You made a real mess of that. A family of 6 probably makes more than 24000. They would have 4 children given them $1650 per child and they can probably deduct the mortgage. Anyways, stop with the exaggeration. You know as much as the rest of us and that probably means you don’t have all the facts...it also depends on where you live right now
Let’s say they made $100,000 and have $10000 in mortgage interest and $10000 in property taxes. Under the old plan they would get an additional $24,300 in personal exemptions. Total taxable income $55,700. Child tax credit x 4 is about $3200. Total tax is about $4200.
New taxes, same income. $24000 standard deduction, $0 personal exemption. Taxable income $76,000. $1650 or $2000 child tax credit/child. So taxes would be $739 or $2720.
Okay, I was wrong. I admit it. But for me, and couples without children it will be a wash. Admin moderator, please delete my previous post. http://www.freerepublic.com/focus/news/3613329/posts?page=2#2