Thursday, November 02, 2017

GOP tax plan: trick or treat


The GOP tax plan flashed on my smartphone this afternoon as I was away on a day trip in PA.
  
It’s treats for the few, and tricks for the many, according to one CNN op-ed by Edward McCaffery. 

The doubling of the standard deduction is largely offset by the loss of the personal exemption, but there is a weakened incentive to itemize. Limitations of real estate tax deductions could hurt people in higher tax states.But eliminating the moralistic alternative minimum tax is welcome. 



But Norquist, for example, says nobody makes money from a tax cut.  It’s just that less money is expropriated from them. 




Update: Nov. 4

Vox, in an article by Jen Kirby, explains how the GOP tax plan goes against "family values" by undermining the adoption tax credit, especially for special needs children. 

Update: Nov. 8

David Brooks has an interesting perspective on how the GOP tax plan penalizes Blue state professionals and and on the need to re-educate them to get their hands dirty, here

Update: Nov 9

CNBC compares House and Senate tax plans. Expect all this to change. 

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