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How is this a tax cut?
hwy2heaven 169 Reviews 280 reads
posted

I need anyone who has more accurate information on the proposed GOP tax reform to explain how this is a tax cut for the middle class.     I was speaking with the family who rent my condo in Tampa and the guy told me he will be paying more taxes under the new plan.     This is what he said:

The husband and wife both work but their total income is $xx,xxx.xx per year.    They have 3 kids, two in college and one is a senior in HS.    Under the current tax law, he takes Standard Deduction of $12,700 and 5 personal exemptions totaling $20,250 and the total deductions amounting to 32,950.

Under the proposed new tax laws, personal exemptions are eliminated and the Standard Deduction is increased to $24,000.

The family's taxable income will go up by 8,950.

mrhuck12 reads

...Tax plan, I hope it fails just like every other bill he has put before congress

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impposter32 reads

I'll bet some HS or college undergrad programmers could come up with some program to take a statistically relevant random sample of tax returns in different income and filing brackets and compare the 2016 taxes paid to the amounts that would be paid using the new proposals.  
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Publish the results.
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It's just MATH! Is that so hard to do?

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DUANE15 reads

on where the break point will be between the 12% and 25% brackets, and what the income level is.

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mrhuck14 reads

...Are they tax deductible ?

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