Paul Ryan promised most recently that all middle class taxpayers will get a tax cut from this new bill.
Sorry, Paul, but we are one family that will pay more, and I am guessing there are more of you out there.
If you are a couple itemizing deductions and have more than $16,000 in itemized deductions, you are likely to pay more. Why? Currently, you can take $8,000 in exemptions for you and your spouse, plus your itemized deductions. Look at your last year's tax return. The amount those two exceeded the new standard deduction of $24,000 is the amount you lose by.
I guess you can wait for next year's five percent salary increase your employer will be sure to give you since their tax bill is going down. Think that's going to happen?
Now you know how excited to really be about this "tax cut."