The problem will be the usual one: Everyone who loses something they want will scream loudly, while those who don’t care will remain silent. But...
Family of 4. Currently, get 12,600 standard deduction and $4050/person, so $28,800 is off the table. Under the new plan, they will get a standard deduction of $24,000, no personal exemption for parent or child. So an additional $4,800 will be taxed, and their taxes raised to 12%.
The framework published today doesn’t specify anything about the child tax credit, although it says it will be bigger.
Going to be a tough sell, I think.
“Family of 4. Currently, get 12,600 standard deduction and $4050/person, so $28,800 is off the table. Under the new plan, they will get a standard deduction of $24,000, no personal exemption for parent or child. So an additional $4,800 will be taxed, and their taxes raised to 12%.”
Our daughter is in a family of four. Their itemized deductions are about $24,000. Their taxable income will go up about $16,000.
My taxable income will go up about $8,000.