OK, so I went over our projected 2017 return and plugged the number for 2018
and... we will owe about $300 less in taxes. Nice, but I wish this went to help uninsured people.
Just read this explanation, for retirees:
Congress also decided to keep the additional standard deduction for people age 65 and over in the new law. It will be $1,600 for singles and $1,300 for each spouse in a married couple in 2018, which is what it was going to be for 2018 in the old law.
The personal exemption, which would be $4,150 in 2018, also is being repealed.
The bottom line: Say John and Margaret are a married couple, ages 67 and 65, with no children at home. Under the prior law for 2018, they would get a standard deduction of $13,000, additional deductions of $2,600, and personal exemptions totaling $8,300. Total: $23,900.
Under the new law, John and Margaret will get a standard deduction of $24,000 plus an additional standard deduction of $2,600, for a total of $26,600or $2,700 more.
Our itemized deductions would have been around $26,000 so, it seems we will take the standard. But, of course, a lot may change by the time April 2019 comes around..
pangaia
(24,324 posts)and food prices skyrocket. and water becomes a privatized consumer product, and, and , and..
those numbers may change
Then the money to get bailed out of jail after being beaten and arrested for complaining at a town Board meeting about the loss of bicycle paths along Main St......
I'm on your side, don;t worry....
question everything
(48,671 posts)I wonder how his mother is making a living. I think that his father died when he was young but what about his mother? Uncles and Aunts? Don't they depend on these "entitlements?"
pangaia
(24,324 posts)AJT
(5,240 posts)be for people under 55.......the GOP knows that a majority older people are republicans and they won't want to piss them off.
pangaia
(24,324 posts)All they have to do is fix the elections, or hell, just cancel them.
problem solved.
question everything
(48,671 posts)he is not tackling SS and Medicare.
pangaia
(24,324 posts)I hope that is the case
pangaia
(24,324 posts)medicare IS for people over 65.
And they ARE going after that regardless of for whom they voted.
Which I would think means they also don't give a shit about SS for those over 65.