So those with four kids as dependents will not get deductions for them I guess.To further simplify tax filing and provide tax relief for middle-income families, the frameworkrepeals the personal exemptions for dependents
And the "child tax credit" isn't explained clear enough to see if it will offset the large loss by essentially eliminating deductions for a family's children.
Yup, the devil’s in the detail. And the detail must be worked out in the congress. And the congress is generally a tool of the devil, so...
As far as I can figure with the givens and basic assumptions, looks like I’m personally more likely to have an increase of somewhere around 10% in tax liabilities rather than a decrease. That sucks.
But I can live with it if Trump’s overall agenda passes and works out. Whenever big reforms are made to flatten the rate structure or remove special interest deductions, etc, you’re gonna have winners and losers.
I’ve said all along that if Trump secures the borders and enforces the immigration laws, deports as many illegals as is possible and stops the incoming flood, successfully cuts the taxes for most people, drastically cuts the corp taxes, cuts regulations, cuts spending, actually cuts government, and also tightens up trade deals to be in our own best interests, end the idiotic war on coal gas & oil, etc, we will have a booming economy that will bring back investments, industry, manufacturing and jobs!
Then I would see this round of tax reform as just the starting point. Key is to start growing the economy, spur investments, put OUR people back to work, then cut, er, gut the bloated government so we don’t need to siphon off so much of the economy in taxes in the first place.
Prayers up!