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progree

(11,422 posts)

35. But the Trump tax "cut" eliminated the personal exemption and the dependent exemption

Tue Jul 16, 2024, 10:32 PM

Jul 16

The personal exemption was almost as large as the change to the standard deduction. So on net, comparing the standard deduction before and the personal exemption before to the doubled standard deduction after, we got only a small break there.

The loss of the dependents exemption was made up for by the doubling of the child tax credit in some cases. In some cases more than made up for. In some cases didn't quite make up for it -- that one depended on what tax bracket a person was in.

Myself, I itemized deductions both before and after the tax "cut", and I lost out on the deal. But only like 10% (I forget the figure) of taxpayers itemize after the tax "cut". I also wasn't hurt by the loss of the SALT deduction limitation, but I came very close. Someone who lost out on that likely got hurt.

I agree the tax bracket reductions helped.

It all was a mixed bag, but everything I've seen, e.g. Tax Policy Center and Tax Foundation said it was a small tax cut for most people

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Trump's Project 2025 will bring large middle class tax increase [View all] deminks Jul 16 OP

I tell ya, all the Democrats need to do is split Project 2025 open and show the voters what's in store Blue Owl Jul 16 #1

Exactly because Project 2025 is their plan and they are ready StarryNite Jul 16 #2

I hear you. I do. But you know who is really responsible for getting this word out? PatrickforB Jul 16 #20

Please provide this information so that it can be shared h2ebits Jul 16 #3

Haven't found a different link yet. Will keep looking. deminks Jul 16 #7

See my reply below (#10) n/t Justice matters. Jul 16 #12

Thank you! nt. deminks Jul 16 #15

Here's my postimage link to that graph: Justice matters. Jul 16 #10

Most twitter/xitter images can be extracted... Hermit-The-Prog Jul 16 #18

Thanks for the advice on how to extract the file to post it elsewhere h2ebits Jul 17 #38

Welcome. Hermit-The-Prog Jul 17 #40

Thanks!! h2ebits Jul 17 #37

Don't repukes always do this? Cut taxes for the rich and raise them for everyone else? sakabatou Jul 16 #4

No. We all got a pretty nice tax break. jimfields33 Jul 16 #26

Explain it to me like I am in Kindergarten FHRRK Jul 16 #32

The SALT deduction is eliminated entirely in Project 2025 Trekologer Jul 17 #41

But the Trump tax "cut" eliminated the personal exemption and the dependent exemption progree Jul 16 #35

If that happens, I'm orchestrating a federal tax revolt! KPN Jul 16 #5

republicon wet dream BoRaGard Jul 16 #6

How to post a xitter graphic... littlemissmartypants Jul 16 #8

I'm getting damn sick and tired of the well to do and the rich Stargazer99 Jul 16 #9

Eloon whined last week he's having to pay $11 billions in taxes this year. Justice matters. Jul 16 #11

It calls for elimination of SALT deduction entirely Trekologer Jul 16 #13

Imagine that! FHRRK Jul 16 #34

He raised my fucking taxes first term Johonny Jul 16 #14

Steven Rattner Linda ladeewolf Jul 16 #16

Getting a $325,000 tax cut is 3 times the salary of the "family of 4" referenced here. patphil Jul 16 #17

BOMBARD the media to talk on this. CousinIT Jul 16 #19

Read his lips! MORE ... NEW ... TAXES!!! Oopsie Daisy Jul 16 #21

This is and always has been exactly what the GOP has been about Major Nikon Jul 16 #22

Agree, and Trump is worse, he wants high tariffs, which radius777 Jul 17 #39

Needs to be Talked About More erpowers Jul 16 #23

But not in July, have them lined up from September. OnDoutside Jul 16 #27

His rubes will eat that shit up. Turbineguy Jul 16 #24

Deplorable. JohnnyRingo Jul 16 #25

Project 2025 also cuts the 20% capital gains tax rate on high incomes to 15%. And gets rid of the 3.8% NIIT progree Jul 16 #28

-- "TAX SHIFT" Mike Niendorff Jul 16 #29

K&R B.See Jul 16 #30

Many thanks... added to my stockpile of bookmarks for later reference B.See Jul 16 #31

Yeah but Biden is old. we can do it Jul 16 #33

kick bdamomma Jul 16 #36