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To: entropy12
Oh wait. The Trump tax cuts doubled the standard deduction to $12,000 for individuals and $24,000 for families. That's a huge change

The tax bill also eliminates "exemptions", which were formerly $4050 per person, so the total deductible amount is not doubling. A married couple with two kids formerly could take a $12700 standard deduction and 4 exemptions @ $4050, for a total deduction of $28900. So in 2018 their total deductible amount is going down by $4900.

This effect is offset by a doubling of the child tax credit from $1000 to $2000, and some reduction in rates.

33 posted on 12/18/2018 8:24:47 PM PST by wideminded
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To: wideminded

Two years ago I got $7k back at tax season.

Last year, with the same withholding, I paid $500 and made less in income.

People on the very bottom got more back and businesses at the top got more back. I got one hell of a tax hike.


34 posted on 12/18/2018 8:37:43 PM PST by Alcibiades (I'm not tired of winning. More MAGA. More Mooch. More 5D chess. More covfefe.)
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