HomeLatest ThreadsGreatest ThreadsForums & GroupsMy SubscriptionsMy Posts
DU Home » Latest Threads » Forums & Groups » Main » General Discussion (Forum) » And another tax exemption... » Reply #3

Response to GoneOffShore (Original post)

Sat Nov 24, 2018, 12:05 PM

3. Sorry for your situation. The whole tax fiasco is a fraud. The personal exemption has also been

eliminated, along with certain itemized deductions, which will affect those mostly in blue states with high housing and property taxes. Yes, this was a punitive tax bill.

Those who used to itemize deductions may find that wonít happen now since the standard deduction has been raised, but either the loss of the personal exemption, they will find they will be actually paying more tax

Those at lower incomes who didnít itemize before will also lose the personal exemption, but the increase in the standard deduction will most likely realize less tax for them, but it will not be any windfall for sure, and with the whittling down of the ACA, those who choose to keep that insurance will find much of that tax gain will go to increased premiums. With the trade war they will find the cost of everything will be higher, so much of that so called tax cut will go to the higher costs

It will be the wealthiest that will benefit the most, and the Reagan trickle down economics will be shown again to be a complete failure


Reply to this post

Back to OP Alert abuse Link to post in-thread

Always highlight: 10 newest replies | Replies posted after I mark a forum
Replies to this discussion thread
Arrow 9 replies Author Time Post
GoneOffShore Nov 2018 OP
beachbum bob Nov 2018 #1
dameatball Nov 2018 #2
GoneOffShore Nov 2018 #4
LineNew Reply Sorry for your situation. The whole tax fiasco is a fraud. The personal exemption has also been
still_one Nov 2018 #3
GoneOffShore Nov 2018 #5
still_one Nov 2018 #6
GoneOffShore Nov 2018 #7
D_Master81 Nov 2018 #8
customerserviceguy Nov 2018 #9
Please login to view edit histories.