no honest debate with deceptive people because no matter the facts you give them, they deny it. BAN THEM!

-FromWIthin

1 point

Hello From:

The tax plan is based on a hope and a prayer.. If the economy significantly grows as a result, the tax cut pays for itself.. "IF" is the key word there.

I'm a businessman.. Taxes are an expense just like ANY of the hundreds of expenses that I incur every day.. Republicans think I'll HIRE people if my taxes go down.. But, I only hire people when DEMAND for my product goes up. Without more demand for my product, new hires are just gonna be sitting around.. When my expenses go down, I think I must be a very clever businessman..

But, I DON'T like people SITTING around..

excon