Home Forums Hunting & Shooting Hunter's Campfire Trump to unveil new middle class tax cuts within 90 days

Trump can introduce anything he likes but the Dems will stonewall it all until the election.

If so (and I think you're right), that will give Trump a good campaign issue.

Yes. He wants them to block tax cuts so he gets more votes hopefully.

Is Trump talking about cutting Medicare?

The last tax cut was good for businesses and the poor but I think it hurt some of the upper middle class. I sold a rental last year and had to recapture some of it and pay some capital gains. I also had some huge attorneys fees and had to buy our own health insurance on cobra.

Most people can deduct or pay health insurance premiums pre tax. It doesn't seem fair that those on cobra cannot.

I might not be able to deduct legal fees under the new law and can't deduct medical up to the first 10% of income. The 2 things means of $60,000 I can't deduct plus you have a limit of only $10,000 on state and local taxes.

The standard deduction is now $24,000 which is about what we used to come up with itemizing with charitable contributions etc. Now everyone gets that whether they donate to anything or not. It was a wash for us but we lost other individual ones in the process. My taxes went up under the new law.

I'm still a Trump supporter but I'd like to see something actually done for the middle class. It seems like whomever writes these tax laws always tries to buy the votes of the poor and is listening to the lobbyists of the rich. It's the people in the middle that always bear the burden.

Bb

It is a win situation if it gets approved or not. Probably better ammo for President Trump is the dems shut it down. I think this is a excellent political move.

Some of the things you complain about, like the 10% limit on medical fees, have been the law for many years.

The limit on state and local property tax deductions is new. It mostly hurts homeowners in blue states though it cut my deductions as well. I'm not complaining because of how much my stocks have increased, more than offsetting this.

The average middle-class taxpayer ended up with about $2500 more in cash peer year than before Trump's last tax cuts.

I know with the last tax cut, I did get a noticeable bump in my paycheck each week, but in the end I had to pay more in federal taxes, which was a combination of the standard deduction going up to 24K for married couples, my youngest child turning 18, and I would assume some adjustment in the tax tables.

I haven't done the math but I know its close enough that I don't think I came out ahead. In order to break even for this year I've had to stop claiming my children as dependents and prepay taxes to avoid any penalties - at least until I balance things back out. I was caught off guard last year and had to pay a substantial amount to the IRS. My tax program told me if that happens again I pay a penalty on top of everything else.

I bet I am not alone in my situation and there are alot of middle class people scratching their head at the current tax system where they more or less broke even on the tax cut, seeing record amounts of revenue coming in to the federal government and still seeing government spending spiraling up.

I also think raising the standard deduction has to be bad for charities. I know I made a point of giving to charities because it would help me offset my taxes. Now I don't really care - I"m not altruistic enough to think about giving to charities on a regular basis - taxes pushed it to the fore front of my mind before.

I would like to see no foreign aid until the deficit is gone. Pipe dream, I know.

Hey bud.


Good to see you're still around!

Getting myself in trouble buying places I have no business buying.



*shaking head* No idea why I do some of the things I do.

Getting a tear in my eye from the nostalgia.

And they know but will not admit tax revenue will increase...

This in spades, no chance at all of anything getting done otherwise.

MM