What I remember of the big "Reagan Tax Cut", I ended up paying twice as much federal income tax. Of course, at or just before that time we had income averaging and I had come off of a low-income period, active duty, just a few years before.
At this time, I am also in another transitional period. I am currently retiring, which should become fully effective at the end of the year. About a couple years ago I paid off my mortgage. That leaves me now with no mortgage interest deduction, but I would still have property taxes and state income tax deductions to think about. I have been divorced for more than a decade and my surviving son is an adult, so no dependents.
Frankly, since I will have suddenly transitioned to a low-income status (social security payments instead of a software engineer's income), this Republican tax code fiasco will be difficult to assess in my case.
Still, anyone can plainly see that it is complete and utter bollocks which can only serve to destroy the US economy (consider the recent trickle-down experiment in Kansas).
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