‘I don’t feel wealthy’: Upper middle class worried about paying for the tax overhaul

THE WASHINGTON POST – TODD C. FRANKEL

On the income distribution charts at the center of tax overhaul plans, Courtney Mishoe knows she’s doing well. She works as a tax manager at a firm in the Atlanta suburbs. Her husband is a police officer. Together, they make more than $180,000 a year. They are solidly in the upper middle class. But they have a mortgage and three kids, including one in day care and another in high school with plans to go to college. It all adds up. They depend on tax deductions to make their budget work.

“I don’t feel wealthy,” Mishoe said. “I don’t have a bunch of money stashed away anywhere.”

Mishoe is the type of person — affluent enough for an annual family vacation but not enough for a boat or second home — who potentially stands to lose under the Republican framework for changing the country’s tax code, which threatens to eliminate or deeply cut deductions for ­mortgage and student loan interest and state and local taxes. These popular deductions are widely viewed as sacrosanct in high-tax, high-cost states like New York, New Jersey and California, where residents have led the fight against the proposed changes.

Read more at The Washington Post

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