So if my itemized deductions and the “new” 24k standard deductions annually for a married family is neck and neck (meaning the reduction in itemizations is a wash to me and my family) but they are eliminating exemptions....where then is my tax cut?
It sounds to me like this isn't any great big tax cut for the middle class. It sounds like once again the middle class is paying for all this. I'll wait and see, but right now I'm not impressed as my itemized are quite high which includes high state taxes in NYS and high local taxes over the 10,000 allowable.
“where then is my tax cut?”
Under the scenario you outline, you will pay more.