The rich will not be able to deduct their private jets. That was never part of the bill. From Wikipedia:
Exempts private jet management companies from the 7.5% federal excise tax that is levied on each ticket sales of commercial flights.[21][22][23]
One earlier version of the bill eliminated the $250 deduction teachers could use for school expenses. But the standard deduction was doubled. So basically the vast majority of teachers wouldn’t *have* to itemize their deductions. I don’t know how well you understand tax policy, but in case you don’t know much, most teachers would much prefer both $6,350 more in automatic deductions and lose that itemized $250 deduction than the current system.
But this is moot, because as the Senate bill stands, not only can teachers deduct their supplies, but the amount has been doubled to $500.
Probably because if you throw your school supplies into the side of a cliff, you’ll still live.
You might. But your kids will never learn how to fly a plane.
This is simply not true.
The rich will not be able to deduct their private jets. That was never part of the bill. From Wikipedia:
Exempts private jet management companies from the 7.5% federal excise tax that is levied on each ticket sales of commercial flights.[21][22][23]
One earlier version of the bill eliminated the $250 deduction teachers could use for school expenses. But the standard deduction was doubled. So basically the vast majority of teachers wouldn’t *have* to itemize their deductions. I don’t know how well you understand tax policy, but in case you don’t know much, most teachers would much prefer both $6,350 more in automatic deductions and lose that itemized $250 deduction than the current system.
But this is moot, because as the Senate bill stands, not only can teachers deduct their supplies, but the amount has been doubled to $500.
Lamebook’s bias often so clear and ugly.