Calculating the tax changes

Thrilled by Trump’s assurance that I was going to get a “giant tax cut” for Christmas, I decided to check out that promise. I am a single senior citizen living on a fairly fixed income. I’ve long since not been able to itemize deductions.

I think I will be in the 12 percent tax bracket, providing that bracket is based on taxable income, not gross. I prepare my own tax returns, so checked the changes against last year’s income. I might save $125 next year. However, if Trump starts messing around with the taxing Social Security, I could lose big time. Interestingly enough it appears that families with a large number of children might also lose, since there will no longer be a deduction for each individual. And the additional deduction for being over 65 and/or being blind seems to disappear also. On the bright side, however, if you are a millionaire or billionaire or a large corporation, you will benefit “bigly.”

I agree, lower corporate tax rates, but tax them on their world-wide book income sans political deductions. It would be simple, with no convoluted book-to-tax adjustments, just the real income.

Janet Callen

Coeur d’Alene