November 16, 2017

Why the GOP tax plan's big boost in the standard deduction won't be a windfall for some average Amer

Source: LA Times

The Republican plan to nearly double the standard deduction as part of a sweeping tax overhaul appears to be a windfall for average Americans because it would allow them to shield thousands of additional dollars from taxes.

But don’t start planning how you’d spend those savings yet.

Another un-touted proposed change that would eliminate personal exemptions would significantly reduce the benefit for some people and conceivably wipe it out for others.





Read more: http://www.latimes.com/business/la-fi-trump-taxes-standard-deduction-20170928-story.html

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The fact that they are doing away with the personal exemption is a huge non starter for millions of families, this attempt to sabotage working families and have them pay for tax breaks to millionaires needs to be shut down. Every Democratic Pundit needs to lead with.. "People need to understand that everyone today gets a $4,050 exemption per dependent on their tax return, the GOP plan ends that".

That will be quick simple math most can do to realize this is not a tax break at all.