The POLITICIANS have decided to BALANCE the BUDGET on the backs of the little guy...BEND OVER ...the "new" AMERICA.....home of the GREEDY AND CORRUPT. Wasn't it bad enough that they are taking away our health programs.... and we bend over and take it??!
Thanks to Karen Nowak for this summary:
The elimination of the deduction for state & local taxes is going to hurt all of us in N.Y. & other "high tax" states.
Proposed tax plan
1. Medical expense deduction for self employed removed;
2. Student loan interest exemption removed;
3. Eliminates the personal deduction;
4. Eliminates alternative minimum tax;
5. Eliminates mortgage interest deduction over $500k;
6. Eliminates deduction for state and local taxes;
7. Eliminates 15% credit for those 65 & older or on disability;
8. Caps property tax deduction @ $10k;
9. Eliminates adoption expense deduction;
10. $500 family "deduction" GOES AWAY after 5 years.
11. Adds $1.5 Trillion to deficit;
12. Cuts Medicare by $1/2 Trillion (elderly);
13. Cuts Medicaid by $1 Trillion (vets & disabled);
14. Eliminates the estate tax for the super rich;
15. Doubles the holding period for interest (benefits real estate developers, PEOPLE LIKE TRUMP).
16. Brings corporate rate down to 20% but CLOSES NO LOOPHOLES. GE pays zero taxes like many other corporations. They're cutting the tax rate and leaving ALL the same loopholes.
Proposed tax plan
1. Medical expense deduction for self employed removed;
2. Student loan interest exemption removed;
3. Eliminates the personal deduction;
4. Eliminates alternative minimum tax;
5. Eliminates mortgage interest deduction over $500k;
6. Eliminates deduction for state and local taxes;
7. Eliminates 15% credit for those 65 & older or on disability;
8. Caps property tax deduction @ $10k;
9. Eliminates adoption expense deduction;
10. $500 family "deduction" GOES AWAY after 5 years.
11. Adds $1.5 Trillion to deficit;
12. Cuts Medicare by $1/2 Trillion (elderly);
13. Cuts Medicaid by $1 Trillion (vets & disabled);
14. Eliminates the estate tax for the super rich;
15. Doubles the holding period for interest (benefits real estate developers, PEOPLE LIKE TRUMP).
16. Brings corporate rate down to 20% but CLOSES NO LOOPHOLES. GE pays zero taxes like many other corporations. They're cutting the tax rate and leaving ALL the same loopholes.
THIS IS NOT A TAX RELIEF PLAN FOR THE MIDDLE CLASS. THIS IS A CORPORATE TAX CUT PLAN, AND BENEFITS TRUMP DIRECTLY. Trump will gain upwards of $200,000,000 the first year.
In other words, it punishes people that work, the elderly, and the infirm and gives presents to the rich.
