Trumps Tax Reform Act Who was behind this turkey of a ‘tax cut’ bill?
Who was behind this turkey of a ‘tax cut’ bill that adversely affects many taxpayers, particularly low-income people who can least afford it.
While businesses got an across-the-board rate reduction, individuals lost the personal exemption deduction and possibly ran into the SALT limitation. Low income seniors with high medical expenses got particularly hit hard.
Why were long-standing deductions/expenses eliminated or reduced on a personal level? Why are taxpayers in high-tax states pitted against heir local government to revolt and reduce taxes? Are they encouraging migration to lower-tax states and falling real estate values in the Northeast?
It certainly was a mean-spirited bill and Trump’s advisors better make some radical changes to the bill.