You do realize they doubled the child tax credit and doubled the standard deduction, right? In addition to lowering the rates.
Kids are gone.
We lose a huge amount of SALT deductions.
Standard deduction increase is meaningless if you itemize.
Loss of personal exemption is huge for us.
Bracket adjustments are trivial and do not compensate.
We are royally fked in the very year we retire and go fixed income. 45 years of careful financial planning thrown in the ash can.
I am SO glad we have Republicans otherwise we would have been royally screwed...NOT. In all my years, Democrats never even proposed a tax hike like this.
Changes of this magnitude should always be phased in but never are.
Our only hope is this extends the bull market a few years and we are smart enough to bail out before the next crash hits.