WFFaithful
Well-known member
Doubling the standard deduction while losing the exemptions becomes almost inconsequential to me, and really fucks over the poors with kids.
Well played , pubs.
This.
Doubling the standard deduction while losing the exemptions becomes almost inconsequential to me, and really fucks over the poors with kids.
Well played , pubs.
I just read that one thing on my phone, does it say anywhere that they're getting rid of the exemptions?
Sounds like the standard deduction loss at the personal exemptions of the married couples and that the child personal exemption will be offset by an increase child tax credit
So, even though the Doofi will jizz on Tilt's chart because it is a chart on the internet, ignore it.
it is way too early to do much analysis on this, it's an 8 page outline. But clearly it's going to explode the deficit, just like the Bush tax cuts. If they want to make it look even remotely revenue neutral, they're going to have to assume growth rates that are unheard of in a mature industrialized economy. Our taxation system is certainly a drag on the economy, but pretending that eliminating some deductions and changing some brackets is going to unleash 5 or 6% growth is a joke.
What is actually going to happen is a recession. The housing markets are at all time peaks, stocks are way overvalued, junk bonds and corporate leveraged debts are at levels higher than they were before 2007. The economic cycle is due for a correction, and correct it will, tax cuts or no. In fact, if this tax cut does create some additional frothiness in the financial markets, the inevitable contraction will probably be even worse. So if some version of this gets passed and cuts Federal tax receipts, it will be just in time for a recession to come along that will further cut government revenue. $20 trillion in debt? You ain't seen nothing yet.
I'm a tax noob, so someone can correct me here. But if they are keeping the mortgage interest deduction and charitable deduction and eliminating the others while increasing the standard deduction to $24K, wouldn't that de facto end the mortgage interest deduction for all but the richest people/most expensive houses anyway? If you are going to do that, why not just get rid of it altogether?
I'm a tax noob, so someone can correct me here. But if they are keeping the mortgage interest deduction and charitable deduction and eliminating the others while increasing the standard deduction to $24K, wouldn't that de facto end the mortgage interest deduction for all but the richest people/most expensive houses anyway? If you are going to do that, why not just get rid of it altogether?
Apparently Republicans don't really give a shit about the debt.