I’ll hold the celebration to see the end result that lands on Trump’s desk. Republicans in Congress are too likely to roll on key provisions, plus it is a bit fuzzy at the moment anyway.
Exactly—this article is also simplistic and misleading.
Whenever it is breathily reported that the standard deduction has been doubled, it is omitted that they are eliminating the personal exemption at the same time.
So say you are single with $6k or more in itemized deductions now. In that scenario you still have the same in deductions, but you lose over $4k in the personal exemption. It’ll take a lot of income, with the tiny drop in in personal income tax rate, to make up for losing that amount in personal deduction.
And if you live in a high-tax state now, a cap on or elimination of the SALT deduction will also likely take a bite.