FactCheck.org? Aren’t they a RAT oriented disinfo outfit?
Seems odd. Are you sure you have all the “facts”? Maybe it’s compensated some other way. They wouldn’t shaft everybody who pays taxes like that, would they?
Don’t be an idiot.
This is rolled into the doubled deductions and additional child credits/opportunities.
Go back to The Daily KOS, troll.
You do realize they doubled the child tax credit and doubled the standard deduction, right? In addition to lowering the rates.
The Standard Deduction doubles to $24,000 for MFL.
Doubling of the child credit to $2,000 with $1,400 of that being refundable.
Everyone will do their own calculations—there will be some losers but many many many more winners.
Up to now you calculated withholding based on the number of exemptions you wanted to claim. The more exemptions you claimed, the less tax was withheld. How will they calculate withholding going forward?
Here is a chart with the PEP thresholds (scroll down):
Forbes should be a reliable source.
They doubled the standard deduction, which ends in 2025. They eliminated the personal deduction, which begins again in 2025. So basically they just added the personal deduction to the standard deduction and called it a tax cut.
Yeah but isn’t 5he standard deduction doubled possibly for both of you? Plus, why should I be subsidizing your kids? I really don’t like it when people whine about what they PERSONALLY get from the government. That’s what Liberals do. Some will win ... Some will lose. If you lose a little, that doesn’t make it bad policy. You have no right to ask me to subsidize your kids by you getting an exemption. So there :-)
I just heard the same from my R Party county chairman. His taxes will increase, by $1000.00 on one dependent, if he understands what he has read, so far.
Is this across all income brackets, I wonder? For example, I’m thinking about a single parent with a child or two, that’s a big loss.
Fake news, unfortunately from our side.
Thanks a lot GOP butt lickers of Chamber of Commerce. You just increased the base of my taxes by $16,200. That one item just increased my tax bill by over $3,500.
==
Now the rest of the story.
The Standard Deduction doubles to $24,000 for M, or 12000 if S.
Plus
Doubling of the child credit to $2,000 with $1,400 of that being refundable.
"Increase the base, cut the rate"
You'll be okay, C19fan.
In most cases, the near doubling of the standard deduction should make the loss of the personal exemption moot. But there are instances where it won’t be true, particularly for those who itemize well over the current standard deduction (ours is one such scenario).
Yes. They removed the individual exemption while doubling the standard deduction. They also increased the deduction for kids to compensate for large families. It did NOT increase your tax bill by over 3500. You need to judge it by the WHOLE.
This is only partially true. What they did was eliminate the personal deduction while increasing the standard deduction.
The bottom line is that they are trying to do away with deductions to simplify it. For my wife and I, who are empty nesters and don’t itemize, we will pay less tax. For those that Itemize, they will pay more since they are losing the individual deduction. Some will no longer need to itemize because, though their itemized deduction used to be larger than the standard deduction, it may no longer be. These are the people who’s returns are now “simpler”, though they may end up paying more tax.
The big win in this tax plan is the elimination of the personal mandate for obamacare. However, this simplification will clean up taxes and put states on notice that squeeze a lot of money out of their citizens that the citizens can deduct from their federal taxes. That “gimme” is much reduced.
This really is a simplification of the tax code. Rates are lowered and deductions are eliminated. Kinda reminds me of Reagan.
You are forgetting or are unaware that the standard deduction was massively increased to 12K per person and the AMT was effectively removed as well. Do some homework before spouting off.
PER FORBES
Personal Exemption
For 2018, the personal exemption amount is projected increase slightly to $4,150, up from $4,050 in 2017.
This is incorrect and you are ill informed