Check the facts on benefits of tax cut
I have read the comments of Rep. Roskam supporters over the last few weeks.
A writer commented last week that her daughter and husband who had a new baby were going to benefit in 2018 with the new, temporary child tax credit increased from $1,000 to $2,000.
What the author fails to mention is that the personal exemptions for mom, dad, and baby have been eliminated in 2018. Therefore, if the couple's federal income tax bracket is at least $87,500, it is expected that the couple will be paying more in taxes with the new changes because the deductions that were taken away are far greater than the child tax credit was increased.
Therefore because the personal exemptions have been eliminated, this couple with a new baby will now be paying $1,673 more in taxes instead of receiving an extra $1,000.
In addition, I would encourage everyone to learn how their taxes are calculated before making assumptions. Go to IRS.gov for more information.