Quote:
Originally Posted by Jim in CT
I am not an accountant. So I could absolutely be wrong here...
But when I heard about the doubling of the standard deduction, I was very glad to see that in there. I figured that cannot fail to put more money in the pockets of people who are, I presume, mostly lower middle class. Isn't that who uses the standard deduction?
That piece alone, must necessarily reduce taxes for these people. Is there another feature of the bill, that increases their taxes by more than the deduction lowers them?
This is an honest, sincere question, not sarcasm or hyperbole.
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I think the issue is they while they may double the standard deduction they also remove other exemptions and tinker with the rates so it's neutral or in some cases a net loss. The CBO report just hammered the Senate plan as a big hit on the middle class and will add substantially to our deficit spending.