Message from bam in The Right Server #serious_chat


2017-09-29 04:04:20 UTC  

so what does everyone think of the trump tax reform?

2017-09-29 04:05:29 UTC  

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

2017-09-29 04:06:21 UTC  

โ€œI canโ€™t blame the man for the race he is born, but we must acknowledge our differences.โ€ - George Lincoln Rockwell @Xen

2017-09-29 04:07:50 UTC  

basically he is doubling the standard deduction

2017-09-29 04:08:06 UTC  

but reducing a lot of the other deductions

2017-09-29 04:08:12 UTC  

SALT is going away to

2017-09-29 04:08:18 UTC  

which is fine

2017-09-29 04:08:37 UTC  

and estate tax

2017-09-29 04:09:24 UTC  

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

2017-09-29 04:09:29 UTC  

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

2017-09-29 04:09:30 UTC  

and that is going away too

2017-09-29 04:09:49 UTC  

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

2017-09-29 04:10:25 UTC  

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

2017-09-29 04:10:42 UTC  

And it simplifies tax codes

2017-09-29 04:10:48 UTC  

Saves time and money

2017-09-29 04:10:49 UTC  

etc

2017-09-29 04:11:00 UTC  

like for personal income tak

2017-09-29 04:11:05 UTC  

*tax*

2017-09-29 04:11:11 UTC  

sec

2017-09-29 04:11:32 UTC  

Don't most of middle class have houses?

2017-09-29 04:11:40 UTC  

upper middle class now

2017-09-29 04:11:55 UTC  

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

2017-09-29 04:12:09 UTC  

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)

2017-09-29 04:12:09 UTC  

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

2017-09-29 04:12:32 UTC  

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

2017-09-29 04:13:02 UTC  

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

2017-09-29 04:13:23 UTC  

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

2017-09-29 04:13:57 UTC  

no. 70% of americans took standard deduction last year

2017-09-29 04:14:03 UTC  

which is why increasing it is awesome

2017-09-29 04:14:14 UTC  

https://cdn.discordapp.com/attachments/356277119862439937/363176625153638400/Itemized_Deductions-21.png

2017-09-29 04:15:06 UTC  

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

2017-09-29 04:15:56 UTC  

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

2017-09-29 04:18:53 UTC  

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

2017-09-29 04:19:06 UTC  

my understanding is once you tak standard thats it your done

2017-09-29 04:20:18 UTC  

I probably itemize right now

2017-09-29 04:20:28 UTC  

Although the only deduction I can take is my mortgage

2017-09-29 04:25:44 UTC  

so there no personal exemption that u take?

2017-09-29 04:26:02 UTC  

ok media is wrong then the trump plan is awesome ๐Ÿ˜ƒ

2017-09-29 04:29:47 UTC  

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

2017-09-29 04:29:57 UTC  

I get my 2500/year claim for student loans

2017-09-29 04:31:46 UTC  

And I'm not even sure that actually does anything fo rme