Friday, November 3, 2017

Ways Taxes Will Go Up Under the GOP Tax Reform Bill

The just-released GOP tax reform bill is a shell game with some decreases in some methods of taxation while other methods of taxation will go up.

Here are some of the taxation methods that will result in increased taxes:

  • Most itemized deductions will be eliminated, keeping in place just three — deductions for mortgage interest, charitable contributions and state and local property taxes. However, the mortgage interest deduction would be capped for newly purchased homes up to $500,000, and the property tax deduction would be capped at $10,000.
  • The deduction for state and local income taxes will be eliminated.
  • The bill will repeal the personal exemption, which is currently $4,050 per taxpayer and dependent claimed on a return.
  •  After 2022, the bill would start using a different measure of price inflation, called chained C.P.I., to calculate inflation-related income increases. The chained method will lower the amount of price inflation adjustment when determining the income tax bracket. Thus, this method will push more taxpayers into higher brackets, especially as price inflation heats up. It's a very sneaky way to hike taxes.


  1. Yes it is bad, but a friend tells me...

    "That is the text of the bill, however large Catholic families are an anomaly these days, so this is not a good argument.

    Second, the GOP does not have an effective whip function, so they can’t pass the bill. Of course, that is partly due to gerrymandering, and partly due to weakening of certain rules in Congress that reduce the power of committee chairs.

    Trump also has no effective power on the Hill.

    This bill is not passing."

  2. Population control? Probably not but (pardon the tin hat moment) the elitist of the elite would like to eliminate most of the human population. Most of those they deem necessary should reside in work camps. Maybe a small part of the rise of the megacities. Although I think the megacities are mostly due to increases in population and techology.

    There has been comments on this blog about the education system turning out drones. This is what they want. They they want intelligent machines. Just not too intelligent. And as few of us as possible.

  3. The reason that some sort of monstrosity such as this ever reaches the light of day is solely the result of CBO scoring and the necessity to make it look budget neutral. It cannot pass by reconciliation otherwise. And nothing that the Republicans do is ever going to get one Democrat vote unless it is politically expedient. And the only thing that Republican leadership is the slightest bit interested in is the corporate tax cut such as it is. The whole thing is pathetic. And corrupt. And essentially in many ways; evil.