Wendy Sherman: “By 2027, roughly one-third of middle class families will be paying more in taxes, and that average family will be paying…”

“By 2027, roughly one-third of middle class families will be paying more in taxes, and that average family will be paying $1,300 more. The personal exemption, worth $4,150 per person in a family, that is $21,000 for a family of five, and they take it away. The moving expense deduction, if you have to move to keep your job, you don't get to deduct that. But if you move a factory to China, you get to deduct all of the moving expenses. The student loan debt, they won't let you deduct it. As for the effect on simplicity, my CPA and tax law homeboys are going to be rolling in big dollars. Just from the provisions that define the difference between personal service income, passive income, active business income, the litigation and planning opportunities--talk about complexity--it is all there, and my homeboys love it. We currently deduct extraordinary medical expenses. That is important to those with disabilities and families with children with special needs. They wipe it out. The extraordinary casualty loss deduction, they wipe out. That is very important to people who face floods and fires. They change the rules so that we don't have adequate indexing for inflation, so everybody is pushed into a higher tax bracket by inflation, except those at the very top; they are protected. But look at the effect on our Nation's economy. This is a job- killing, deficit-exploding, growth-reducing disaster. Look at what happened to Kansas.…”