TAX REFORM

[HairOfTheDog]

The elimination of the AMT for my tax bracket will be huge for me and many others.

Yeah, there are some things I really like about the new tax legislation, especially the consolidated House/Senate final draft.

I'm glad that the elimination of the AMT helps you and others.

And, I'm glad that most Americans, including the wealthy (who I have nothing at all against) will see more in take-home pay for several years.

The reason I oppose this tax reform legislation is because it feels like a short term bribe to the middle and lower income brackets in order to get fucked in the ass in a few years.

-Corporate income tax significantly decreased PERMANENTLY.
-Estate Tax capital gains for wealthy heirs cut in half PERMANENTLY.
----But, individual income tax moderately decreased TEMPORARILY (except for the top income brackets where it's PERMANENT), and then increased to pay for the corporate and billionaire individuals' gain. Not cool.

-State and Local Tax deductions for residents of states already paying more than their fair share (CA, NJ, FL, etc) to the fed significantly reduced or eliminated PERMANENTLY. So, we're going to keep paying more to our state government than everyone else and, as a result of this legislation,even more to the fed too.

In my case, and many others, it's going to cost me way more net than I save with the reduced corp rate for my biz and the doubled standard deduction for myself as an individual. That's gonna really sting.

Now, if it was going to help people across the country get better/some health care, have more educational opportunities, reduce poverty........I'd try to find a way to suck it up for the greater good. If that wasn't possible, I'd just bail the state (a distinct possibility).

However, I'm not a dipshit (generally), so I'm not cool with getting fucked in the ass so billionaire corporations and heirs get even richer while I, my employees, and all but the already-wealthiest entities pay for it. That's wrong and it's playing Americans for suckers.