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RE: Impact of the New Tax Bill on Lower Income Taxpayers (Standard Deduction, Exemptions, Child Tax Credit)
I really appreciate this post. Very easy to follow and you did a fantastic job explaining the tax bill. Looking forward to more content like this! Keep it up!
So the lower income and middle tax brackets in your examples are pretty much the same.
Good observation! Taxpayers with qualifying children benefit more from the tax cuts if they're in the middle income category based on the facts and circumstances as presented. What I'm missing in the calculation (to try and focus on the specific items detailed in the problem) is the earned income credit which could potentially compensate for the difference in tax benefit. I plan to write up a summary analysis tonight that compares the different situations.
Thanks!