Just now FOX interviewed a Republican who said tax reform will not be as difficult or as personally volatile as health care reform. I think he is going to be surprised how personal and volatile tax reform can be. Already there are many special interest lobbyists trying to put their fingers in the tax reform pie. Unfortunately other Americans have no lobbyists to be their voice and protect their interests. And when the news media also ignores them, they might not be aware themselves that their interests are in danger.
The GOP tax reform plan is being ironed out behind closed doors. But the GOP tax reform plan presented last year called - "Blueprint - A Better Way" - ELIMINATES the EXTRA standard deduction for people who are over 65 and/or blind... and INCREASES tax rates for the POOREST taxpayers from 10% to 12%.
This year , the standard deduction for a single person over 65 [which includes the EXTRA $1550 over 65 deduction] is $7900. Combined with the current single exemption of $4050, the total protected from taxes is $11,950... and that amount would probably increase next year due to the annual increase for inflation.
The current stated GOP tax plan calls for a $12,000 deduction but ELIMINATES the current $4050 per person exemption and the extra over 65 standard deduction. That along with the INCREASE in tax rates for the poorest Americans from 10% to 12%, will throw poor, elderly and blind people under the bus. This is NOT what Trump originally proposed. Trump originally promised all single people a $25,000 deduction and a 10% tax rate up to $50,000.
I certainly hope it was not Trump's intention to bait and switch. But that is exactly what he has done. If the GOP follows their blueprint plan, there will be a lot of irate people... including Democrats and Independents who voted for Trump and life-long Republican voters... turning against them in the 2018 election.
Edited by Atossa, 06 August 2017 - 06:24 PM.