It seems all the pundits are criticizing the new tax proposals as being a disaster for the middle class, especially in New York and other highly taxed states.
I don’t claim to be a tax expert, but basic mathematics is still within my grasp.
I understand that the new program will eliminate some valuable deductions.
But at the same time, they are proposing to double the standard deduction.
I pay taxes on several pieces of real estate and we have had fairly large medical expense. But the last few years, we couldn’t exceed the standard deduction allowance.
The retirement incomes of my wife and I are low-middle class, so these very vocal individuals must either own a stupendous amount of property or be complaining for completely political reasons.
Maybe they might know a very clever, but not really honest tax attorney. If so, please refer me.