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Originally Posted by Giantone
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It's because the other numbers are either made up or entirely wrong.
But regardless... this CNBC article is correct that losing the personal exemption hurts, but the family tax credit is added, and the child tax credit is doubled. That helps offset the loss of the personal exemption.
That's why, in CRed's example, a $75K family can lose the exemption but have taxes go down by $2100. The loss of the personal exemption hurts, the gain of the family tax credit helps, and they basically offset each other.
But that is a very specific circumstance, and this CNBC article shows clear bias (unsurprisingly), by attacking the removal of one exemption without mentioning the addition of another. Any accountant (I am one) will tell you that's not a fair, balanced, and complete picture.
And this CNBC article is clear that the reversion back to existing rates doesn't occur until 2026.
You coming on here and saying that it will be a problem in "Year 2" is tantamount to spreading fake news. Get yourself educated or shut the fuck up.