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 - It's Alright Where It Is! - by Anthony West. I have a tale of a different kind to tell. Whilst rooting in the hedge bottoms this week I had cause to visit Chapel lane Farm, the home of an eccentric gentleman by the name of Austin Kendall. I had heard rumours that an old Case Model C was languishing away in the back of one of the outbuildings there. So off I went in search of what would turn out to be a very rare and unusual tractor. Mr Kendall is an excitable chap to say the least. He is amongst the last of a dying breed of farmer who
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