Programs that help the poor and programs like Medicare - will be cut to help the rich Posted: Nov 3rd, 2017 - 9:50 am In Reply to: Unless your mortgage is a million dollars you don't need - to worry. It lower's the individual tax rates
* The Republican plan eliminates personal exemptions: Today you're allowed to claim a $4,050 personal exemption for yourself, your spouse and each of your dependents. The House bill eliminates that option.
* It repeals state and local tax deductions.
* It repeals many other deductions including those for medical expenses, tax preparation fees, alimony payments, student loan interest and moving expenses.
* Repeals that estate tax: The estate tax today affects just 0.2% of all estates, and only those with more than $5.5 million in assets (or $11 million if you leave a spouse behind). This is not the great benefit to family farms unless your last name is Tyson, Hormel, Morrell, etc.
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