This kind of shenanigans really hits families with stay at home moms. If dad’s salary is above $200K, and his wife stays at home with the children, then he gets a tax hike. But if both parents work $200K each, and have their kids in childcare, then they escape the tax hike. Doesn’t seem family oriented at all.
They already pulled a “sneaky one” in Trump’s upping the standard deduction and doing away with a lower standard deduction, and then a deduction for each individual in the family. Any advantage zeros out at people with 3 children, and works just the opposite in causing more tax to be paid, due to lower deduction, if you have more than 3 children, and paid the previous standard deduction and deduction for each of your children, the wife, and the taxpayer.
Total anti family bills, both Trump’s higher standard deductible (24K) that diminishes more deduction than the previous standard deduction of $12K and then a deduction for each dependent, and Biden’s with the $400K for double income families.
Not sure I agree. If a couple file a joint return, it doesn’t matter if the mom is stay at home or working.... the tax rate would be the same I think. So in either case, the $400,000 threshold applies. For clarification, not a tax expert, we can’t trust Biden, and not in favor of any tax increase.