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Thu Nov 16, 2017, 09:34 AM

Why the GOP tax plan's big boost in the standard deduction won't be a windfall for some average Amer

This discussion thread was locked as off-topic by DonViejo (a host of the Latest Breaking News forum).

Source: LA Times

The Republican plan to nearly double the standard deduction as part of a sweeping tax overhaul appears to be a windfall for average Americans because it would allow them to shield thousands of additional dollars from taxes.

But donít start planning how youíd spend those savings yet.

Another un-touted proposed change that would eliminate personal exemptions would significantly reduce the benefit for some people and conceivably wipe it out for others.





Read more: http://www.latimes.com/business/la-fi-trump-taxes-standard-deduction-20170928-story.html



The fact that they are doing away with the personal exemption is a huge non starter for millions of families, this attempt to sabotage working families and have them pay for tax breaks to millionaires needs to be shut down. Every Democratic Pundit needs to lead with.. "People need to understand that everyone today gets a $4,050 exemption per dependent on their tax return, the GOP plan ends that".

That will be quick simple math most can do to realize this is not a tax break at all.

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Reply Why the GOP tax plan's big boost in the standard deduction won't be a windfall for some average Amer (Original post)
humbled_opinion Nov 2017 OP
greymattermom Nov 2017 #1
jmowreader Nov 2017 #3
turbinetree Nov 2017 #2
DonViejo Nov 2017 #4

Response to humbled_opinion (Original post)

Thu Nov 16, 2017, 09:36 AM

1. Per dependent with no limit?

So how will this tax bill affect the quiverfull families like the Duggars and Bates?

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Response to greymattermom (Reply #1)

Thu Nov 16, 2017, 09:51 AM

3. Google West Fertilizer or USS Grandcamp

The bill kills the medical deduction, but weíll ignore that and pretend their tithing, mortgage and local taxes are together less than $24,000. Using a family with eight children:

Now: $12,700 standard deduction, $40,500 personal exemption, $53,200 off your tax bill
Trump: $24,000 off your tax bill
Difference: $29,000

Single parents really get hosed...with one kid, you get $18,450 now and $12,000 under Trump.

But Trumpís taxes go down bigly and thatís the important thing.

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Response to humbled_opinion (Original post)

Thu Nov 16, 2017, 09:46 AM

2. This country now has fascism by fiat

no open hearings or comments, nothing, just go behind closed doors and then come out with a right wing republican f*cking entourage, beaming with smiles, on how they wrote a bill ---------------2018 can't get here fast enough





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Response to humbled_opinion (Original post)

Thu Nov 16, 2017, 10:21 AM

4. Locking....

This is opinion and analysis. In addition, if it weren't being locked for that reason, it would be locked because it was published September 28, 2017, well over 12 hours old.

From the SOP of the LBN Forum (emphasis added)

Post the latest news from reputable mainstream news websites and blogs. Important news of national interest only. No analysis or opinion pieces. No duplicates. News stories must have been published within the last 12 hours. Use the published title of the story as the title of the discussion thread.

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