The GOP tax plan got completely rid of family exemptions worth $1,600, and replaced them with increased standard deductible of $1,400...?
...Is my math off or does that mean most of us will be paying $2,000 a year more? Oh right, they want to get rid of Obamacare too...gee thanks that's the only way I got insurance.
That's for a family of four. A larger family will pay $4,000 more per family member over four with the new plan.
stop moving questions libcrusher.
The dependent deduction is $2,000, so that means $2,000 more taxes per family member of 3 or more.
go scr** yourself libcrusher stop moving questions.
I meant thousands...
- tigeressLv 72 years agoBest Answer
This is correct. We are now living in a communist Oligarchy. Putin destroyed hthe USA and didn't have to fire a single shot.
This is another big Republican lie. The top economists say it is the same failed Bush policies on steroids. We will give billions to Egypt and Israel while 9 million children in the USA have no health care. They repealed Obamacare without replacement leaving 13 million American with no health care.
All of the government reforms that Obama implemented that the protect the people are gone. The predatory loans are back. The crooks and thieves on Wall Street --made it okay to sign your name on fake loan papers, credit applications to show fake progress.
Well Fargo just got fined for doing that, but got to keep the billions they scammed making a very nice profit. Now, they got a 18% profit increase. The Republicans promised to bail them out if they got into trouble.
- 2 years ago
Yes... that is Trump for you, take from the poor to pay for his rich buddies, so they can buy more foreign cars, watches, holidays, etc. thus ripping off the average Yank... so patriotic
- David B.Lv 72 years ago
Your facts are way off. The bill increases it to $12,000 from $6,350 currently; for married couples filing jointly, it increases to $24,000 from $12,700.
- Uncle PennybagsLv 72 years ago
I don't see those numbers anywhere.
There was a $4,050 deductible exemption for every family member. That's now gone. But, the Standard Deduction has nearly doubled.
Also the Child Tax Credit has doubled from $1,000 to $2,000.
And then the tax rate on the brackets have changed. 10% is still 10%, but the 15% bracket is now 12%, the 25% bracket is now 22% and so on.
For me, after the increase in Standard Deduction, Loss of Personal Exemptions and the increased Child Credit, I was coming out a loser on that deal to the tune of about $250.
But the decrease in the brackets more than made up for it. Paying 3% less on those 15% and 22% brackets saved me a ton of cash.
The net net of the tax changes will save me about $1,400.
If you make your living at a job working for someone else, you can check your savings at this link.
UPDATE: Because of the doubling of the child tax credit, families with more kids will save more, even with the loss of the personal exemption deduction. Play with the calculator. You'll see.
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- Anonymous2 years ago
we knew you were a welfare leech
@comment: you can still buy insurance, only the mandate (not what you do Saturday night) will be repealed
- AthenaLv 72 years ago
No, that is the only way you got someone else to PAY for YOUR insurance.
No wonder you are upset.