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Not for a middle class person with income lower than
Posted on: December 24, 2017 at 10:17:59 CT
Spanky KU
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$200k
http://money.cnn.com/2017/12/18/pf/taxes/tax-bill-effects-2018/index.html
Family of four in San Diego, Calif.
-- $150,000 income
-- Married couple with two children under 17
-- Homeowners
-- Itemized deductions today total $22,000 ($7,000 state/local income tax; $5,000 property tax; $8,000 mortgage interest; $2,000 charitable contributions)
[redThe family would save an estimated $3,559 in federal income taxes: They would no longer itemize, opting instead to take the nearly doubled $24,000 standard deduction for joint filers. Their top tax rate would drop to 22% from 25% today. And they would become newly eligible to take the expanded Child Tax Credit ($2,000 per child).
The Tax Institute ran another example of a married couple in Houston -- with three kids under 17 -- also making $150,000 and found they'd save a little more ($3,771) on their tax bill for the same reasons.
http://money.cnn.com/2017/12/18/pf/taxes/tax-bill-effects-2018/index.html
Family of four in San Diego, Calif.
-- $150,000 income
-- Married couple with two children under 17
-- Homeowners
-- Itemized deductions today total $22,000 ($7,000 state/local income tax; $5,000 property tax; $8,000 mortgage interest; $2,000 charitable contributions)
[redThe family would save an estimated $3,559 in federal income taxes: They would no longer itemize, opting instead to take the nearly doubled $24,000 standard deduction for joint filers. Their top tax rate would drop to 22% from 25% today. And they would become newly eligible to take the expanded Child Tax Credit ($2,000 per child).
The Tax Institute ran another example of a married couple in Houston -- with three kids under 17 -- also making $150,000 and found they'd save a little more ($3,771) on their tax bill for the same reasons.
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Not for a middle class person with income lower than - Spanky KU - 12/24 10:17:59