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Trump tax changes would hurt those with families: Letter to the Editor

Posted 11/14/17

Your “personal and dependent exemptions” are being eliminated under President Donald Trump’s tax plan. 

Last year, you got $4,050 for each person in your household including …

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Trump tax changes would hurt those with families: Letter to the Editor

Posted

Your “personal and dependent exemptions” are being eliminated under President Donald Trump’s tax plan. 

Last year, you got $4,050 for each person in your household including any children you are claiming as dependents. That means that for an average family that files as married with two children, you were able to deduct $16,200. The “standard deduction” will increase under the new proposal to $24,000. 

Last year you could deduct a total of $28,900 (standard deduction plus exemptions). Under the new tax plan, it would be $24,000. As a matter of fact, a family with two children will lose $4,900 in deductions just in that part of the new tax plan. 

What if you have three or four children? It’s even worse, because you will lose another $4,050 in deductions for each dependent child under Trump’s new plan. 

The increased standard deduction doesn’t outweigh the loss of the “personal and dependent exemptions.” For example, a married couple with two children and about $56,000 a year in taxable income would pay about $68 a year more under the new proposal. No wonder they don’t talk much about that part of the new plan.

The suggested tax reform hurts parents of school-age children because they lose the “dependent exemption” for each child. That means almost 10 million parents will see their taxes increase. You’re not really getting an average $4,000 tax cut that Sarah Huckabee Sanders, Trump’s press spokeswoman, stated recently about the average middle class family. 

Larry Kapenstein

Middletown


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