Projections indicate that the majority of married couples with zero, one, or two kids using the standard deduction under the new GOP tax plan will end up owing less each April. But what if you have three, five, or seven kids?
Big families, including pro-life religious conservatives with plenty of offspring, may be less likely to see a tax cut under the new plan, which the House of Representatives passed on Tuesday. The Senate also passed the bill early Wednesday morning, and the House will re-vote on changes later today before sending it to President Donald Trump for approval before Christmas.
Republicans have championed the plan as offering more cuts for middle-class families by doubling the standard deduction and increasing the child tax credit. They also wanted to simply the tax code and eliminated the personal exemption—a $4,050 deduction for each dependent in a household.
For most average-sized families, the perks of the new plan outweigh what they would have saved through the ...1