Quote:
Originally Posted by GoRedSox!
Next, the income tax provisions from the 2017 “tax cut” will impact us if they expire. That tax cut significantly increased the standard deduction, while also reducing some of the income tax brackets and eliminating personal exemptions. I have not attempted to figure out how much impact it will have if the tax cuts are not renewed. Neither candidate has talked about increasing taxes for those under $400,000, but Congress must take action to stop those tax cuts from expiring and I am not sure that can be assumed.
|
This would be the most alarming circumstance brought to the table for this country. You can’t overstate how important it is that the cuts do not expire. If they do, it will be a huge increase on everyone. Further, inflation will skyrocket as corporations raise their prices for their goods to pay for the change.