Tax reform debacle hurts most Western New Yorkers
The Republicans are touting the tax reform debacle as highly family-friendly. However, the math does not add up for most Western New Yorkers. Currently, a family of five receives a standard deduction of $12,700 and personal exemptions of $4,050 per person (total of $20,250), for a total of $32,950. Under the reform, personal exemptions are repealed, and the standard deduction increased to $24,000.
Assuming my reading (and my math) of this debacle is correct, for the family earning $100,000, their taxable income just increased by $8,950, (from $67,050 to $76,000. Their tax bill, using the old 25 percent and new 22 percent tax bracket, just decreased by $42.50. For a couple with a taxable income of $500,000, their tax bill just decreased (39.6 percent to 37 percent tax bracket) by $13,000! Thus, simplistically, a six-fold increase in taxable income ($76,000 versus $500,000) income resulted in a 300-fold decrease in taxes ($42.50 versus $13,000).
Thank you, Congressman Collins, for representing your constituents’ “best interests.” What’s next, liquidating your constituents and selling us off for profit? ... I think you just did.
We really don’t deserve you!