I'm a CPA with a small tax practice

[mercuryblues]

21. We filed an extension for ours.

We know it is going to be bad. We usually pay in a few hundred or get a small return. All of our eligible deductions are gone this year.


The timing is perfect for GOPers. After the 2018 elections. If this kicked in last tax season, they all would have been voted out. They are hoping their base forgets by the 2020 elections. And remember the home interest deduction hits those in blue states more than those in red states, as home prices are higher.


After the 2020 elections the middle class tax "tax break" will get even worse. This is why the Democrats need to hammer this point home and expose what 2020 tax rates will be like for the middle class in their 2021 returns. Unfortunately the will not be able to completely fix this mess for 2021, but they can for 2022. There won't be enough time between taking office and tax season.

I wonder where all the people are on my local news feed that loved their "tax cut" last year. They were bragging about bringing home more money in their paychecks. I tried telling them they were going to be sorry when they find out they owe money at the end of the year. For that you can imagine the names I was called. I laughed and told them I hope they get everything they voted for.