I live in a state with no income tax, so maybe I'm biased a bit, but I don't see what the big deal is about it except that it just sounds bad on the outside.
Of course you're biased...you're not giving up anything. Those of us who do live in states with an income tax are giving up something.
Did you read the rest of my post? Have you actually done the numbers or it just sounds bad to you?
Yes...read the rest of your post. Doubling the standard deduction does nothing for me. You, living in a state with no state income taxes will get the same standard deductible I will get. So, I'm being asked to give up something, and you're not. Am I wrong?
Before you were getting a deduction that I was not getting, and people in California and New York were getting a huge deduction that none of us were getting in that size, just b/c their state chooses to tax the crap out of them. Not my problem you live in a state with income tax.
If your itemized deductions on last years return would be greater than the proposed standard deductible(12k individual, 24k joint), then you are a very wealthy individual who lives in an expensive home making a very nice salary. Not that there is anything wrong with that, but this isn't exactly the description fitting of the majority of the middle class.
I say all of this and the truth is, I don't think this tax plan does crap for me, in fact, I could potentially get put in a higher tax rate now b/c of it. But in the grand scheme, it's going to be minimal and if the corporate tax changes stimulate the economy, I'm all for it.
