The Personal Exemption deduction has been eliminated

[SHRED]

While the news media never fails to mention that the Standard Deduction has doubled they almost always fail to mention that removing the Personal Exemption has all but negated that doubling.

CBS News failed again last night.

Why?

[Hoyt]

1. I agree. They ought to say that the standard deduction and exemptions have been combined and

slightly increased. For most people, the increase in the child tax credit comes close to making up for the loss in exemptions for kids. I wonder what the Duggars think of the plan?

The average Joe/Jane won't see the bad aspects of this plan, what it should have been, what it could have been. That is what worries me as far a getting any real mileage out of criticizing it.

[AJT]

2. That has been my worry too. Most people will see an increase in take home pay

beginning in February. It's the cuts in programs that will happen because of their sudden concern with the deficit that may wake people up.

[Lee-Lee]

3. Yeah- by the time for midterms people will have only seen the increase in take home

For those who get hit by the loss of personal deductions they won’t see that until January at the soonest- Long after the midterms.

[CousinIT]

4. Media is a big fat F A I L when reporting on Trump, GOP, tax scam.

Itemized deductions have been eliminated for many. AND the personal exemption.

So they doubled the standard deduction TEMPORARILY and lowered rates TEMPORARILY to soften the blow of all that. BUT - in 2025 or so - LONG after Americans have forgotten WHO DID THIS to them - that doubled standard deduction and lowered rates GO AWAY. All US taxpayers are left with is a $6K or $12K standard deduction, NO personal exemptions (still paying a higher rate than they were in 2017) and NOTHING they can itemize (or what is itemizable is less than $6K or $12K). At that point with the rates going back up to 2017 levels and the standard deduction cut in half, they'll be paying a LOT MORE in taxes than they are now or will be prior to that. The personal exemption will STILL. BE. GONE. The std deduction will be HALF what it was. AND their tax rates will go up.

This is going to DEVASTATE a lot of people.

They front-loaded the hell out of this thing.

OUR ONLY HOPE is that Democrats FIX. THIS. before 2015 hits. If Democrats have ANY nerve at all, they'll just rescind the entire damn thing. At the very least they need to put the personal exemption BACK and the deductions BACK, and leave the rates a little lower and the standard deduction a little higher for those making $400K/year and less. AND make those "permanent" corprat tax cuts, pass-through loopholes, etc - TEMPORARY. Those should EXPIRE in 2022 - and the loopholes should be CLOSED and their rates back up to 35-39% or more. ALSO eliminated must be special cuts for golf course owners, real-estate tycoons and private jet owners that Trump gave himself & his rich friends in his tax scam AND eliminate the first-time-ever tax on private university endowments which cuts into money they otherwise use for financial aid. GET. RID. OF. ALL. OF. IT.

1. Will Dems EVER get back in power in any appreciable way? Who knows?
2. Will they - IF they gain power again - BOLDLY FIX THIS MESS before it REALLY kicks in?
3. HOW will Democrats explain to Americans in 2015 or so that THEIR GARGANTUAN TAX LIABILITIES then are the FAULT of the Republican tax bill passed 8-10 years ago -- if they DON'T fix it?

They did this in my state. They ELIMINATED the personal exemption and ALL itemized deductions. Basically, they implemented a flat tax. EVERYBODY had to claim single and 0 or married and 0. Their taxes went up and their paychecks shrank. AND at the end of the year, those who previously got refunds got NOTHING and some had to PAY.

"Oh but we lowered the rates", they said. "Oh but we raised the standard deduction", they said. NONE OF IT MADE A DAMN BIT OF DIFFERENCE. VIRTUALLY EVERYONE ended up paying MORE in taxes and of course this hit the poor and middle class working folk HARDEST.

The thing is a SHIT. SANDWICH. which fucks Americans forwards and backwards.

[CousinIT]

5. Oh. And on top of ALL THIS - Social Security & Medicare

(health insurance for elderly and retirement insurance) are GOING. TO. BE. CUT. to pay for these billionaires' & corp rat tax cuts. And insurance premiums - without the mandate - will be unaffordable for 13 - 20 million people so they lose healthcare.

It ALL comes out of the hides of average, elderly, sick, working, poor Americans. Now and for the next GENERATION.