For those of us out here in the Foothill Cities of the LA Metro area we are in the 26th District and represented by Congressman David Drier (R). Most of his mailers are a simple read and it doesn’t go much further before it hits the recycle bin.
Today’s mail brought this sample of a Simple Tax form that is part of the “Fair and Simple Tax Act HR 5105”. I hung onto this one long enough to figure out how proposal would affect me.
Having had to sort through my binders and get it all in order for the tax lady last week I had the numbers ready and was able to see how this would affect me. The form is stupid simple. That alone would save me $345 filing fee with the accountant.
It interestingly gives a huge tax break of 15K to those who do not have employer sponsored health plans. I have Kaiser through my wife’s employer so I lose that deduction.
So what does all this mean? For me my tax bill doubled based on this years figures. Not as good as I had expected. I certainly wonder how many middle income homes will react to that news . Clearly the new tax formula gives the greatest benefit to the lowest income group that do not have health insurance while shifting the greatest load on those earning more than 150K annually.
So LA how will this affect your bottom line at the end of the year if H.R. 5015 should pass? Should we jump on a bandwagon and tell our congressman to approve or arrange a lynching in Pershing Square if they do pass it?