I have been a tax professional for almost 50 years. I had a diverse practice in South Central Pennsylvania.
Given that the proposal in the tax reform bill is to double the standard deduction, almost all of my clients would benefit, including myself.
What I do not like is the elimination of the personal exemption. This would really hurt families with children.
Regarding the states that are highly taxed and expensive to live in, I say if those states were not taxing the heck out of their residents to begin with there would not be a problem. Most people paying that much tax are high earners, thus any adjustment to appease those states would be a tax cut for the already rich.
Let’s stop the name-calling and false statements and let the facts be our guide.
Alan D. Richter
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