Free Republic
Browse · Search
News/Activism
Topics · Post Article

To: wise_caucasian

What about the personal exemption ($4,500) in addition to the standard exemption we get in 2017?


113 posted on 11/05/2017 2:04:15 AM PST by Chgogal (Sessions recused himself for shaking an Ambassador's hand. Shameful!)
[ Post Reply | Private Reply | To 111 | View Replies ]


To: Chgogal

Repub plan eliminates exemptions completely (they are worth $4050.00/person in 2017). Replaces these with credits and larger std. deduction. New credits are $1600.00 per child <17 and $300.00 for everyone else. Of course, exemptions only reduce taxable income. 4,050.00 exemption is worth $405.00 for someone in 10% bracket and $607.00 for 15% bracket and $1012.00 for someone in 25% bracket. New credits do not entirely make up for lost exemptions. However, doubling of std. deduction and lowering of inc. tax rates at low end will result in lower taxes for most in middle class. Not sure if this plan helps me personally (we have 6 in household and only 1 child) but would result in lower taxes for most.


115 posted on 11/05/2017 2:51:46 AM PST by wise_caucasian
[ Post Reply | Private Reply | To 113 | View Replies ]

Free Republic
Browse · Search
News/Activism
Topics · Post Article


FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson