In 2017, the personal exemption is $4,050.
If your little tribe is six, mommy, daddy, and four kids, your personal exemptions add up to $24,300.
Add in the standard deduction for a married couple filing jointly of $12,700 and you are up to $37,000 shielded from taxation. (Itemize deductions instead and you might shield even more, but Republicans are proposing new limits on those, too).
The new Republican tax reform, however, eliminates the personal exemptions and caps all this at the new higher standard deduction of $24,000, thus exposing $13,000 to taxation that wouldn't have been exposed before. And you'll pay at a higher rate in the lowest bracket, too, which has been raised from 10% to 12%.
That's what's really going on here. The only way this benefits families is if those families are small. And, of course, small families implies something else: more immigration.
It's anti-American and anti-family, and in fact, it's inhumane. Taxes were always meant to be personal, and by eliminating personal exemptions for the first time in history the libertarians who wrote this bill are showing their purely materialistic hand.
You aren't a human being to them. You're merely capital.
Don't let them get away with this.
