I went and reviewed the Republicans’ proposed changes to the federal income tax code. Do not be surprised when you file your tax return in 2019.
If you’re a senior on modest retirement income, you may not be thrilled to find your tax liability is greater than before. Many seniors do not itemize their deductions and use the standard deduction and exemption amounts to compute their taxes.
That is what has happened to most of my friends and myself. Applying the same income of 2016 to the new tax deductions and rates, my family’s tax increases by $257. I do not call that a tax reduction.
I know where my U.S. senators and House representative stand on the proposed changes, but I wonder if those in other states whose representatives approved this tax “overhaul” really know what this Christmas gift is going to be in April 2019 when they file their 2018 federal income tax returns.
Merry Christmas. Ho! Ho! Hosed!