The NYT calc suggests I will get a $780 tax break which isn't too far off from $866 which is the reality. I recalculated my 2016 taxes using the new rates, deductions, and credits. I have one child so I get the raised $2000 child tax credit.....for one year, winning! Then in 2019 when I cannot get the hefty $2000 child credit I will pay more in taxes, to the tune of $1134 per year, losing :( So for me it all swings in the balance of the $2000 child tax credit. And lowering the rates in the brackets was not enough to make up for the loss of the personal exemptions, even with a higher standard deduction. I happen to be middle class and the new tax law is a big loser for me, which surprises me because I was told this was a tax cut for the middle class. I guess it depends on the situation.
Note: who knows if I made a mistake in the math, if you want my specific numbers so you can check my math PM me and we'll go over it.
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Posted by: elstaub@yahoo.com
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Neither the TSP Strategy group, nor individual members, are licensed or authorized to provide investment advice. Any statements made herein merely reflect the personal opinions of the individual group member. Please make your own investment decisions based upon your personal circumstances.
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