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Old 01-24-2018, 06:10 PM   #62
Benelliguy
Six Point
 
Join Date: Jan 2009
Location: VT
Hunt In: VT, OH, Wherever Invited
Default Tax cut

Quote:
Originally Posted by Charles View Post
I'm trying to figure out why everyone says it's horrible. Is it not a large enough tax cut for the actual tax payers?
Because they eliminated the $4050/per person exemption,(which was deducted whether you itemized or not) plus eliminating many deductions (state and local property taxes, work expenses, investment advisory fees, etc) the amount we will be taxed on is more. So even though the rate is less, it will end up costing me about the same if Iím lucky...perhaps more. Even doubling the standard deduction only makes up a portion of the loss of the personal exemptions, and is worse if your a family of 3 or more.
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