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| Re: GOP Tax Plan (1481651) | |||
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Re: GOP Tax Plan |
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Posted by AlM on Sat Dec 16 14:01:04 2017, in response to Re: GOP Tax Plan, posted by Henry R32 #3730 on Sat Dec 16 11:44:25 2017. The $6,350 and the $12,000 are called the "standard deduction," not the "standard exemption."And I'm not being picky here. The old tax does have a "standard exemption" as well, and it's $4,100, and you missed it. The new tax eliminates the exemption. So there's $1,000 of your savings gone. And you failed to acknowledge any of the reductions in government services that you will receive. You can pretend all you want that it's none, but you'd be wrong. And you're only dealing with renters. Property owners will mostly still be able to itemize deductions, but they won't be able to take advantage of the higher standard deduction and they will still lose their standard exemption. Note that standard exemption plus standard deduction has only gone up from $10,450 to $12,000. |
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