True, but they’ve also cut the rates in the brackets and protect more income with the lower rates by widening some of the brackets. If you can reduce the direct tax rate by 3% on two or three hundred thousand dollars, you’re saving far more than the net savings on the personal exemption.
Yeah, but they start out with a higher rate, so those with lower incomes don’t get that savings. And lots of those at the higher income level you suggest would have got the personal deduction AND been able to itemize up to that $12K-per level, so that $k+ personal deduction loss is a total loss.
