I quote: “To simplify the tax rules, the additional standard deduction and personal exemptions for the taxpayer
and spouse are consolidated into this larger standard deduction.”
I’ll admit you’re technically correct if that makes you happy.
You still have yet to show how this will raise YOUR taxes, mostly because you can’t yet. Not until a bill actually reaches the floor. All you say is that you ‘doubt’ that the increase of a child tax credit will make up for a simplification.
Again, the media wants you to worry and be filled with anxiety; that’s how they sell their propaganda.
Of course, I do remember SOME of the screen names on this thread, and knowing their behavior during the election, I expect them to nitpick everything and slam EVERYTHING that the President does because they’re still bitter...
Here’s my rough estimate so far...
Take exemption of $4080 & multiply by 7 family members ($28560)
NOW - address the deduction. Normally we itemize & have deducted anywhere from $14k-$15k. With the standard being raised to $24k - that allows to subtract approx additional $10k from taxable income.
So our taxable income is raised by nearly 20k - most of which will be taxed at a higher rate of 12% instead of 10% - and some may be taxed at 25% (depending on where the new brackets fall)
They have not given specifics on the Child Tax Credit.
One proposal I would have is to brute force reduce the number of characters in the tax code by 20% per year (over the prev. year) over a 10 year period. Acronyms count as the full name or phrase, so “ADA” is 31 characters, for example.