A pundit commented that if and when the Democrat will campaign against the tax "reform"
that the pugs will present it as "raising one's taxes" since, supposedly, employees will see the benefit in their next paycheck.
Duh, not every tax payer is an employee. Certainly not most seniors.
Thus, I will be happy to be a poster tax payer for the campaign.
Our taxes will rise mainly because of the elimination of the personal exemptions that have not been discussed much. At $4050 a person (in 2016) our taxable income will rise by $8100. (A family of four will see an increase of $16,200 that will not be offset by doubling the standard deductions, increase child credit, nor lower tax rate).
Also, we are trying to do the right thing by carrying a long-term care insurance as not to be a burden on tax payers for long term care. These policies are getting more expensive.
We also are trying to stay in our 30+ yr home and are using Home Equity Line of Credit to maintain it. But interest on this line is eliminated.
Thus, looking at our projected 2017 income tax return, we will owe more than $1,000 in taxes in 2018. Perhaps not much (enough for us) but certainly not a "reduction."
= new reply since forum marked as read
