(April 11, 2018 at 1:48 pm)Minimalist Wrote:Quote:However, larger families will receive a smaller deduction going forward than they have in the past. In 2017, a family of four making less than $314,000 a year got $16,200 in personal exemptions, combined with the $13,000 standard deduction on joint returns. That makes for a total of $29,000 deducted from that family's taxable income. With the elimination of the personal exemption and the increase in the standard deduction, that same family would only get a $24,000 break in 2018. That's a difference of $5,000, and the gap will only widen for families larger than four people.
Yeah, except that family will pay significantly less tax due to the changes in the child tax credit.
