For more than 10% of the population, their taxes increased
under the new law. These are people who are now not able to deduct more than $10,000 in property and state taxes and who lost some tax deductions (such the Hokie scholarship contribution). Combined with the loss of the personal exemptions, the lower tax rate does not offset their reduced deductions. These are mostly upper middle income people who itemize deductions (but not wealthy people for whom the lower tax rates really help nor lower or lower middle income people who gain from the higher standard deduction and lower rates). I can agree that losing the tax break equivalent worth about a fifth of their Scholarship contribution should not matter, and they should continue to contribute to the scholarship fund anyway, but it is bound to have an effect for some people.
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In response to this post by EDGEMAN)
Posted: 04/23/2019 at 6:01PM