Quote:
Originally Posted by llovelace
I just received a larger pension check but after calculating what I will need to pay in taxes for 2018, it certainly appears I will be paying more. Even though the standard deduction will go up to $12000 but with the elimination of the personal exemption of over $4000 and elimination of other deductions my taxes will increase and I fear I will not pay enough in and be penalized in the end. Be careful before you spend this and determine if your taxes will really go down. Mine will not. I think many people will be surprised when they file next year.
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AARP estimates that 1 in 5 seniors will either see no change in their taxes or will see a tax increase. Good luck to you. At least we can sleep at night knowing that by 2027, 83 percent of the tax benefits will go to the richest 1 percent in the country (according to the nonpartisan Tax Policy Center).