About the new tax proposals

I am generally going to stay away from specific politics (although I do plan on diving deeply into my libertarian views). However, one…

I am generally going to stay away from specific politics (although I do plan on diving deeply into my libertarian views). However, one thing got me really excited today. There were all these rumors that Trump was suppose to double our standard deduction.

I’ve been reading about this for a few months now but today’s reports made it all but certain. Now, I am not interested in discussing if this is good or bad. All I’m trying to say is it’s good for me. Or so I thought at least.

Turns out, just like everything else Trump does, it’s just a sleight of hands. While they are trying to sell it as a tax break for us in reality it’s probably a slight tax hike or almost meaningless tax break. The reason is that although the standard deduction is doubled, the personal exemption is eliminated. On top of it, the bottom tax bracket is actually going up from 10% to 12%.

So bottom line is, not much to get excited about.