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- Administrator
Offline - From: Upstream where water's clean
- Registered: 1/29/2015
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Who gets SCREWED by the Tax Bill?
Short list, please add more:
• Itemizers in high tax states (PA, MA, NY, NJ for starters) who will be limited to a combined total of $10,000.00 for ALL state and local taxes. My property taxes alone are 20% more than that cap.
• Persons over 65 who used to get an additional >$4000.00 personal exemption for being seasoned citizens--now just rolled into that ballyhooed $12,000.00 "Standard Deduction"
• Blind people--same as above.
• People who claim a dependent other than a child under the age of 16, who will now get a measely $500 tax credit instead of an additional >$4000.00 exemption. Do the math.... you'd have to have been in a less than <12.5% tax bracket in order to come out ahead.
NICE CHRISTMAS COAL, G.O.P.!
Life is an Orthros.
- tennyson
- Exchanger
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- Registered: 2/06/2015
- Posts: 6,654
Re: Who gets SCREWED by the Tax Bill?
"Do not confuse motion and progress, A rocking horse keeps moving but does not make any progress"
- Goose
- Cogito ergo sum
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- Posts: 13,427
Re: Who gets SCREWED by the Tax Bill?
It is a disgrace
We live in a time in which decent and otherwise sensible people are surrendering too easily to the hectoring of morons or extremists.
- Just Fred
- Duke of Cortona
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Re: Who gets SCREWED by the Tax Bill?
I've got a feeling that a large number of people won't even know they're getting screwed. Can't wait to speak with the accountant/ tax people who do my taxes in April. They are not fans of Donald Trump.
- tennyson
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Re: Who gets SCREWED by the Tax Bill?
I likely will make out a little better, but THAT is not the issue. We are once again financing a huge tax cut and putting it on the credit card of our next generation. And the sad thing is that the BIG cuts go to Big Business that even according to Trump were ALREADY making record profits.
There WAS a nice bump in the stock market anticipating the extra earning of companies with the lower taxes and this is nice for people who have money in the markets, but there is NO guarantee it will be there when you want to or need to use it. I remember 2008 and how many people's retirements were tanked. It can happen again. And we WILL have a correction in the future. The only question is how much.
Last edited by tennyson (12/21/2017 10:38 am)
"Do not confuse motion and progress, A rocking horse keeps moving but does not make any progress"