It is when combined with the new standard deduction. eg
Today a married couple is making $39,000 of income and does not itemize. They will get $12,700 in standard deductions and $8,100 in personal exemptions, leaving a taxable income of $18,200. They will pay $1,820 in taxes (10%).
Trump's tax bill passes for that same couple. They still make $39,000. They get $24,000 in standard deductions and $8,100 in personal deductions, meaning they can be taxed on $6,900 * .12 = $828, so their tax bill is cut by more than half.
Making things more complicated and then talking about the average or a specific case is a fools errand....
Repeat your calc for a homeowner with a $24,000 itemized deduction ...
>>>Trump’s tax bill passes for that same couple. They still make $39,000. They get $24,000 in standard deductions and $8,100 in personal deductions, meaning they can be taxed on $6,900 * .12 = $828, so their tax bill is cut by more than
The personal exemption goes away, so income would be 15,000 and tax would be 1800. Pretty much breaks even. But add a kid and the story changes to the worse.
you’re forgetting that the personal exemption would be eliminated, and rolled into the “doubling” of the standard deduction..