No. They eliminated the personal and dependent exemptions.
For example - we have 7 family members.
Eliminating the exemption adds to our taxable income by $28560.
The new standard deduction is approx $10k more than what we normally claim by itemizing.
So that leaves us with an additional $18560 in taxable income.
Depending on the brackets and details of child tax credit - we will pay about the same or pay an additional $2500.
Does this apply to your taxes?
“The legislation being unveiled Wednesday increases the child tax credit to $1,600 from its current per-child maximum of $1,000. A Tax Policy Center Center analysis of an earlier proposal, which would have increased the credit to $1,500, noted that it would mostly have benefited higher-income taxpayers.
The bill also makes wealthy families eligible for an expanded child credit, deemed a “family credit” by House Ways and Means Chairman Kevin Brady (R-Texas). While the credit currently phases out for incomes above $115,000, the Republican bill would push the threshold to $230,000.
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Thanks to you both. It will be interesting to see what happens for me then. My wife and I are both over 65, so we’ve gotten the 2 personal deductions for each of us. And we do itemize. I now wonder if we will get the “standard deduction of $24,000” if we itemize or if, having lost personal exemptions and possibly not getting the $24,000 deduction, will end up paying more taxes? I’m retiring at the end of this year.