“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.
With the removal of the personal exemption , it looks like that are going for a large family penalty. And which party’s members are more likely to have large families?
But rates will be going down. You have to finish the calculation. Your tax may go up, but not by the magnitude you envision.