[CatOwner]

7 brackets? This is just tinkering, not reform.

So is raising the standard deductions while eliminating the exemptions. Also, maxing out property tax deductions at $10,000 is almost pointless for couples filing jointly. What other deductions are going to get them over the $24,000 standard deduction for joint filing?

[wise_caucasian]

“The Senate bill also raises the child tax credit from $1,000 per child to $1,650.”

I think this is wrong. It is my understanding that the child tax credit goes to $2000.00 under the Senate Bill. I think the $300.00 per adult dependent, filer and spouse is retained from the House bill (family tax credit). Trying to find text of Senate bill to verify.

[cherry]

I'm curious about charity giving....since we are just the serfs we can only give so much, and we rely on adding it to our deductions to make itemizing make sense....I guess no need for late December giving...

I am not at all enthused about this bill...

we will be lectured in about 2 yrs about the homeless starving, and the children hungry, and the schools falling down as well as bridges and dam all because they gave us this liddle bitty extra tax money BACK from when they took it in the first place..

[central_va]

Who pays 10 f-ing grand a year in property taxes?

[catnipman]

“What other deductions are going to get them over the $24,000 standard deduction for joint filing? “

medical deductions - which apparently a last minute provision made easier somehow.