Of course, I’m reading up on the GOP tax bill in Congress this morning. In order to hand out those tax cuts to their donors (owners?) they want to eliminate or modify these tax cuts, among others:
- Moving expense (currently deductible if moving for a job)
- Adoption tax credit (up to $13,750 per adopted child)
- Educator’s expenses (maximum $250 deduction)
- Disaster or flood losses (currently deductible if the loss is over 10% of gross income)
- Employer child care credit (25% of company-provided care is deductible)
- Tax preparation fees (currently these are deductible for some folks!)
These guys are so desperate to give their kids billions of dollars they don’t mind taking $250 out of a teacher’s pocket to do it. That teacher is probably working extra hours in the summer because she can’t survive on an educator’s salary after all the cuts deemed necessary by these same “professional” lawmakers.
I’m sure the whole package won’t survive until a final vote but we’ll see just what, if anything, from this wish list sticks around.