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<blockquote data-quote="watdaflock?" data-source="post: 3727841" data-attributes="member: 53239">Since most Trumplicans are illiterate, here&#039;s an audio version.[MEDIA=npr]i=568507037;m=568507038[/MEDIA]The new law repeals personal and dependent exemptions, increasing taxable income for a family of four by $16,600 in 2018. Many itemized deductions are pared back substantially: the deduction for state and local taxes (SALT) is capped at $10,000; the mortgage interest deduction is capped; and deductions for casualty and theft losses, employee business expenses, and union dues are eliminated outright. Deductions for moving expenses, tuition and fees, and alimony payments are also repealed.Ensuring the wealthy keep more of the riches they will accrue as a result of the new tax law, the Tax Act also dramatically increases the estate tax exemption. As though exempting 99.8 percent of estates from tax weren’t enough, the tax law doubled the estate tax exemption for married couples from $11 million to $22 million in 2018.<a href="http://prospect.org/article/two-biggest-lies-donald-trumps-tax-plan" target="_blank">The Two Biggest Lies in Donald Trump&#039;s Tax Plan</a>Hope this helps.</blockquote>

[QUOTE="watdaflock?, post: 3727841, member: 53239"] Since most Trumplicans are illiterate, here's an audio version. [MEDIA=npr]i=568507037;m=568507038[/MEDIA] The new law repeals personal and dependent exemptions, increasing taxable income for a family of four by $16,600 in 2018. Many itemized deductions are pared back substantially: the deduction for state and local taxes (SALT) is capped at $10,000; the mortgage interest deduction is capped; and deductions for casualty and theft losses, employee business expenses, and union dues are eliminated outright. Deductions for moving expenses, tuition and fees, and alimony payments are also repealed. Ensuring the wealthy keep more of the riches they will accrue as a result of the new tax law, the Tax Act also dramatically increases the estate tax exemption. As though exempting 99.8 percent of estates from tax weren’t enough, the tax law doubled the estate tax exemption for married couples from $11 million to $22 million in 2018. [URL="http://prospect.org/article/two-biggest-lies-donald-trumps-tax-plan"]The Two Biggest Lies in Donald Trump's Tax Plan[/URL] Hope this helps. [/QUOTE]

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