Some thoughts on the tax bill in Congress.

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Quote:

Nearly doubles the standard deduction: Like the House bill, Senate Republicans would significantly raise today's standard deduction. In the Senate bill, the deduction for singles increases to $12,000 from $6,350 currently; and it raises it for married couples filing jointly to $24,000 from $12,700. Eliminates personal exemptions: Today you're allowed to claim a $4,050 personal exemption for yourself, your spouse and each of your dependents. Both the Senate and House bills eliminate that option.

My wife and I file jointly; our gross income is about $90k a year with about $24k of that going into a retirement plan. I don't have any child care, education or mortgage expenses so I've been using the standard deduction for years. My deduction would change from $14,450 to $24,000; a significant amount.

I've yet to calculate how much the change in tax brackets would affect me. I can see larger families being hit hard by the changes.

Ranb

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