On Wednesday, April 26, 2017 at 9:50:10 PM UTC-5,
dotsla...@gmail.com wrote:
> On Wednesday, April 26, 2017 at 2:02:18 PM UTC-5, The Cheesehusker, Trade Warrior wrote:
> > On Wednesday, April 26, 2017 at 1:35:08 PM UTC-5, xyzzy wrote:
> > > On Wednesday, April 26, 2017 at 2:32:40 PM UTC-4, Con Reeder, unhyphenated American wrote:
> > > > > On Wednesday, April 26, 2017 at 1:53:09 PM UTC-4, The Cheesehusker, Trade Warrior wrote:
> > > > >> Obviously subject to massive changes
> > > > >>
> > > > >> * Cap Gain Top 20% (down from 28%)
> > > > >> * Income Top 35% (down from 39.6%)
> > > > >> * Std Deduction up 2x
> > > > >> * Death Tax Out
> > > > >> * Eliminate ALL tax deductions other than mortgage and charity
> > > > >
> > > > > The biggest hit this causes is the loss of deductibility for state income or sales taxes.
> > > >
> > > > Raising the standard deduction takes care of that for the middle class.
> > >
> > > I wonder how many fewer people would end up itemizing. I'm sure the numbers are somewhere or will be shortly.
> > >
> > > Note this also has the effect of reducing the value of the remaining deductions, mortgage and charity, for people who will no longer itemize.
> >
> > Absolutely. The middle class should love this, for the most part
>
>
> I don't know. Seems top-loaded, sorta literally.
The cap gains and lowering brackets part? Sure. The increased standard deduct and removal of most deductions? Nope - that'll hurt people at the higher end of the brackets - many middle class down don't itemize and the squeeze will be felt higher up.
My initial take away would be some good/bad higher end, mostly good lower and some not able to participate in on the lower end.
Well, it IS the gop, so your confirmation bias is smoking hot - and probably rightfully sol.