Message from @bam
Discord ID: 363175978463395851
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
like for personal income tak
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
And I'm not even sure that actually does anything fo rme