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so what does everyone think of the trump tax reform?

He announced his plan. What was on it? I haven't had any time today to look at anything

“I can’t blame the man for the race he is born, but we must acknowledge our differences.” - George Lincoln Rockwell @Xen

basically he is doubling the standard deduction

but reducing a lot of the other deductions

SALT is going away to

which is fine

and estate tax

most of what the media is saying is false and ive written about it too but one thing concerns me. The media says that there is now a personal exemption you can take now in addition to the standardized deduction

Basically it means bunch of folks will be able just to take standard deduction with no need to itemise

and that is going away too

if this is true then doubling the standardized deduction means almost nothing

if it is not true then doubling the standardized deduction is the most pro middle class thing anyone has ever done

And it simplifies tax codes

Saves time and money

etc

like for personal income tak

*tax*

sec

Don't most of middle class have houses?

upper middle class now

Although I"m a little gray on what middle class truly is

the way i understand it is you have income subtract standardized deduction and then thats it. If that doubles under trump then thats amazing (from 6000 to 12000)

Middle class bracket also goes from 28% to 25% I think

now media is saying its actually income - standardized deduction - personalized exemption

so your already subtracting more than 10000 by default without the trump change

I am pretty sure most middle classes people were not taking standard deduction, and were itieising instead

no. 70% of americans took standard deduction last year

which is why increasing it is awesome

2013 so not very recent, about 50% of "middle class"

in 2013 i believe the irs said 63% took standardized deductions

so is there a personal exemption you can take in addition to standard?

my understanding is once you tak standard thats it your done

I probably itemize right now

Although the only deduction I can take is my mortgage

so there no personal exemption that u take?

ok media is wrong then the trump plan is awesome 😃

I don't get to claim a lot of personal exemptions

I get my 2500/year claim for student loans