4 ms·

Those numbers you posted are probably inaccurate. The true numbers really depend on whether you itemize your deductions, and how much. This particular tax bill

Those numbers you posted are probably inaccurate. The true numbers really depend on whether you itemize your deductions, and how much. This particular tax bill substantially raises taxes for people who itemize, in particular states with high local taxes like California. I don’t know about Fox News but The NY Times had a good analysis of this: https://www.nytimes.com/interactive/2017/11/28/upshot/what-the-tax-bill-would-look-like-for-25000-middle-class-families.html https://www.nytimes.com/interactive/2017/11/28/upshot/what-t... Obviously many families and individuals will see their taxes go up.

WillPostForFood 9y ago
The numbers are probably a little better than he posted, because of several last minute changes: including a provision that will allow taxpayers to deduct up to $10,000 in state and local property taxes paid and allowing lower-income individuals to claim the medical expense deduction.
sytelus 9y ago
I assumed standard family (married filed jointly, 2 kids, standard deduction).
- jessaustin 9y ago
  Yeah somehow I don't see itemized deductions as a "middle class" thing. Even less so with the standard deduction increase.
  - marcell 9y ago
    About 1/3 of households itemize deductions, including myself. I live in a two bedroom condo with two kids, I consider myself "middle class." Itemizing deductions is much more common in high tax ("Blue") states due to the state/local tax deduction. This tax "cut" is targeted to raise taxes on blue states by eliminating that. The standard deduction increase is a bit of a trick, since they removed the personal deduction. So it's not a "doubling" of the standard deduction, but an increase of a few thousand. It is not enough to cover the removal of other deductions for many middle/upper-middle class families.

4 ms·

Those numbers you posted are probably inaccurate. The true numbers really depend on whether you itemize your deductions, and how much. This particular tax bill

by marcell 9y ago

WillPostForFood 9y ago
The numbers are probably a little better than he posted, because of several last minute changes: including a provision that will allow taxpayers to deduct up to $10,000 in state and local property taxes paid and allowing lower-income individuals to claim the medical expense deduction.
sytelus 9y ago
I assumed standard family (married filed jointly, 2 kids, standard deduction).
- jessaustin 9y ago
  Yeah somehow I don't see itemized deductions as a "middle class" thing. Even less so with the standard deduction increase.
  - marcell 9y ago
    About 1/3 of households itemize deductions, including myself. I live in a two bedroom condo with two kids, I consider myself "middle class." Itemizing deductions is much more common in high tax ("Blue") states due to the state/local tax deduction. This tax "cut" is targeted to raise taxes on blue states by eliminating that. The standard deduction increase is a bit of a trick, since they removed the personal deduction. So it's not a "doubling" of the standard deduction, but an increase of a few thousand. It is not enough to cover the removal of other deductions for many middle/upper-middle class families.