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The Water Cooler
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Finally we're getting somewhere with tax reform
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<blockquote data-quote="SMS" data-source="post: 3058197" data-attributes="member: 42"><p>I’m referring to the elimination of the individual deductions. That alone, for a family of 5, is enough to erase the doubling of the standard deduction even with an increase in the child tax credit. Then add in the state tax deduction elimination and the hit gets bigger. Those key points have been largely unchanged in all the versions I’ve seen and run actual numbers on (vs. just regurgitating talk radio commentary and throwing out buzzwords like “relief”).</p><p></p><p>If they’re “still writing the bill”....then how can they be touting it as a middle class tax cut?</p><p></p><p>I get the valid point about ending the subsidy of tax heavy states, but are we going to cheer doing that on the backs of the middle class?</p></blockquote><p></p>
[QUOTE="SMS, post: 3058197, member: 42"] I’m referring to the elimination of the individual deductions. That alone, for a family of 5, is enough to erase the doubling of the standard deduction even with an increase in the child tax credit. Then add in the state tax deduction elimination and the hit gets bigger. Those key points have been largely unchanged in all the versions I’ve seen and run actual numbers on (vs. just regurgitating talk radio commentary and throwing out buzzwords like “relief”). If they’re “still writing the bill”....then how can they be touting it as a middle class tax cut? I get the valid point about ending the subsidy of tax heavy states, but are we going to cheer doing that on the backs of the middle class? [/QUOTE]
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