I'm sure there is something I am missing but I am struggling to see the cause of all the furor over the new tax bill. There will be some loss of deductions and some fine-tuning of retirement plans but generally most people will see their taxes go down. Those who will not are the very wealthy and those in very high city and state tax areas, areas that essentially are subsidized by low tax states.
New Liberals and those opposed to all things Trump are talking about making their city and states "voluntary" in an effort to get them deductible. These are the same guys as the sanctuary city people, reverting to the "states rights" motto of the old "separate but equal" crowd as they attempt to avoid national law.
The new tax brackets are 10%, 12%, 22%, 24%, 32%, 35% and 37%, which are slight decreases from previous categories. However, many workers will move into lower tax brackets under the new law. A couple making $76,000, for example, would pay 12% in income taxes as opposed to 25%.
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