From Mint:

No, because I am not a rich person and my state/city income taxes plus property taxes are way over 10k and that additional amount is no longer deductible. The lowered tax brackets - today - do not make up for this plus the loss of the exemption.

I never read anything about a reduced child tax credit for children over 17. This has been one of my biggest issues with the current tax laws. Why eliminate the child tax credit when a child hits 17?? Do politicians think the cost of raising a teenager drops significantly when they hit 17? This makes no sense at all.…

It is pretty obvious the intent of this bill was “We can fuck the blue states, because they can’t stop us.”

that makes no sense whatsoever...you always want a raise.

“If you’re a rich person in a blue state with high state and local taxes (like New Jersey or New York), you could lose out on some of that tax break.”

Or, you know, just a regular person who works for a living and owns their own home in one of these states.

We are also screwed...eventually. The problem with federal taxes and laws like this is they neglect the simple fact that this country is massive and living in NYC is not the same as living in Kansas. Where I’m going is my wife and I make close to $200,000 combined but we are most certainly not above middle class. To…

It’s one of the cons of the tax bill: “we are doubling the standard deduction!!!” while they remove the personal exemption. The morons that always vote for the GOP can’t see that sleight of hand so they will think they are getting double the deduction.

The elimination of Personal Exemptions and other changes totally screws me. My taxes go up by several thousand dollars under this plan. NOT HAPPY.

Stop it with your math and logic. How else do you expect politicians to be able to make us swallow a horrific tax bill??

They just need to tax ALL income for SS. Not stop at 100k, or whatever it is I forget exactly. And not raise the payment ceiling. And 25yrs is nothing for retirement planning when the average income is only 60kish. You need 35-40yrs if saving yourself alone. 25-30 would work if you’re also getting a pension. Medical…

Wohoo! I’ll get less than $1000 a year back.

It’s also just basic “trust us” bullshit from the GOP.

Can we stop with 12k individual being double bullshit. Currently all individuals get at least a 10,500 deduction/exemption. 6k+ standard deduction and 4k+ personal exemption....so yeah 12k is not double 10.5k.

Are you saying it would cost more than the $1.5 trillion if it was renewed?Serious question; I’m too dense to understand.

TLDR:

Medicare and Social Security will need to be rejiggered to pay for the deficit created by cutting taxes, “in a way that doesn’t impact current retirees or people about to retire, but in a way that would probably impact it for me and people younger than me.

Don’t forget about the blow against the liberal states like California. For many in California this is a tax increase because the tax deduction of state income tax and property tax is limited to $10,000. So if you own a home in California you most likely hit that limit easily and pay more taxes than before.

Corporate tax cuts are permanent, while the personal provisions expire after 2025 (Republicans have said they will renew them when the time comes).

A big, beautiful Christmas present to the American people.