Quote:
Originally Posted by awval999
It didn't increase taxes on the typical "evangelical" family...
The CTC increased to $2000/year.
If anything it's a bonanza.
The exemptions are removed though.
So that’s 4050 % your tax rate as a subtraction to that Ctc.
If you are a single mom of three you have this now
Head of household. 10,600 + 16200 PE for deductions to get to agi. That’s 26,800. Assume 3,000 for Ctc
In 2018. You get 12,000 for being single. Full stop.
+ 6000 Ctc
Even at 15% bracket that is a loss of 2,300 on the pE and hoh
So they are ahead a whopping 700 dollars
Assume person is in 25% bracket now
26,800-12,000 * .25. =. 3600 ish
So that windfall of CTC gets completely consumed by losing personal exemptions
This is at least the 4th time you have talked about personal taxes and have been completely wrong.