Replies

The models they are showing you are for single taxpayers. Anyone that has children are taking a big hit do to the loss of exemptions. For example a family of 4 in 2016 got a $12,600 standard deduction and $16,200 exemption amount at $4,050 per person. For a total deduction of $28,800... Under the new plan they will only get a $24,000 deduction, or a net loss of $4,800. The more children they have the more deduction they lose. The majority of middle and low income workers have children. How is this a tax decrease?

According to this tax calculator, which says it's "UPDATED WITH CONFERENCE BILL RELEASED DEC 15", I would save $2,178. Besides your income, it asks whether you file jointly, how many dependent children you have, how much itemized deductions you have excluding state and local taxes, what you pay in property taxes and what state you live in. I live in VA, file jointly and have 2 dependent children.

It gives some explanation of how it arrives at the numbers. One of the things is:

The family tax credit, for 2 children and 0 other dependents, gives you $4,000.

You don't mention the family tax credit, which I believe was added by Rubio.

I also put in our numbers for a high tax state, New York, and assumed property taxes about $3,500 higher and it still says we would pay $1,640 less.

You keep spreading misinformation about the tax bill, like our liberal media. I don't know if you think you know what you're talking about or are just lying.

“You keep spreading misinformation about the tax bill, like our liberal media. I don’t know if you think you know what you’re talking about or are just lying.”

why would i be lying? i was an ardent supporter of our president and have signed photos from him for my strong and loyal support. maybe your situation is made better by this bill, but mine is not, so don’t suggest i’m ignorant, mathematically challenged or lying. i’m glad it works for you. but i can see how it doesn’t for others, which you apparently think is impossible.

“...You don’t mention the family tax credit, which I believe was added by Rubio....”
*************************************
No, the poster didn’t mention the $2,000 per child tax credit. But Rubio was NOT responsible for the tax legislation having the $2,000 credit. What Rubio did was hold his breath & throw a temper tantrum until the conferees agreed to increase the percentage of that $2,000 credit that could be “refundable” to tax filers who actually pay no taxes.

The term “refundable” for describing money to be given to people who didn’t pay in the money to begin with is a statist trick. You can’t be “refunded” money you never paid in. It’s welfare, pure and simple.