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To: Kent C
As was the case with HR 1, the Senate bill will attempt to ease the pain on families by increasing the Child Tax Credit to $1,650, a $50 increase over the House proposal but a $650 rise when compared to current law.

What about the adults in the family? They're raising the standard deduction by $12000, they say. The increased child tax credit will make up for the loss of the standard deduction, they say. Well there is no tax credit for adults so the $12,000 increase is offset by the loss of $8100 in personal exemption. Each child cuts that deduction by $4050 and the increase in child tax credit may offset it up to a point. But the larger the family, especially when the income in over $80,000 the more likely you are to have your taxes go up.

37 posted on 11/28/2017 10:17:28 AM PST by DoodleDawg
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To: DoodleDawg

Congress loves to claim that they are giving taxpayers back a dollar while taking two dollars from taxpayers.


42 posted on 11/28/2017 10:38:33 AM PST by Architect of Avalon
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