Plan hurts middle class, especially in New York
The Republicans are at it again. I had to laugh when I read the letter about how great the tax cut bill will be for middle-class Americans. Truth is this tax plan will kill the middle class.
Case in point: In 2016, you had the ability to take the $12,000 deduction plus the individual deduction of $4,750 per adult on your tax return. Meaning if you were married and did not itemize, you already got a $21,500 deduction. Anyone who owns a home and makes more than $100,000 from two jobs probably paid over $11,000 in state taxes. So if you did that and owned a home, your deductions would be about $30,000.
Why so high? Well, your property taxes help pay for Medicaid. Your state taxes help pay for all the money the feds now take to support states like Kentucky and Kansas – the reddest states. Actually $40 billion-plus gets pulled from New York to pay other states’ bills. Lucky us!
Now these liars want to take our ability to deduct our state burden. They also are taking away the individual deduction. Only $24,000. If two people work, you will pay more and the federal government will give huge cuts to businesses and the extremely wealthy.
The Republicans also say that everyone will get a big raise at work. Ask your boss about that. These politicians never tell the truth, do they? Do people truly believe that their employer is going to give them a $4,000 per year raise because the corporate tax rate gets lowered? I have been a manufacturing accountant for 35 years. Wake up, the politicians are lying to you.