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.
Standard deduction means nothing to someone who itemizes and sends the IRS a check or gets a small refund, because they know how much to have withheld that they are not giving the government an interest free loan all year.
If you have a mortgage, pay tuition, pay state sales taxes, and have a couple of kids that you claim as exemptions, you will be paying a LOT more.
The GOP MF’s want to mess with struggling middle class families but give corporations a huge tax cut windfall that won’t trickle down in any meaningful way to wage slaves.
Big business is writing this bill, NO WAY is this good for the middle class, and if you finally make it to the upper middle class, well, the government is all set to take all of that extra cash that you made.