(12-06-2017 10:29 AM)Fitbud Wrote: They will. Not right away however. They want you to think you got a good deal so you can vote Republican again in the next election. Over time however, you will be right back to where you started as the tax cuts on the middle class will expire and the taxes on the rich will be permanent.
They “sunset”. It’s part of the legislative gobbledygook provision that was probably cooked up somewhere 140 yrs ago.
If you study history you’ll see the same was true of the “Bush” tax cuts following 9-11. They were re-upped and remain in place for the most part.
Tax RATES other than the top bracket are likely coming down.
But, the biggie, is the doubling of both the personal exemption(s) as well as the child credit going from either 1grand to 1600 or 2000. So guess we’ll assume 1800 per. An 80% increase.
Those items alone are worth somewhere around 12 grand Tax free, and however much you may get depending if you have snizzles in the House or not.
Very few, such as 14% of high earners, will pay more. Much of that because after their first 500.000 on their on their mortgage interest deduction is exhausted, they will not be deducting it as high a rate to 1 million. Beyond the 1,000,000 it’s not deductible.
Further, the personal prop tax is only deductible up to the first 10,000. So if you’re paying out your asss in some stupid place like NY, NJ, ILL or Cali that may be a hit.
The rest of this leftist garbage is just noise.
The VAST majority of people not in the 1% or even .01% will pay less in federal income taxes.
