Get ready for that “massive” tax cut, middle-income Californians.
Now that the proposed numbers are available, I ran them on our tax program. I had fears when I heard the original proposal floated by Republicans. When I ran the numbers on our 2016 income taxes, I found my fears were fully justified. The loss of the deduction for state taxes and the end of the personal exemption make an enormous difference.
We have always itemized, but the loss of the deduction for state income tax makes itemization impossible. We will have take the new standard deduction. The new standard deduction, even though doubled, is far below the amount we would itemize. The result is an increase of 15 percent in the taxes we will have to pay under the Republican proposal.
My wife and I are retired educators. I’m certain we are middle class. This is going to be a tax increase for millions of Californians if it passes. The promise of a “massive” middle-class tax cut is a lie. For us it is a “massive” increase. Call your congressman. Tell him to keep the deduction for state income taxes.
Gordon Fake, Fresno