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Started By
Message
Tax proposal and >65
Posted on 11/8/17 at 6:57 pm
Posted on 11/8/17 at 6:57 pm
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.
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.
2
Posted on 11/8/17 at 11:48 pm to matthew25
That's awful that deductions and exemptions increase just for being old.
Posted on 11/9/17 at 12:01 am to JamalSanders
Rx for both he and wife OOP are over $14k per year. Just for being old.
Posted on 11/9/17 at 12:04 am to matthew25
I fail to see why I need to subsidize his or any other person's lifestyle due to their age.
Posted on 11/9/17 at 12:36 am to JamalSanders
He will get less mileage out of the taxes he's paying due to being old
Posted on 11/9/17 at 1:04 am to TheIndulger
Marginally. And he got more milage beforehand so it's really a wash.
Posted on 11/9/17 at 6:16 am to matthew25
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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