Trump’s tax cut plan—yes or no?
By NJ Chicaa
December 1, 2017 3:08pm CST
I have been against it from the beginning because everything I’ve read about it states that it favors the wealthy and big business and that taxes on the middle class will eventually actually increase. It is also calling for the elimination of many deductions that the middle class rely on and even one that teachers currently have for some school supplies. I also suspect that the GOP will want to cut funding for social programs to pay for these tax cuts and I am totally against that. My husband and I were talking a few minutes ago and somehow the topic came up. He said “I just hope the tax cuts go though”. I looked at him totally horrified. I said “are you insane?” They will hurt the middle class! We are middle class!” He then informed me that we would save about $7000 a year under the new tax plan. I don’t know what or who to believe on this.
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What I have seen says the tax rates for the LOWEST bracket will increase, but allegedly we (since I am in that bracket) are supposed to get extra deductions to offset it. "under Trump's plan, while a person making $9,325 or less would be bumped up to the 12% tax bracket (currently at 10%), the standard deduction would be $12,700 (currently $6,350), meaning they wouldn't see their effective tax rate increase. In fact, many more people would end up paying nothing in taxes"
The lowest tax rate for individuals would increase to 12% from 10%, but with the doubling of the standard deduction, more people would pay nothing in taxes.