8 ms·
"what do you think is missing?" How about someone making $75k/yr. who itemizes deductions, because they live in a high-property-tax state? Or someone making $
by betterunix2 9y ago
"what do you think is missing?"
How about someone making $75k/yr. who itemizes deductions, because they live in a high-property-tax state? Or someone making $75k/yr. who has 5 kids and receives an exemption for all of them under the current code?
We could go on all day coming up with scenarios that are missing from tables like these, some which represent winners, some which represent losers (somehow, that table seems to have no losers...). There are bigger issues with the bill. There are a bunch of hidden traps for the middle class that people are just beginning to understand. Already there are concerns about the new provision allowing 529 plans to be used for private elementary schools, and the way that will create incentives that hurt the middle class while benefiting the wealthy. The bill also picks winners and losers by allowing some professions to use pass-through corporations to reduce their income tax burden, but not others (architects and engineers, but not software developers).