DaisyDay
I Did Nothing Wrong!! ~~Team Deep State
- Jan 7, 2003
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For all the Quiver-full folk:
The business tax cuts and A.M.T. abolition don’t leave any room for ordinary American households to receive substantial tax cuts. Both Republican bills do expand family tax credits and reduce the marginal tax rates that most households would face; but they also claw back a lot of revenue in other ways, some of which are targeted at families. For example, the two bills would replace individual tax exemptions with a standard household exemption of twenty-four thousand dollars a year. For small families, this change could be advantageous, but it would hurt families who have a lot of children (and a lot of exemptions). And the expanded tax credits expire in 2022, which makes them far less valuable. Meanwhile, a new way of calculating inflation would gradually push taxpayers of all kinds into higher tax brackets.
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