So how many of you will end up at the short end of the stick?
Now that the 1% stuffed shirts are about to pass tax reform that removes:
1. personal exemptions (that is $4,050 a person in the household)2. state and local income tax deductions (almost all states except 5 have state income tax)
3. property tax deductions (unless the bald guy holds his balls at $10,000 max) In many states and many households, all of this exceeds the $24,000 Standard Deduction and they will end up paying more taxes irrespective of their income brackets.
looks like all those Trump voters will take it up the ass..
Yes the blue states that voted for him: Pennsylvania, Michigan, Wisconsin. Homeowners who take those deductions now along with mortgage interest will see their taxes go up. Even if they are not homeowners paying mortgage and property taxes a renter family like couple + 3 kids will see their taxes go up:
As of now: 5 personal exemptions = $20,250 + Standard Deduction $12,700 = 32,850.
Reformed tax: $24,000 Standard Deduction.
That is a straight $8,850 increase in taxable income. No matter what is the tax bracket and rate, it will increase their taxes.
-- Modified on 11/13/2017 11:24:08 PM