They keep touting that $24,000 standard deduction, but they are doing away (supposedly) with the personal deductions which were around $4,000 per person.)
So the difference between the standard deduction now and then is $12000. But if that standard deduction stayed the same, it would only take a family of 5 to even out the two ways of figuring the deduction. A wife, husband and 3 kids, or a wife, husband, a couple kids, and grandma...and you’re getting exactly the same deduction.
I know many larger families who are middle class, probably described as lower middle class, no deduction per person, is going to hit them hard. I haven’t seen anybody raise this issue. I’ve heard people say you get higher child tax credit, but as it is now, if your kid turns 17, if the child tax credit retains the same parameters, then there is no more child credit (and many families with kids in college still claim their children as deductions.)
“I know many larger families who are middle class, probably described as lower middle class, no deduction per person, is going to hit them hard. I haven’t seen anybody raise this issue.”
Many of us have talked about it extensively.
The loss of the individual exemptions are a killer for large families.
An absolute killer.