Take a simple example:
Husband and wife Income: $120,000
Old Deductions:
State and NYC Taxes (12%) $14,000
Real Estate on $700,000 Home $20,000
Health Care Insurance $15,000
Medical Expenses Dental $20,000
No Alimony
Charitable Deductions $2000
Under old rules you go to deduct $59000
Under Trump Tax you lose:
State and Local Tax $4000
Real Estate $10000
Medical $23000
or you lose $37000!
If tax rate is say 15% you pay $5500 MORE! If it is higher you pay even more!
This is back of the envelope but if you hated Obama Care you will truly despise this one! Of course if you are at Goldman and you donate in a nice tax plan a new medical facility you get a pyramid paid for by the schlubs above!
Yes Mr. President, the Middle Class will really thank you!
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A blog containing opinion and analysis in a wide array of areas including the economy, health care, broadband and international relations.
About Me
- Florham Park, NJ, United States
- Terry has spent most of his career in industry, half in corporate executive positions, and half involved in his start ups. He started on the Faculty and Staff at MIT in 1967 and was there until 1975, and he had returned to MIT from 2005 to 2012 to assist groups of doctoral and post doc students. Terry has focused on a broad set of industries from cable, to satellite, wireless, and even health care software and medical imaging. Terry has published extensively in a broad set of areas as well as having written several books. Terry has returned to Medicine on Boards at Columbia University Medical Center. Copyright 2008-2024 Terrence P McGarty all rights reserved. NOTE: This blog contains personal opinions of the author and is not meant in any manner to provide professional advice, medical advice, legal advice, financial advice. Reliance on any of the opinions contained herein is done at the risk of the user. For publications see: https://www.researchgate.net/profile/Terrence_Mcgarty
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