You are still coming out ahead without the measly medical - deduction currently available. Posted: Nov 3rd, 2017 - 11:59 am In Reply to: I don't believe I said their cuts were taking - out of my pocket; however,
You can’t have a tax cut and still keep all your deductions.
I happen to have a large medical premium that ensured that I met the medical deduction threshold and along with my out of pocket expenses this became the highest component of my schedule A deductions. My deductions exceeded the $24,000 value set for married filing jointly. This means that the new tax plan is not as good for me even though I believe I will end up paying less under the new plan. It could be even better if I could get these deductions back.
Still, I am not interested in keeping the current flawed plan, so I will support the new bill. I realize that Trump compromised somewhat from a pure Republican type bill. For example, he is keeping the so called “progressive” brackets of the old plan. I would most like to see a single rate imposed on all. Flat Tax.
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