Reports are that this will raise taxes on homeowners in the 50,000 to 120,000 dollar income range.
I break even on the personal deduction vs itemized deduction change but elimination of personal exemptions will raise my taxable income by $8,000.
Our kids (family of four) will lose about $16,000 overall depending on tax rate break points which have not yet been released.
Trumps plan hits hardest his own supporters.
I am afraid of this. We need to see the brackets now!
Precisely. A rough calculation is you start to really lose at $40,000. (lose $300 or so).
Eliminating personal exemptions would KILL US! We are a large family & don’t have thousands of dollars to spare
Not to mention that high property taxes in Texas will no longer be eligible for deduction. Family farm, home, a rent house — I’m in a hole.
And I have to start taking RMDs from IRAs next year. Looks like every penny of it will go to federal taxes.
What “personal deductions” would raise your taxes that much?