Posted by bad_luck on 11/2/2017 12:57:00 PM (view original):
This is a **** plan. If Trump really wanted to help middle/lower class families, he wouldn't touch the personal exemptions, mortgage interest deductions, and student loan interest deductions.
This is a gift to rich people who own a lot of stock or who plan to inherit a **** load of money.
How?
Mortgage deductions drop from $1 million to $500k? How many middle class people have mortgages over $500k? Only wealthy people do.
The first $24k married, joint filling is now at 0% taxes. The next $90k is at 12% under Trump. currently this is the first $12k is at 0%, the next $18k is at 10%, the next $55k is at 15%, the next $15k+++ is at 25%. It doesn't take a genius to see Trump's plan is WAY better, simply with the 12% bracket extending up to $90k.
It expands the child tax credit, how does that not help the middle class?
Capping state and local tax deductions at $10,000.... Again that's a beat down on the wealthy but not the middle class.
11/2/2017 3:05 PM (edited)