Tiffany Bond  🦞 🇺🇸Verified account

...and to this new tax plan. If I could sum it up in one sentence, I would go with "who needs mobility?" #mepolitics

Not just upward mobility, any old mobility. You want to move on from a marriage? Can't find a job in your area? Make more $? #mepolitics

I'm going to try to cover the impacts you aren't seeing other places because there is a lot of ground to cover. #mepolitics

Let's start with alimony payments. First the code strikes alimony and maintenance as taxable income. #mepolitics

Then it repeals 215, which permits a tax deduction for alimony/maintenance payments. No biggie, right? Wrong. #mepolitics

Child support payments are already tax neutral. The government presumes you have an obligation to support your children. #mepolitics

All states presume you must support your children, but if & how much you must support a less financially capable spouse varies. #mepolitics

Right now, when you break up, if you have many monies & your former spouse does not, you may have to pay support. #mepolitics

Because adults generally work, the support to a former spouse is treated as income (taxed), & a deduction by the person paying. #mepolitics

It's very $$$ to split households. This allows the person receiving the $ to pay taxes at a generally lower rate. #mepolitics

The person who is paying & cannot use the income then deducts. This does a few things. 1. It recognizes who actually has the $ #mepolitics

2. it helps people choose to be less mean to each other when they break up, helping the less $ capable partner move on. #mepolitics

Divorce can be devastating to someone who has been out of the workforce. #mepolitics

This will also likely increase divorce costs, force more cases to trial, & increase toxic co-parenting relationships. #mepolitics

This places a drain on social services, & leaves children often in the care of someone who has no feasible workforce transition. #mepolitics

Sec. 1308 Repeal of medical expense deduction. This one is too much to unpack on twitter, but really, REALLY? #mepolitics

Sec 1310 Repeal of deduction for moving expenses. Have to relocate for work? No write off for you. #mepolitics

If your company requires you to move or there is no work where you live, you must bear the costs of those moves, no tax relief. #mepolitics

Sec 1306 Charitable Contributions...if government won't step up, you have new limits on how much you can & deduct. #mepolitics