The money to support our budget has to come from somewhere. That somewhere is the middle class. As I understand it young families with children at home will be hit. They lose a $4100 deduction per child but gain a $2200 or thereabouts credit to go towards their tax bill. Any child older than 17 is not counted as a deduction anymore but the standard family deduction will almost double. I’m not a CPA but from what I read the young family will still lose after the smoke clears and they are least able to afford it.
The independent business owner and farmer will gain with a standard 20% standard deduction.
It’s claimed corporations that pay less tax can pay the employees more. Corporations suck up to their investors first and foremost, not their employees. Their investors will gain more, not the employees. Will the investors pay more income tax on their increased earnings? I don’t have an answer.
DISCLIMER; this is information I read on the net so take it with a grain of salt.
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Today's Featured Article - Old Time Threshing - by Anthony West. A lovely harvest evening late September 1947, I was a school boy, like all school boys I loved harvest time. The golden corn ripens well and early, the stoking, stacking,.... the drawing in with the tractors and trailers and a few buck rakes thrown in, and possibly a heavy horse. It would be a great day for the collies and the terrier dogs, rats and mice would be at the bottom of the stacks so the dogs, would have a busy time hunting and killing, all the corn was gathered and ricked in what we c
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