In the movie, Quentin Tarantino plays a maniac sex killer, who is also a bank robber, and brother to George Clooney, who plays his usual role as the brainy head thief. After executing a robbery and kidnapping (and sundry other crimes), the brothers take their money and hostages to a…
Both House and the Senate plans zero out the personal exemption, now scheduled to be $4150 per dependent in 2018. Both plans also increase the standard deduction from the $13,000 scheduled for 2018 to $24,000 (married filing jointly). The first change hurts, the second helps. The net effect is a…
See my earlier post for a definition of the urban affluent class and the description of the four example households, and for an explanation of the shell game metaphor. Today’s post adds an analysis of the Senate Republican bill (JCX-51-2017, November 9th), allowing a comparison of what these families would…
Think of this bill as a game of Find the Pea under the Shell: will you pay more, will you pay less, will you owe neither more nor less? Keep your eyes on the pea, watch it, watch it, as the barker changes rates, removes deductions, limits deductions, adds to…
Think I’m exaggerating? Feast your eyes. [All page references are to the November 5th, 2017 explanation of the bill posted by the Joint Committee on Taxation, JCX-50-17 ] [All comparisons are against values declared for 2018 by the IRS, accessed here. Bye bye, exclusion of gain on a personal residence For…