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Pastimes : Clown-Free Zone... sorry, no clowns allowed -- Ignore unavailable to you. Want to Upgrade?

To: Terry Maloney who wrote (432426)	11/14/2017 10:48:32 AM
From: Horgad	Read Replies (1) \| Respond to of 436258

"An analysis showed, meanwhile, that the Senate version of the legislation would actually increase taxes for some 13.8 million U.S. households earning less than $200,000 a year." "The legislation would steeply cut corporate taxes, double the standard deduction used by most Americans, and limit or repeal completely the federal deduction for state and local property, income and sales taxes." If I understand correctly, it is basically going to lower the taxes of middle class families that currently don't itemize and raise taxes on those that heavily itemize. Increases taxes on 13.8 million households is "only" about 10% of US households that report under $200k of gross income on their taxes. Also, many middle classes families overpay on their taxes right now because itemization is a PITA so they just just the standard deduction. I am not saying that I agree with a big tax cut for the rich...just that I am not convinced that the middle class is going to get screwed with this change. Of course, I have not dug into all the details and I could be completely wrong on this...