Reply To: everything bad is due to the trumpkopf

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#1966251
Ex-CTLawyer
Participant

@Always
eliminating how many children you can deduct is useless to senior citizens with grown children
Raising the standard deduction helped lower middle class, more than upper middle class. It didn’t do me much good.

What has happened is that many of us have formed or are forming LLCs to own each piece of property to get around the tax changes. But we could not do this retroactively. The tax change affected tax years already underway.

Now I won’t bear legal expense to form LLCs, just filing fees, but it can be costly for others.

I would much prefer a flat tax. Everyone pays a set percentage of income, no deductions. I also would like inheritance tax thresholds lowered, too much is exempt since the Reagan years.