Thanks to this diary, I put this together for my own benefit. The just-released Tax Conference Bill raises the family Standard Deduction to 24000, eliminates that personal deduction for each family member, and raises each child’s tax credit by 1000. I found it hard to determine whether those positives balanced the negatives so I did this.
Deductions for a Family of 3
Standard + Child Credit = Total
24000 + 2000 = 26000 new
Standard + Personal + Child Credit = Total
12700 + 12150 + 1000 = 25850 old
Deductions for a Family of 4
Standard + Child Credit = Total
24000 + 4000 = 28000 new
Standard + Personal + Child Credit = Total
12700 + 16200 + 2000 = 30900 old
Deductions for a Family of 5
Standard + Child Credit = Total
24000 + 6000 = 30000 new
Standard + Personal + Child Credit = Total
12700 + 20250 + 3000 = 35950 old
Deductions for a Family of 6
Standard + Child Credit = Total
24000 + 8000 = 32000 new
Standard + Personal + Child Credit = Total
12700 + 24300 + 4000 = 41000 old