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<blockquote data-quote="bacha29" data-source="post: 3927820" data-attributes="member: 58386"><p>Ok so you get a bit of relief on medical expense deductions but you now have to beat a much higher standard deduction. If you live in a state with high state and local taxes you're capped at 10,000 Sch A deduction. If you were eligible to claim your parents or a disable adult sibling as dependents you lose that and the 500 bucks they allow you?....big deal. For 2017 dependent deduction was $4050 so if you were 15% bracket or higher for 2017.....you're losing. Charitable deductions have to beat the larger standard deduction.......And the AMT is still around. The real test of the plan will come later this week when the fed meets to decide whether or not to raise interest rates in light of the GDP not making the growth levels needed to offset the revenue losses from the tax cut. The cruelest from of taxation for the average working grunt is higher interest rates.</p></blockquote><p></p>
[QUOTE="bacha29, post: 3927820, member: 58386"] Ok so you get a bit of relief on medical expense deductions but you now have to beat a much higher standard deduction. If you live in a state with high state and local taxes you're capped at 10,000 Sch A deduction. If you were eligible to claim your parents or a disable adult sibling as dependents you lose that and the 500 bucks they allow you?....big deal. For 2017 dependent deduction was $4050 so if you were 15% bracket or higher for 2017.....you're losing. Charitable deductions have to beat the larger standard deduction.......And the AMT is still around. The real test of the plan will come later this week when the fed meets to decide whether or not to raise interest rates in light of the GDP not making the growth levels needed to offset the revenue losses from the tax cut. The cruelest from of taxation for the average working grunt is higher interest rates. [/QUOTE]
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