Nice way to tarnish your thoughts before the first word in the body of text is posted.
I want a decent tax cut across the board.
This doesn't makes sense.
This guy complains that if you don't pay more than $24k per year in interest on your home mortgage, you lose out.
No you don't. You simply don't need to itemize. You get the $24k deduction on the simple form.
If your mortgage interest and other deductions are larger than $24k, then itemize. Duh!
As for deductions for children, I think it would be stupid to take that away. If anything, we want to incentivize our middle class to have more kids.
Once again though, that $24k deduction per husband and wife is $12k more than it was. At $2k per child, that covers six of them.
Have a good deduction for children and get rid of the child tax credit.
We don’t need to be sending child tax credits to Mexico
It’s not $2,000 per personal exemption (including parents *and* kids).
The exemption in 2016 was $4,050 per person. For a couple with two kids, that’s $16,200.
AND . . . personal exemptions are in addition to your deductions (standard or itemized).
This is huge hit for typical families.
You forget that this also ends the $4050 per person personal exemption. So your standard deduction goes up $12000 and your personal exemptions go down $8100. Add a kid and suddenly you have less in the way of exemptions than you had before.
We have a large family - 5 of our kids are still on our tax return. The child tax credit normally is lost the same year the child turns 17.
So with the loss of personal exemptions and one child’s credit plus extra 2% for lower bracket - we are looking at a good sized increase (depending on details of the new child tax credit & bracket cut offs)