Breakdown of the GOP Tax Bill

in #taxes • 7 years ago

This a great breakdown of the tax bill, basically unless you have a huge mortgage, lots of kids or pay over 10k in state income taxes you are getting a sizeable tax cut:

  • The standard deduction is doubled which should eliminate itemizing deductions for many making tax prep much simpler.

  • The personal exemption is removed which is made up by the larger standard deduction unless you have more than three kids.

  • $500 credit for dependents

  • still can deduct mortgage interest on up $750,000 of the principal of the mortgage.

  • Can still deduct State and Local taxes up $10,000

  • Teachers can still deduct school supplies

  • Also there is all the business tax changes that mainly will eliminate a lot of the accounting games that prevent the domestication of profits and also encourage more investment dollars towards the US (but I wouldn’t say by a transformative amount but certainly better than before)

http://money.cnn.com/2017/12/15/news/economy/gop-tax-plan-details/index.html

7 years ago in #taxes by
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