What to Know About the GOP Tax Plan if You Have Kids
“High income families win.”
Currently, taxpayers can claim a $4,050 personal exemption for themselves, their spouse and each dependent. That will no longer exist if this proposal moves forward. So even with the new benefits for families, some larger families may end up paying more
The bill is long and its terms complex, so many are still reviewing the full impact. But most critics and tax experts agree any gains for low to middle income families pale in comparison to those for corporations and wealthy families.
A number of changes would ease the tax burden on high-income families, such as the removal of the alternative minimum tax and repeal of the estate tax, which allows them to better pass wealth from one generation to the next.
“This tax plan does not deliver any significant benefits to lower and middle-income families,” Maag said. “High-income families win.”