Upper Middleclass News Today

>> the deductions are not only for property taxes. they average around $9,000 a year. >> the highest in the country, yes. >> absolutely the highest in the country. we have a graduately graduated state income tax. our new governor wants to raise the state income tax. >> lets talk about that. upper new jersey. these are the rich people. they should pay more of their share. that is some of the argument we have heard. will this just hurt the upper class, upper middleclass, or other people hurt as we...

Who are the winners and losers? corporations are the big winners. it lowers the corporate tax rate to 20% from 35%. it doubles the exemption to about $10 million before that. the bill repeels the amt. thats another plus for upper middleclass. not everybody who pays amt is super rich. no more state and local tax deductions for income or sales tax. and only can deduct property taxes up to 10 grand. the mortgage interest conduction is cut in half to 500 grand. a lot of other changes that could help...