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The GOP tax plan is a bad deal for the middle class. Let’s look at the impact on PA families.
The GOP plan would RAISE taxes on 967,000 PA households next year- that’s 15.6% of all households in 2018.
In PA, 1.8 million households use the state and local tax deduction. Average deduction =$11,248. The GOP plan eliminates this deduction.
In PA, 1.3 million households deduct mortgage interest. The GOP plan makes this deduction less useful unless your house is worth over $800K.
That $794 in increased taxes could have paid for 1 month of child care, 6.8 months of electric bills, or 2.1 months of health care premiums.
The PA families making between $41,200 and $64,900 who do benefit see only 8% of the total benefits of the tax plan. itep.org/trumpgopplan/
But the 14,260 PA millionaires would receive 53.6% of the tax cuts in GOP plan.
The GOP plan also eliminates the estate tax, creating a huge windfall for the super-rich. This only helps 140 total estates in PA.
These estates are worth $5.5M for an individual or $10.98M per couple. Unless yours is worth that much, this doesn’t benefit your family.
Under current law, the personal exemption deducts $4,050 for each taxpayer and dependent on a return. The GOP plan eliminates this deduction
In Pennsylvania, 3.4 million dependent exemptions were claimed in 2015 irs.gov/statistics/soi…
