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From what I understand, the current tax reform bill eliminates the personal exemption of $4050 per individual. For a family of four, they raise the standard deduction from $12,000 to $24,000 and then take $16,200 of it back by eliminating the personal exemption so your taxable income INCREASES by $4200. Large families are hit even harder. A family of 6 would have their taxable income increased by $12,300. This is unacceptable as it amounts to a tax increase to millions of middle income citizens. Contact your senators and representatives and demand they put it back in!

Good luck with that!

We are so effed.

In a State like Florida, where Trump only won by 100,000 votes, the combination of a couple of hundred thousand Puerto Ricans moving here and the PISSED OFF middle class families that itemize their deductions and will be seeing their taxable income SKYROCKET ensures that he doesn’t get re elected in 2020.

By the way, my goddamned medical deductible is still $6,800 up from $500 before Obamacare, the GOP hasn’t done dick about that, but they have figured out a way to make pay their corrupt degenerate criminal asses another $12,000 a year.

I want the same goddamned deductions that corporations can take, he didn’t run on this because if he did, HE WOULDN’T HAVE WON IN THE FIRST PLACE.

Your taxable income is only one data point.

What are the marginal tax brackets? What are the thresholds?

Your taxable income could go up, and your tax liability still go down.

For a family of four, they raise the standard deduction from $12,000 to $24,000 and then take $16,200 of it back by eliminating the personal exemption so your taxable income INCREASES by $4200. Large families are hit even harder. A family of 6 would have their taxable income increased by $12,300...not quite - the new House bill raises the child tax CREDIT from $1000 to $1600, and the Senate bill from $1000 to $2000 - that's an additional $600 or $1000 taken directly from the tax owed - not the income on which that tax is computed - for each kid - a family of four (2 children) with around $80k in taxable income to report would get to take about $8k off in exemptions for the 2 kids and pay taxes on about $72k at the marginal rate of 15% under the current system - about $9200 - under the proposed system more or less, they'd pay on the whole $80k because they couldn't take the exemptions for the kids at the new 12% rate, owing about $9000, and then get to take the increased (differential) credit of at least $600 per kid - in comparison they'd end up owing about $7800 - quite a reduction all else being equal.......