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| From Martha Spalding, a fastidious education, political,
and financial researcher in NH who has been researching and studying the
Republican tax overhaul for several months. Here is the massive FRAUD
she has found...
From Martha Spalding
To Charlotte Iserbyt'
I guess they are preparing to starve us into submission when we finally wake up?
(People will only wake up when the stock market crashes…which is always deliberate)
So, the tax rates are supposedly going down…but that is NOT permanent.
More importantly, the personal exemption is worth $4,050 but it is being eliminated.
The elderly and disabled get a double or 2x’s the personal exemption, or $8,100 per person….but like I said, it’s going away.
So, if both spouses are over 65 years of age, it’s a $16,200 personal exemption...but it is being eliminated.
TRUMP’S SUPPOSED TAX CUT FOR THE MIDDLE CLASS TAKES AWAY THE PERSONAL EXEMPTION FOR EACH PERSON, INCLUDING DEPENDENTS, ON A TAX RETURN.
So, he tells us he’s doubling the standard deduction for a couple from $12,000 to $24,000 on the one hand, which is a $12,000 increased deduction, but for an elderly couple, he’s taking away $16,200, so they actually get $4,200 less…yet almost no one is discussing this!
They brag about the 'child tax refundable credit' but they are losing the personal exemption for these kids as well!
The benefits for high income are indexed for inflation.
But, the standard deduction is NOT indexed for inflation.
Also, the tax benefit for individuals is being phased out over the next approximately 7 years, so the so-called benefits for average taxpayers go away…they will VANISH!
But the biggest scam of all is that foreign profits - after a very low rate in the first year - will drop to zero in future years! There will be no tax on foreign profits for US corporations…all foreign earnings will be exempt!)
Neoconservative shysters wrote this bill.
It tells you everything you need to know about the person sitting in the Oval Office and those in the US Senate.