The money to support our budget has to come from somewhere. That somewhere is the middle class. As I understand it young families with children at home will be hit. They lose a $4100 deduction per child but gain a $2200 or thereabouts credit to go towards their tax bill. Any child older than 17 is not counted as a deduction anymore but the standard family deduction will almost double. I’m not a CPA but from what I read the young family will still lose after the smoke clears and they are least able to afford it.
The independent business owner and farmer will gain with a standard 20% standard deduction.
It’s claimed corporations that pay less tax can pay the employees more. Corporations suck up to their investors first and foremost, not their employees. Their investors will gain more, not the employees. Will the investors pay more income tax on their increased earnings? I don’t have an answer.
DISCLIMER; this is information I read on the net so take it with a grain of salt.
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Today's Featured Article - A Brief History of Tractors in Australia - by Bob Kavanagh. After Captain Cook's exploration of the east coast in 1770 the British Government decided to establish a penal colony in Australia. The first fleet arrived in 1788 and consisted mainly of convicts who were poorly equipped and new little of farming techniques. The colony remained far from self-supporting and it was not until the early 1800's that things started to improve. Free settlers started to arrive, they followed the explorers across the mountains and where land was suitable set up farms. T
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