You should finish reading the article, especially where it talks about changing (increasing) the child tax credits.
The article is really poorly written. And there are not many details about the plan. Or you can read post #115 for a copy of the parts regarding deductions and child tax credits. Few on this thread actually read the whole article and then started spouting the same sentiments you did about losing the child tax credits.
I read the info Paul Ryan put out on his Twitter feed.
They’re going to have to tweak that CTC by a heluva lot - and tweak the phase out too to make up for that huge chunk of extra taxable income (that’s being taxed at the HIGHER rate of 12% - seriously? WTF?)
Now where did my pitchfork go to?.....
And reading a person's post is also advisable. Scotswife wasn't talking about the child tax credit, which is supposed to be increased to an unidentified amount and which, amazingly enough, will be available for wealthy taxpayers as well. What she is talking about is the $4050 personal exemption which gives her family $28,350 in tax exemptions and which are being eliminated under this plan. So even if the child tax credit is increased to $4050 her family would still face an $8100 increase in taxable income. And if you think that the child tax credit will go that high then you're kidding yourself.
Admittedly this plan is empty of details at the moment, but from what we do know I, as a single person, will be faced with an increase to my taxable income of over $9000, the lowest tax rate I have is going up by two percentage points, and I will likely pay more in federal tax. And I will pay more in state tax as well since my federal deductions are reduced. So please tell me why I should be thrilled with this plan as it now stands?