I get this newsletter from congressional Republicans called
I’m not sure how I got on the list, but it’s good to see what they’re up to. Today, they’re selling the recent tax scam to their cult. They’re trying to convince people that it is good for them. But in doing so, they also show their basic dishonesty. Here are some excerpts for your entertainment…
“Today we’re sharing what Americans across our country have to say about the immediate benefits of tax reform.”
…
Janet: I'm retired and get about $20,000 a year in my pension. I received an additional $54 dollars in my monthly check. So Tax Reform is helping seniors.
Miriam: Yes. My monthly pension net pay is $129 more now. I can get house repairs budgeted now, which were put on hold for a long time. Thank you, Pres. Trump and Congress for passing the tax cuts. We can breathe a little easier.
Oh Janet. Oh Miriam. Please read the answers to Jim’s question below...
…
Wayne: My son has saved the $2400 healthcare fine and $260 per month in his pay check thanks to #TaxCutsandJobsAct
Wayne, too bad your son has no health insurance. I hope that he has good health and no serious accidents while he’s uninsured. He could easily bankrupt himself and you.
Now, remember Janet and Miriam above? Down in their “Questions and Comments” section, we find this:
…
JIM’S QUESTION
Elizabeth, what will new tax plan do about Social Security payments? Currently a portion of those payments are not treated as taxable, if that is not retained in the new structure it will severely damaged seniors. I have not found any information on this, can you?
-Jim
And their reply to Jim
…
Hey Jim,
To answer your question simply, the Tax Cuts & Jobs Act did not change the taxation of Social Security benefits or retirement plan distributions …
(my emphasis)
Hey Janet and Miriam, did you read that? You’d better hold onto that extra cash because it appears that only your withholding changed while your tax rate stayed the same. You may be in for a big surprise at tax time in 2019.
Then, in some bullet points that they digested from a WSJ article, they printed these points:
- Many retirees who have paid off their mortgages take the standard deduction (which is doubled under the new law).
Wow! That sounds good if you’ve paid off your mortgage (something that is becoming rare these days.) But wait, what’s this?
- Congress retained the “additional standard deduction” for people age 65 and older in the new law. It is $1,600 for singles and $1,300 for each spouse in a married couple for 2018.
So, retirees under the age of 65 taking the standard deduction will see it doubled but if they’re 65 or over, they get no benefit if taking the standard deduction.
Well, they’ve sure sold me. This tax scam sounds great! I’m ready to vote GOP in the fall! How about you?
