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<div><font size="3">It'd be helpful to add real numbers to how these changes might impact taxpayers. Hypothetically, let's say that a teacher earns a taxable income of $400,000 in 2017. With a so-called 'tax deduction' of $250, this teacher in the 35% tax
bracket, saves a total of $87.50 in federal taxes. A teacher making half of that amount, let's say only $190,000 in 2017, would save a total of $70 in federal taxes.</font></div>
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<div><font size="3">Expanding 529 to cover K-12 pretty much has zero effect on anything. Money going into 529s has already been taxed. The time horizon for putting money into a 529 when junior is born and then pulling it to pay for private kindergarten is
extraordinarily short so there isn't going to be a huge tax savings for the wealthy parents on this venture. Beyond that, they might not even opt for the 529 when they can net more money investing in other endeavors that result in a better return on investment
qualifying as long term capital gain.</font></div>
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<div><font size="3">"[The bill would] provide a meaningless $600 increase in tax credit for care." I'm not sure why anything 'meaningless' would be contentious, so why even mention it. Further I don't see the downside of anyone who doesn't have a Social Security
Number being ineligible of obtaining the tax credit. Isn't every tax filer required to put their Social Security Number on their tax return?</font></div>
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<div><font size="3">As for capping mortgage interest to $500,000 (as opposed to the current $1,000,000) on a new home, I agree this is a drag for wealthier home buyers.</font></div>
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<div><font size="3">-Scott<br>
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<div><font size="3">On Tuesday, November 7, 2017, 1:53:44 PM PST, Nicholas Gier <ngier006@gmail.com> wrote:
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<p style="margin:1em 0px;color:rgb(80,80,80);"><font size="3" face="georgia, serif">This is from my union--the American Federation of Teachers--and even though there is a focus on what teachers will lose, it also speaks to all ordinary taxpayers.</font></p>
<p style="margin:1em 0px;color:rgb(80,80,80);"><font size="3" face="georgia, serif">From the AFT President, Randi Weingarten:</font></p>
<p style="margin:1em 0px;color:rgb(80,80,80);"><font size="3" face="georgia, serif">Here are some examples of the “tough choices” the House GOP leadership and Trump made to pay for this new set of tax giveaways for the wealthy. The bill would:</font></p>
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<li style="margin-left:15px;"><font size="3" face="georgia, serif">Take away working families’ deductions that reduce their tax bill. It would eliminate deductions for costs of higher education, union dues and school supplies. Hypocritically, it would strike
the $250 tax deduction used by the 99.5 percent of educators who spend hundreds, if not thousands, of dollars on their classrooms and their students.</font></li><li style="margin-left:15px;"><font size="3" face="georgia, serif">Eliminate the century-old state and local tax deduction for individuals. However, in a smack to the face for working families, corporations would still be allowed to take this deduction. Overall,
the proposal would hurt property values and every community that uses tax dollars to invest in essential services like schools, firefighters, police and sanitation.</font></li><li style="margin-left:15px;"><font size="3" face="georgia, serif">Take a page from the Trump-DeVos playbook and redirect public dollars to support private schools by expanding 529 college savings plans to include private school tuition at the K-12 level. These
tax-preferred savings accounts have no income limit, which means the bill would give wealthy individuals who are already sending their children to private schools a greater tax savings to do so.</font></li><li style="margin-left:15px;"><font size="3" face="georgia, serif">Provide a meaningless $600 increase in tax credits for child care—the boost is meaningless because it is not refundable, so it would not help the lowest-income families. And just as concerning,
the bill would require taxpayers to have a Social Security number in order to receive the child tax credit, leaving out thousands of previously eligible immigrant parents. It also would completely eliminate a tax credit for adoptive parents. </font></li><li style="margin-left:15px;"><font size="3" face="georgia, serif">Cut the deduction of mortgage debt for newly purchased homes. Like eliminating the state and local tax deduction, this cut favors high-income Americans and wealthy corporations and hurts middle-class
families. Capping mortgage interest at $500,000 for new home purchases means that home buyers in expensive markets would effectively lose this housing tax benefit moving forward.</font></li><li style="margin-left:15px;"><font size="3" face="georgia, serif">Eliminate the medical expenses deduction used by Americans with large medical bills, including nursing home expenses, insurance premiums paid with after-tax dollars and other medical expenses.</font></li></ul>
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<div><font size="3" face="georgia, serif">A society grows great when old men plant trees whose shade they know they shall never sit in. <br>
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-Greek proverb</font></div>
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“Enlightenment is man’s emergence from his self-imposed immaturity. Immaturity is the inability to use one’s understanding without guidance from another. This immaturity is self- imposed when its cause lies not in lack of understanding, but in lack of resolve
and courage to use it without guidance from another. Sapere Aude! ‘Have courage to use your own understand-ing!—that is the motto of enlightenment.<br>
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--Immanuel Kant<br>
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