According to Kiplinger the Republicans are starting to position themselves for the “goring of the bulls” tax plan that I was informed would occur for 2017.
Kiplinger is attempting to present this as a positive, but if the details that were shared with me before, everyone’s tax bill will be increasing this is a Republican money grab. Especially for middle class taxpayers that rely upon Schedule A for deductions. Most of these are eliminated, state taxes and property taxes. Charitable deductions stay and mortgage interest, but nothing else.
So for individuals, Schedule A basically goes away and your tax liability will increase.
The plan includes three tax rates 12%, 25% and 33%. But they became effective at lower income levels. So again more tax liability.
The standard deduction increases woo-hoo. But again, your liability will be going up.
It will be interesting to see who wins the election and what tax plan gets implemented. But right now I am not liking this one. I want to pay less in taxes not more yet again.