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The structure of this was the same as any other break.
It has been done 3 times in my lifetime and you would think by now folks would not buy it. They pass this stuff so fast, nobody really has a chance to review it for true implications.
And the deviling details are always written after the bill has past while in some sub-committee where words meet the deed. That is where the hocus-pocus is done.
Those that are making out better will be in a minority. Mainly those with little income where the standard deduction discounts more taxable income.
But, we know the top 3% made out pretty well. Many saved more than I make. Think about that.
I'm sure this will bring out a mess of new proposals, it has in the past.
Watch out for the catch phrases of FAIR TAX etc, where they eliminate corporate ITX with sales tax (corp don't pay sales tax, you do)
I have had it in my head for 20 years now that the only fair thing to do is make the personal income tax rate the same for everyone. Anything less is discrimination.
Nobody should be able to have a tax break on personal taxes that everyone can't have the possibility of.
Lets say the rate is 18%
To help those at the lower end of the scale without discriminating the top, everyone gets a standard deduction of 15k and 4k for dependents, blind, etc.
Everyone gets the same qualifying rates and deductions.
You should not get a rate discount for the volume of money you made. We are all the same here and should be treated as such.
That's it. Postcard size just like Trump promised ! When is that coming anyhow ?
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