All Hokie, All the Time. Period. Presented by

The Lounge Board

GOHOKEE

Joined: 10/07/1999 Posts: 641
Likes: 153

What's this?

Family of four: double standard deduction, eliminate personal exemptions


Simplified version

Now: $12,700 + (4) x ($4,050) = $28,900 deduction

New plan: $24,000 + zero = $24,000 deduction

The more kids you have the greater the disparity

Total income under $230K: child tax credit increases $600 per child (age 17 and under I think)

Tax credit is being used to offset deduction loss for families.

Tax rates changing with different income thresholds

My early take: At best no loss, but more likely middle income families are going to take a hit once all the cards are flipped on the table of this three card monte scheme.

(In response to this post by halesvb11)

Posted: 11/04/2017 at 10:50AM


+0

Insert a Link

Enter the title of the link here:


Enter the full web address of the link here -- include the "http://" part:


75
Hide This

Current Thread:
 
  I know it's going to change, but I think I'm gonna get screwed on this tax -- halesvb11 11/03/2017 9:32PM
  Wait, what? When are they doing away with Strategic Arms Limitation Treaty? -- Freddyburg Hokie 11/04/2017 3:44PM
  Family of four: double standard deduction, eliminate personal exemptions -- GOHOKEE 11/04/2017 10:50AM
  $86k and under pay less ** -- 133743Hokie 11/04/2017 4:24PM
  That's my concern. The House/Senate will screw it up. ** -- CochraneResident 11/04/2017 10:53AM
  When posting, avoid the topics of politics, religion and race. ** -- Brown Water 11/04/2017 08:49AM
  GEtting rid of SALT is makes absolutely NO sense. -- vt_mughal 11/03/2017 10:18PM
  Are you against estate and capital gains taxes then? ** -- RoswellGAHokie 11/04/2017 09:46AM
  Estate taxes don't make sense, but what's wrong with capital gains? -- CochraneResident 11/04/2017 10:03AM
  You bet ya! Lets move to a flat tax! ** -- EDGEMAN 11/04/2017 09:52AM
  Why keep SALT? What is the principle to not change it? -- HokieHutch 11/04/2017 08:00AM
  SALT is at its heaviest in the northeast -- capitals1 11/03/2017 11:31PM
  And power brokers are in the NE. This isn't going anywhere. -- CochraneResident 11/04/2017 03:13AM
  Your paying money on level of income, -- RTFC 11/03/2017 10:54PM
  Why should residents of low tax states subsidize residents of... -- EDGEMAN 11/04/2017 07:12AM
  You should be federally taxed on your income level -- RTFC 11/05/2017 6:12PM
  That's the argument, but in reality it doesn't hold up... -- BB Hokie 11/04/2017 08:22AM
  It's fairly common knowledge that the GOP states use a -- CochraneResident 11/04/2017 09:08AM
  Pretty good counter argument. ** -- Late 80s Hokie 11/04/2017 08:46AM
  I haven't read the details yet, but I think I may be in the same boat. -- MP4VT2004 11/03/2017 9:47PM
  Need to leave your high tax state/city. ** -- RoswellGAHokie 11/03/2017 9:41PM
  Easier said than done ** -- Brown Water 11/04/2017 07:07AM

Tech Sideline is Presented By:

Our Sponsors








vm307