We have been taking a good preliminary look at our income taxes and our shock is horrendous!
After factoring out some one-time taxable events we are forecasting a 300% rise in our federal tax and a 400% rise in state tax.
We are middle to lower-middle income people. If our experience turns out to be typical it appears that Ronald Reagan has again scored a hit on the lower-middle classes while the wealthy gain a huge reduction in taxes. Californians are familiar with this type of move since he practiced the same techniques when he was governor.
Although not directly responsible for the huge increase in the state tax, Reagan can certainly receive credit because of the influence of the federal bill of goods he sold the nation.
If our experience is typical of our income group, let's hope the right man does indeed get the credit.