Vanity: GOP Eliminated Personal Exemptions from Income Tax

FactCheck.org ^ | December 20, 2017 | Eugene Kiely

[C19fan]

Personal Exemption

A personal exemption is the amount that you can deduct from your income for every taxpayer and most dependents claimed on your return. Current law: $4,050 per person, which means a married couple with two dependents would receive a personal exemption of $16,200. New law: The personal exemption is eliminated. The exemption returns after 2025.

[C19fan]

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.

[JimRed]

FactCheck.org? Aren’t they a RAT oriented disinfo outfit?

[Genoa]

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?

[C19fan]

The source in this case does not matter. Another source same info.

https://www.cnbc.com/2017/12/20/families-will-feel-the-pain-of-losing-this-tax-break.html

[gdani]

FactCheck.org? Aren’t they a RAT oriented disinfo outfit?

It was widely reported the bill eliminates the personal exemption.

[Genoa]

Any way you look at it, the PR war is on. They better get in front of this.

[C19fan]

Supposedly the compensation is around a 3% tax cut on the earnings from $20 K upwards [joint filing].

[ConservativeMind]

Don’t be an idiot.

This is rolled into the doubled deductions and additional child credits/opportunities.

Go back to The Daily KOS, troll.

[C19fan]

In my case the double standard deduction does nothing for me because I about claim the increased amount already through itemizing.

[ConservativeMind]

They did. They doubled the deductions and provided added child tax benefits.

Troll.

[rb22982]

You do realize they doubled the child tax credit and doubled the standard deduction, right? In addition to lowering the rates.

[gubamyster]

The Standard Deduction doubles to $24,000 for MFL.

Doubling of the child credit to $2,000 with $1,400 of that being refundable.

[Genoa]

What happens if you don’t itemize?

[JoSixChip]

Any way you look at it, the PR war is on. They better get in front of this.

Complete rubbish. The difference in your take home paycheck between January and February will completely make the case of if you are getting a tax break or not. No need to sale it, let the results speak for themselves.

[cgbg]

Everyone will do their own calculations—there will be some losers but many many many more winners.

[DoodleDawg]

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?

[Qiviut]

Here is a chart with the PEP thresholds (scroll down):

https://www.forbes.com/sites/kellyphillipserb/2017/09/14/projected-2018-tax-rates-brackets-standard-deduction-amounts-and-more/#5f50dc883e04

Forbes should be a reliable source.

[ConservativeMind]

So you’ve not lost $16,000 of deductions for yourself and your kids then. Instead, you lost some possible benefits for itemizations.

Stop lying to us.

[Genoa]

That will solve it for people who actually look at their pay stubs, or for those who don’t get all their news from liberal media. Or factcheck.org.

[JimRed]

But they doubled the standard deduction.