Well even though Trump declares the tax cut/reform bill benefits the poor and middle class the facts don't really tell the same story. Without even talking about how the tax bill benefits the one percent and (DONORS) hugely, there are a few things I thought some of you might want to hear about ,if you haven't already.
#1 Teachers loose deduction for out of pocket class room supplies that they pay for.They currently can deduct up to $250.00/year yet typically the average out of pocket expense for teachers range around $530.00 per year.
#2 No more Life Time Learning Credits. Currently 20% of the first $10,000.00 spent on continuing education is deductible for $65,000.00 AGI for single payer and $131,000 AGI for married . This deduction will be eliminated.
#3 Elimination on deduction on interest on student loans . Currently you can take this deduction without itemizing and it allows for up to the deduction of $2500.00 per year of interest which can result in about $200.00 tax savings for a household.
#4 Makes employer contributed paid tuition for continuing education taxable to the recipient, currently exempts $5,250.00.
$5 No more medical expense deduction which currently allows for deducting medical expenses which exceed %10 of a households AGI. Because the threshold is set so high it is designed to benefit those who have chronic and or very serious illnesses.
#6 Adoption credit for people who adopt children through foster programs. Currently the credit is set at $13,570.00 per child.
#7 Property and Casualty credit for those who's homes were destroyed through some natural calamity such as a hurricane, etc. Losses currently have to exceed 10% of AGI.
So clearly we can all see how this tax package benefits the 99% . Trump often says this bill will not benefit him at all. It's a middle class tax break. Yippi, Yippi, Yippi.:lol::lol::lol::lol: He attacks even ORPHANS ,Chronically Ill AND THE HOMELESS. Regardless of what you might think of educators and students. Orphans, chronically ill and homeless. Gee! And he smiles and tells you how good this is for you. And he can shoot someone on fifth avenue and some would still vote for him.
#1 Teachers loose deduction for out of pocket class room supplies that they pay for.They currently can deduct up to $250.00/year yet typically the average out of pocket expense for teachers range around $530.00 per year.
#2 No more Life Time Learning Credits. Currently 20% of the first $10,000.00 spent on continuing education is deductible for $65,000.00 AGI for single payer and $131,000 AGI for married . This deduction will be eliminated.
#3 Elimination on deduction on interest on student loans . Currently you can take this deduction without itemizing and it allows for up to the deduction of $2500.00 per year of interest which can result in about $200.00 tax savings for a household.
#4 Makes employer contributed paid tuition for continuing education taxable to the recipient, currently exempts $5,250.00.
$5 No more medical expense deduction which currently allows for deducting medical expenses which exceed %10 of a households AGI. Because the threshold is set so high it is designed to benefit those who have chronic and or very serious illnesses.
#6 Adoption credit for people who adopt children through foster programs. Currently the credit is set at $13,570.00 per child.
#7 Property and Casualty credit for those who's homes were destroyed through some natural calamity such as a hurricane, etc. Losses currently have to exceed 10% of AGI.
So clearly we can all see how this tax package benefits the 99% . Trump often says this bill will not benefit him at all. It's a middle class tax break. Yippi, Yippi, Yippi.:lol::lol::lol::lol: He attacks even ORPHANS ,Chronically Ill AND THE HOMELESS. Regardless of what you might think of educators and students. Orphans, chronically ill and homeless. Gee! And he smiles and tells you how good this is for you. And he can shoot someone on fifth avenue and some would still vote for him.
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