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matthew25
Ole Miss Fan
Member since Jun 2012
9113 posts

Tax proposal and >65
My brother sent me this. He is over 65.

Current: $12,600 standare deduction + $2500 for over 65

Exemptions: $4050 for self, same for wife. PLUS double for over 65.

Total deducts and exemptions: $31,300.

NEW TAX PROPOSAL - $24,000

He wants to know how the proposals benefits >65?

I said I would get other opinions.


JamalSanders
Navy Fan
On a boat
Member since Jul 2015
8774 posts

re: Tax proposal and >65
That's awful that deductions and exemptions increase just for being old.


matthew25
Ole Miss Fan
Member since Jun 2012
9113 posts

re: Tax proposal and >65
Rx for both he and wife OOP are over $14k per year. Just for being old.


JamalSanders
Navy Fan
On a boat
Member since Jul 2015
8774 posts

re: Tax proposal and >65
I fail to see why I need to subsidize his or any other person's lifestyle due to their age.


TheIndulger
LSU Fan
Member since Sep 2011
17535 posts

re: Tax proposal and >65
He will get less mileage out of the taxes he's paying due to being old


JamalSanders
Navy Fan
On a boat
Member since Jul 2015
8774 posts

re: Tax proposal and >65
Marginally. And he got more milage beforehand so it's really a wash.



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20
tigeralum06
LSU Fan
Member since Oct 2007
1789 posts

re: Tax proposal and >65
Rates are also being lowered. This tax bill is interesting since "winners and losers" will be very difficult to determine without specific income information.


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