People are now doing their taxes and finding out the new tax law is costing them.
I shouldn’t complain, because I am paying $198 less in taxes on just a slight increase in AGI, but that amount may be taxed anyway because of the added sales taxes to some items. So, all in all, I may break even. That to me is no tax cut. In fact by taking away the $4,000 pension deduction and the $600 over-65 deduction, I am in effect losing $266.80. It seems like a small amount, but on a fixed income every little bit helps.
On the other hand people making a lot of money are paying much less because the tax rate is lower. I guess the people who passed this new tax law don’t like seniors and people on pensions. Someday they will be seniors and on a pension. What then?
Let me add that now there is a shortage in revenue coming into the treasury. I wonder why?