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To: Brown Deer

Section 1002 defines the standard exemption as $24,400 for married filing jointly/qualifying widow/er, half that for singles ($12,200) and three fourths of that for heads of household. It also (by implication) removes the 65+ and/or blind increases to the standard deduction.

Section 1003 removes the personal exemptions ($4050 each for 2017).

Section 1101 increases the child tax credit from $1000 to $1600, but makes only $1000 of that a refundable credit.

I ran the math for ordinary workers and retirees.

Single standard deduction filer: slight tax breaks up through 20000 AGI then more

Married no dependents filer: slight tax breaks up through 40000 AGI then more

BUT:

Single senior standard deduction pays more from about 14000 AGI to 24000 AGI

Married no dependents seniors: pay more from about 30000 AGI to 45000 AGI

And a married couple with 2 kids:

Pay more/get less refund from about 33000 AGI through 55000 AGI (and beyond?)


450 posted on 11/03/2017 3:14:18 AM PDT by libtoken
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To: libtoken
And a married couple with 2 kids: Pay more/get less refund from about 33000 AGI...

How could they pay more, if they would have no tax burden? Taxes on (33K - 24K) * 0.12 = $1080 and then a tax credit for their children?
451 posted on 11/03/2017 3:41:00 AM PDT by Brown Deer (America First!)
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