My partial analysis of the GOP tax plan

[nitpicker]

Single standard deduction filer: slight tax breaks up through 20000 AGI then more

Married no dependents filer: slight tax breaks up through 40000 AGI then more

BUT:

Single senior standard deduction pays more from about 14000 AGI to 24000 AGI

Married no dependents seniors: pay more from about 30000 AGI to 45000 AGI

And a married couple with 2 kids:

Pay more/get less refund from about 33000 AGI through 55000 AGI (and beyond?)

SO:

Rich get richer off the backs of seniors and kids.

Heck of a job, GOP.

[nitpicker]

1. Two of my predictions ahead of action on the GOP tax plan

1. People will be rushing to their doctors and dentists to get work done in 2017 (fearing the medical expenses won't be deductible anymore)

2. Houses above $500 K will be slower to move because of threats of caps on mortgage interest deductibility. This market may become more dependent on seasonal events, such as military officer moving season.

[exboyfil]

2. I am a pretty good winner

under this tax plan. I am going to save about $1400.

Couple no kids with standard deduction

$50K income - $232.50 savings
$90K income - $1,432.50 savings

That $1,432.50 holds up to about $170K. I have not looked at higher rates.

That $1,432.50 is going to disappear pretty quickly for the itemizers though.

[BigmanPigman]

3. The Cut and Kill Tax Bill does this very well.

[Angry Dragon]

4. I like the Tax and Kill Tax Bill

[BigmanPigman]

5. The moron wanted to call it the "Cut, Cut, Cut Bill".

That sounds odd to me...like an ad for a barber shop or a doctor who performs vasectomies.

[sandensea]

6. Am I right in assuming people who itemize are getting the short shrift?

[nitpicker]

7. OH Yes.

But others are getting messed up too.

If I am reading the bill correctly, it removes:

The increase in standard deduction for 65+ and/or blind

Personal exemptions

The Lifetime Learning credit

The deduction of casualty losses

Expenses paid by You as an employee to maintain skills/credentials (think continuing professional education)

Health Savings Accounts

(Maybe the medical expenses deduction)

And of course the state and local tax deduction.

Amongst other things (such as no more itemizing fees paid to tax preparers).

[nitpicker]

8. And what about charitable contributions?

I you can't itemize, you can't deduct them on your tax return.

[sandensea]

9. Talk about going where the GOP has never gone before.

Thank you, nitpicker. Interesting times, right?

[question everything]

11. Yes, Our largest item is medical expenses because of the long-term care insurance

close to $9,000 for both of us.

Thus our projected itemized deductions is $27,000. But with the elimination of medical deductions, we will take the standard deduction of $24,000. Losing 3,000 there.

Plus eliminating the personal exemptions - around $8,000 - and our taxable income, right out the gate rises by $11,000.

Lowering the tax rate from 15% to 12% does not compensate for this.

[sandensea]

12. Makes one mad just to read that.

No one should have to pay a penny more in taxes, just so some spoiled lounge lizard can buy another of these:

That doll must be there for the owner to remind himself he's human.

[mahatmakanejeeves]

10. This is the big tell. GOP plan has some cuts for middle class... that disappear after 5 years.

Full disclosure: I do not know if his charts are accurate or not. RTs do not equal endorsement, as the kids say.

Retweeted by RogueAltGov: https://twitter.com/RogueAltGov

This is the big tell. GOP plan has some cuts for middle class... that disappear after 5 years.

Corporate & inheritance tax cuts? Permanent.

Link to tweet

I recommend reading your tax plan. Those tax cuts expire after 5 years, raising taxes on that same family.

Link to tweet

This one chart says everything you need to know about the GOP tax plan.

Link to tweet